• 131
  • 79
  • 2

Toplines Before US Market Open on Wednesday

Tiger Newspress2021-06-02

  • S&P futures flat as investors bide time until key economic reports
  • AMC led 'meme stocks' higher again

The latest leg of a surge in so-called "meme stocks" stood out in early moves on Wall Street on Wednesday, while futures tracking the main stock indexes were broadly flat ahead of closely watched economic data this week.

At 8:10 a.m. ET, Dow e-minis were up 29 points, or 0.08%, S&P 500 e-minis were up 1.25 points, or 0.03%, and Nasdaq 100 e-minis were down 3.75 points, or 0.03%.

*Source From Tiger Trade, EST 08:10

AMC Entertainment Holdings Inc surged 23% to $40 in premarket trading, eyeing a record high with its stock trading 11 times analysts' median target price.

Later in the day, investors will turn to the Fed's Beige Book report, which will give a glimpse of the state of the economy based on conversations with business contacts.

Stocks making the biggest moves in the premarket:

AMC Entertainment (AMC) – AMC surged 23.7% in premarket trading following yesterday’s 22.7% jump. That came after the movie theater operator raised more than $230 million in a share sale to hedge fund Mudrick Capital, which is said to have immediately sold those shares at a profit.

BlackBerry (BB) – BlackBerry's U.S.-listed shares rose about 20% in pre-market trading, bringing their total yearly gains to more than 75%.

Zoom Video (ZM) – Zoom came in 33 cents a share ahead of estimates, with quarterly earnings of $1.33 per share. The video communications platform company’s revenue beat analysts’ forecasts as well, and the company gave upbeat guidance even as more people return to offices. Zoom shares gained 0.6% in the premarket.

Tesla (TSLA) – Tesla was reportedly told by the Securities and Exchange Commission, once in 2019 and once in 2020, that it had failed to properly approve tweets by CEO Elon Musk on two occasions. The Wall Street Journal cited documents obtained under the Freedom of Information Act, which point to one tweet about Tesla’s stock price and another about production levels.

Etsy (ETSY) – The online crafts marketplace announced a deal to buy fashion resale company Depop for $1.625 billion. London-based Depop will continue to operate as a separate marketplace after the deal is completed. Etsy rose 1% in the premarket.

Taiwan Semiconductor (TSM) – The chip maker has begun construction at a new chip plant in Arizona, according to Chief Executive Officer C.C. Wei. He said the planned factory remains on track to begin chip production in 2024.

RLX Technology (RLX) – RLX Technology reported Q1 revenues $366.1 million,up 48.2% YOY;Non-GAAP net income was $93.2 million, up 45.6% YOY.The shares surged 9% in premarket trading.

Moderna (MRNA) – The drugmaker announced a partnership with life sciences company Thermo Fisher Scientific (TMO) to provide manufacturing and packaging services for Moderna’s Covid-19 vaccine as it seeks to ramp up production.

Lands’ End (LE) – The apparel retailer reported an unexpected profit of 8 cents per share, compared to a consensus forecast for a 29 cents per share quarterly loss. Revenue also exceeded estimates, helped by a jump in digital sales. Lands’ End surged 6.6% in premarket trading.

Ambarella (AMBA) – Ambarella beat estimates by 6 cents a share, with quarterly profit of 23 cents per share. The maker of video chips and components also saw its revenue beat Street projections, boosted by strong growth in the company’s automotive business. It also gave an upbeat outlook. Ambarella rallied 4.9% in the premarket.

Advance Auto Parts (AAP) – The auto parts retailer earned $3.34 per share for its latest quarter, beating the consensus estimate of $3.08 a share. Revenue came in above estimates as well. Comparable-store sales increased 24.7%, slightly better than the 23% consensus estimate. Advance Auto noted sales strength from both do-it-yourself and professional customers.

Hewlett Packard Enterprise (HPE) – Hewlett Packard Enterprise reported a quarterly profit of 46 cents per share, beating estimates by 4 cents a share. Revenue also topped Wall Street forecasts. The enterprise computing company posted its first year-over-year revenue growth since 2018, however it also reported a sequential decline in hardware profit margins. Its shares fell 1.8% in premarket trading.

Cinemark (CNK),IMAX (IMAX) – Goldman Sachs downgraded both stocks to “sell” from “neutral,” saying an expected movie box office recovery in 2021 and 2022 is already reflected in the prices of both stocks and that there are “heightened risks” to that recovery. Cinemark lost 2.8% in premarket action, while IMAX fell 2.5%

Scotts Miracle-Gro (SMG) – Scotts raised its full-year financial outlook, as it expects the pandemic-related boost in sales of lawn and garden products to continue even as the pandemic recedes. Scotts now expects full-year sales growth of 17% to 19%, compared to a prior estimate of 8% to 12%. Scotts shares added 1% in premarket action.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Report

Comment79

  • LuqmanAmir
    ·2021-06-04
    Interesting
    Reply
    Report
  • rachelswl
    ·2021-06-03
    ???
    Reply
    Report
  • Kel9670ong
    ·2021-06-02
    Meme stock 
    Reply
    Report
  • Kerryn
    ·2021-06-02
    No wayyyyyyyy
    Reply
    Report
  • OO_898
    ·2021-06-02
    Good to know 
    Reply
    Report
  • DC9999
    ·2021-06-02
    Hmmm
    Reply
    Report
  • RedNinja
    ·2021-06-02
    Hmm
    Reply
    Report
    Fold Replies
    • ZHAOJH
      @RedNinja yes master?
      2021-06-04
      Reply
      Report
    • GG佩
      hmmm
      2021-06-02
      Reply
      Report
    • DC9999
      hmm
      2021-06-02
      Reply
      Report
  • bbwwdd
    ·2021-06-02
    Like and comment thanks
    Reply
    Report
    Fold Replies
    • SnowCliff
      Like and comment thanks
      2021-06-02
      Reply
      Report
    • JiaLe
      Comment please
      2021-06-02
      Reply
      Report
    • WeiKeong
      Like
      2021-06-02
      Reply
      Report
  • sinyonging
    ·2021-06-02
    Nod
    Reply
    Report
  • Miyawis
    ·2021-06-02
    Please comment. Thank you 
    Reply
    Report
    Fold Replies
    • Bll
      Ok
      2021-06-02
      Reply
      Report
  • Anonymous2
    ·2021-06-02
    Like and comment please
    Reply
    Report
    Fold Replies
    • JiaLe
      Comment pleassexomment please
      2021-06-02
      Reply
      Report
  • ADT
    ·2021-06-02
    Commented 
    Reply
    Report
    Fold Replies
  • VickJW
    ·2021-06-02
    Like and comment please
    Reply
    Report
    Fold Replies
    • Anonymous2
      Ok
      2021-06-02
      Reply
      Report
    • iksc
      like n comment
      2021-06-02
      Reply
      Report
  • hello369
    ·2021-06-02
    Please like and comment 
    Reply
    Report
    Fold Replies
  • JL45
    ·2021-06-02
    Comment pls
    Reply
    Report
    Fold Replies
  • JQJQ
    ·2021-06-02
    Like and comment please
    Reply
    Report
    Fold Replies
    • JQJQReplying tokoolgal
      thanks ?
      2021-06-03
      Reply
      Report
    • koolgalReplying toJQJQ
      Thanks
      2021-06-03
      Reply
      Report
    • JQJQ
      OK please like and comment back
      2021-06-03
      Reply
      Report
    View more 2 comments
  • Meshaarias72
    ·2021-06-02
    ?
    Reply
    Report
    Fold Replies
    • WeiKeong
      Like
      2021-06-02
      Reply
      Report
  • Yeoh
    ·2021-06-02
    Aap. Looks potential ?
    Reply
    Report
  • RetailStonks
    ·2021-06-02
     Please help to like and comment! 
    Reply
    Report
    Fold Replies
  • YosephVision
    ·2021-06-02
    Good insight
    Reply
    Report
    Fold Replies
 
 
 
 

Most Discussed

 
 
 
 
 

7x24

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Company: TTMF Limited. Tech supported by Xiangshang Yixin.

Email:uservice@ttm.financial