Gapping down
In reaction to disappointing earnings/guidance:
- NIO -20.7%, MDB -14.4%, WH -10.1%, PGNY -10% (suspends guidance), BILI -7%, NUS -4.4%, FDX -3.8%, FUTU -3.2%, GIS -2.8%, GVA -2.5%, BZUN -1.1%
Select ETFs showing early weakness:
- XLY -6.6%, DIA -5.9%, XLE -5.9%, SPY -5.8%, XLF -5.8%, XLV -5.8%, QQQ -5.3%, XLK -5.3%, IWM -5.1%, XLI -5.1%, XLP -5.1%, XLU -4.7%, XLB -4.1%, IGV -3.1%
Other news:
- BA -15.7% (issues statement on support for aerospace manufacturers; supports a minimum of $60 bln in access to public and private liquidity, including loan guarantees, for the aerospace manufacturing industry)
- PLNT -15.2% (halting share repurchases for the time being)
- CRON -14.6% (to restate certain 2019 unaudited interim financial statements)
- MFGP -14.5% (suspends annual dividend)
- KTB -9.2% (to temporarily close retail locations across North America and Europe in response to COVID-19)
- ARWR -9% (announces precautionary measures to mitigate COVID-19 spread; to evaluate whether accommodations are necessary for trials)
- KSS -8.2% (discloses that it temporarily closed some retail locations, reduced store operating hours, and have seen a reduction in consumer traffic, all resulting in a negative impact to sales)
- SABR -7.9% (to suspend the payment of quarterly cash dividends and repurchase program)
- CPRI -7.4% (to temporarily close North American and European Versace, Jimmy Choo, and Michael Kors stores)
- EXK -6.9% (implements plans to minimize COVID-19 risks; initiates internal review of Terronera prefeasibility study)
- CNK -6.3% (to temporarily close its 345 U.S. theatres), GM -5.8% (UAW has asked the Big Three Detroit automakers to shut down production for two weeks)
- SDC -5.6% (comments on AADB Telehealth Directive)
- EVRI -5.4% (completed the full draw down of its $35.0 mln available capacity under its Credit Facility as precautionary measure to increase cash position, improve liquidity and preserve financial flexibility in light of current uncertainty) D -4.9% (files for $500 mln share common stock offering)
- F -4.6% (UAW has asked the Big Three Detroit automakers to shut down production for two weeks)
- SAFE -3.7% (announces offering of 900,000 shares)
- FORM -3.7% (withdraws Q1 guidance)
- ABBV -3% (co and AGN sign consent decree with FTC regarding pending acquisition)
- TGT -2.9% (to reduce store hours)
Analyst comments
- AMC -12.5% (downgraded to Sell from Buy at Citigroup; tgt lowered to $1)
- LEN -8.5% (downgraded to Neutral from Overweight at JP Morgan)
- AIMT -6.6% (downgraded to Mkt Perform from Mkt Outperform at JMP Securities)
- PHM -5.3% (downgraded to Neutral from Overweight at JP Morgan)