Gapping down
In reaction to disappointing earnings/guidance:
- PRGS -8.2%, AFYA -4.3%, LULU -4.1%, HTHT -1%
Other news:
- AI -19.9% (provides update; will not declare Q1 common dividend)
- BGCP -19.3% (provides operational update in light of COVID-19; reduces dividend)
- CCL -10.7% (continued volatility in the space)
- RCL -8.6% (continued volatility in the space)
- NCLH -8.1% (continued volatility in the space)
- HTZ -6.1% (provides COVID-19 business update)
- VMW -5.3% (withdraws guidance)
- HLT -4.2% (suspends share buybacks and dividend payments)
- RDFN -4.2% (Chairman sends letter to shareholders re liquidity and current inventory)
- CAKE -3.3% (confirms it is not planning to pay rent on leases for the month of April 2020 at this time)
- UTX -3.1% (DOJ announces divestitures needed to allow merger with RTN)
- UAA -2.8% (provides COVID-19 financing update)
- GPS -2.7% (withdraws FY20 guidance, suspends dividend for remainder of FY20)
- GM -2.6% (informs employees of salary cuts/deferrals -- CNBC; also, Reuters report that co will extend a shutdown of its North American plants)
- DELL -2.5% (withdraws full year guidance)
- SAVE -1.4% (provides COVID-19 update; also identified a material weakness in internal controls)
- EQT -1% (suspends dividend)
Analyst comments:
- SIG -8.1% (downgraded to Underperform from Neutral at BofA/Merrill)
- HTZ -6.1% (downgraded to Underweight from Equal Weight at Consumer Edge Research)
- HAL -5% (downgraded to Neutral from Overweight at Piper Sandler)
- CAT -4.7% (downgraded to Neutral from Buy at BofA/Merrill)
- JPM -3.8% (downgraded to Neutral from Buy at BofA/Merrill)
- UAA -3% (downgraded to Hold from Buy at Stifel)
- CAR -2.2% (downgraded to Equal Weight from Overweight at Consumer Edge Research)
- DGX -2.1% (downgraded to Equal-Weight from Overweight at Morgan Stanley)
- SLB -1.8% (downgraded to Neutral from Overweight at Piper Sandler)
- I -1.6% (downgraded to Market Perform from Outperform at Cowen)
- UPS -1.5% (downgraded to Hold from Buy at Berenberg)