Morning Movers
Watch us on YouTube Live at 8:30AM EST

BBBY.NQ 54.57%
Bed Bath Beyond – Sharply higher after announcing a marketing collaboration with Kroger a accelerated stock buyback. Both companies say the strategic collaboration will directly offer KR customers extensive selection of home and baby products carried by BBBY through as well as a small-scale physical store pilot at select KR stores beginning in 2022. BBBY also announced it expects to complete its $1 bln share repurchase plan by end of fiscal 2021, two years ahead of schedule. 26.5% short.

LYFT.NQ 13.48%
Lyft Inc – Reported an adjusted profit for the third quarter and outlined a path to sustained profitability on the back of drastic cost cuts and a return of riders and drivers. Lyft said its active riders increased 11% to 18.9 million in the quarter ended Sept. 30. But ridership remains 35% below peak levels before the pandemic, with Lyft executives saying many consumers were waiting for COVID-19 vaccine booster shots. Reported earnings of $67.3 million. The metric came in significantly ahead of a Wall Street estimate for $30.7 million, Lyft’s third-quarter revenue rose about 73% on a yearly basis to $864.4 million, beating the Wall Street estimate of $862.68 million.

CAR.NQ -10.84%
Avis Budget Group – Back on watch after yesterday’s impressive short squeeze, retail investors piled in after the company reported Q3 results the beat estimates and company executives hinted at adding electric vehicles to their growing fleet. With CAR’s stock price at $332/share in Tuesday’s session, short sellers were down $2.22 bln in daily mark-to-market losses, increasing YTD losses to $3.82 bln, down 453% for the year according to data from S3 Partners. About 21% CAR’s free float is in short position, per S3 data.

ATVI.NQ -12.58%
Activision Blizzard – Trading sharply lower premarket after reporting adjusted sales in the third quarter of $1.88 billion, in line with Wall Street expectations. The company said it expects fourth-quarter adjusted sales to be $2.78 billion. Analysts were expecting it to be $2.93 billion. Activision Blizzard Inc also said co-leader Jen Oneal will step down from her role, giving full control to Mike Ybarra and the videogame publisher put off the launch of two much-awaited titles, sending its shares down 10%.

Z.NQ -18.98%
Zillow Group – Shares of the online real estate platform are tumbling and set to open at their lowest level in over a year after the company said on Tuesday it plans to shut Zillow Offers, its business that buys and sells homes, in a move slashing its workforce by ~25%. The company added it expects an additional $240 mln-$265 mln in losses in Q4, after missing Q3 revenue expectations. At least 5 brokerages cut their PTs to between $78 and $125, with Piper Sandler downgrading ZG to “neutral” from “overweight”

LMND.NY 5.71%
Lemonade Inc – Higher for the third straight session after announcing it will begin rolling out an auto-insurance business, moving beyond renters, home, pet and life-insurance policies into one of the most competitive parts of the industry. The New York-based firm will rely heavily on telematics saying initially, it also will use some traditional rating factors, such as age, gender and credit scores. The product is now available in Illinois and sales will begin in other states soon.

GFAI.NQ 14.80%
Guardforce AI – Micro cap business support firm trading higher, the company announced last week it had partnered with MZ Group to manage its investor relations and financial communications across all key markets.

UONE.NQ -36.36%
Urban One Inc – Sharply lower as it appears the company may lose a bid for a casino in Richmond Virginia, as a vote in local elections concludes.

Leave a Reply

Your email address will not be published.