US equities were mixed on Tuesday with value beating growth, a switch from growth beating value last week. This is expected to continue today.
Inflation worries continue to show cause for concern, as do rising COVID-19 cases.
Here are some of Wednesday’s trending stocks:
Nordstrom (NYSE: JWN) stock hit hard as earnings miss estimates and the company warns of supply shortages as the holiday season approaches. The disappointing quarterly results come after several of its stores were subject to a smash and grab attack at multiple locations.
Organized retail crime is becoming a problem in certain parts of the US and Best Buy (NYSE: BBY) shares have also been hit as the CEO also noted a troubling rise. However, Best Buy’s consensus-beating Q3 results give hope and shares are up in pre-market trading.
Elon Musk continues to exercise his Tesla (NASDAQ: TSLA) options, this time to buy 2.15 million shares. Meanwhile, selling 934,091 shares worth $1.05bn. Abiding by his recent Twitter poll, this takes his share sale so far this month to $9.9bn.
Health and Allied Insurance Co. Ltd., backed by ‘India’s Warren Buffett’, Rakesh Jhunjhunwala, seeks close to $1bn in IPO. It does not appear to have been put off by the disappointing IPO Paytm (NSE: PAYTM) has endured.
In semiconductor news, Samsung chooses Texas as the site of a new $17bn chip plant.
ARK Innovation ETF (NYSEARCA: ARKK) is continuing a brutal share price decline. It is now down 10% in the past five days. Cathie Wood of ARK Invest once again says deflation is a bigger risk than inflation.
HP (NYSE: HPQ) leaps 12% as commercial PC sales beat Q4 sales projections.
Chinese wealth management company Futu Holdings Ltd (NASDAQ: FUTU) missed its EPS by $0.20, but beat on revenue. Its share price is up 4% in pre-market trading.
Clover Health (NASDAQ: CLOV) completes $300m public stock offering. Shares dip.
According to Reuters, an ANT Group IPO shows no signs of revival in near future.
The French Competition Commission has approved Volkswagen’s acquisition of Europcar Mobility Group.
Dry bulk vessel company Golden Ocean Group (NASDAQ: GOGL) enjoys Q3 earnings beat with GAAP EPS up by $0.36 and revenue up 108.9% year-over-year.
A report states Apple is ditching Qualcomm in favor of Taiwan Semiconductor Manufacturing Company (NYSE: TSM) for its iPhones from 2023.
Oil prices jump despite coordinated US reserve release. Bloomberg reports a $100/bbl price is possible. This is likely to buoy oil stocks.