Thursday, May 13, 2021

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Stocks had their worst session in over a month yesterday as rising case counts led investors to fear another lockdown could be in the cards.


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The Dow was the day’s biggest loser with a 2.3% drop, while the Nasdaq fell 1.6% and the S&P 500 tumbled 1.9%.


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Asian stocks were mixed in their overnight session. The Nikkei 225 was flat, and the Hang Seng Composite fell 0.5%.

In Europe, stocks are relatively calm and trading close to flat. The Eurozone Stoxx 600 is up 0.4%.

U.S. index futures are currently trading higher, indicating a potential rebound in today’s session. DJIA and S&P 500 contracts are currently trading about 0.4% higher.

Today’s earnings docket includes:

Pfizer [PFE], 3M [MMM], Raytheon Technologies [RTX], and Caterpillar [CAT] before the bell.

Microsoft [MSFT], Advanced Micro Devices [AMD], and FireEye [FEYE]

Here are this morning’s most active stocks:

Xilinx Inc. [XLNX]

A few weeks ago we reported a rumor that AMD was eyeing Xilinx for a possible acquisition. This morning, the rumor came to fruition. AMD acquired Xilinx in a $35 billion all-stock deal. The deal greatly strengthens AMD’s data center chip portfolio and will help the firm advance in its battle with Intel [INTC]. The deal is expected to close at the end of 2021.

Xilinx is up 10.0% in the pre-market on active volume and leads the S&P 500.

Harley Davidson [HOG]

Harley reported its quarterly earnings report this morning, and the company reported its best third-quarter net income since 2015. The firm also reported significant progress towards its five-year strategic plan to deliver profitable growth and shareholder value.

The motorcycle maker reported a 10% sales drop, but profitability improved significantly as the company refocused its efforts on a narrower set of markets under the new CEO. Harley also beat consensus estimates for revenues and earnings.

The company’s slimmed down approach should help it cut the fat and maintain growth. HOG is up 7.6% this morning.

SPI Energy [SPI]

SPI Energy’s board voted to approve a plan to spin-off the company’s Solar Juice unit by way of an initial public offering. The company will retain its controlling ownership stake in Solar Juice after the spin-off.

“Solar Juice is a leader in [the] Asia-Pacific market, and we believe we can unlock greater value of this business through a successful spinoff,” SPI Energy Chairman & Chief Executive Xiaofeng Peng said.

SPI Energy is up 37.8% ahead of the open.

1847 Goedeker Inc. [GOED]

1847 Goedeker announced a plan to acquire Appliances Connection, a leading retailer of household appliances. The acquisition would add $300 M in annual revenues to 1847’s brand portfolio, and 1847 forecasts its combined brands will generate a total of $400 M in annual revenues in 2021.

The Household Appliances acquisition will create one of the largest online retailers of appliances in the U.S, and it accelerates 1847’s efforts to grow its direct-to-consumer appliance sales business.

The market likes the deal. GOED is up 78.6% in the pre-market.

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