On this episode of Stock Movers:
- Palantir (PLTR) shares are rebounding after reading a tech decline this week following a run of selling in big tech as traders remain guarded ahead of the Federal Reserve’s gathering at Jackson Hole. The shares are down approximately 14% in the past five days and rose 4.4% in the past 30 days. Its six-session losing streak has wiped out $73 billion in market value.
- Coty Inc (COTY) is lower as the compnay forecasts steep sales declines will continue as retailers clear out existing inventory and consumer demand remains tepid. The company expects like-for-like sales to fall between 6% and 8% in the current quarter, and further declines of as much as 5% in the second fiscal quarter. Coty sees "gradual improvements" in sales trends for both high- and low-end divisions beginning in the January-to-June period, driven by "major" product launches and geographic expansion.
- Hewlett Packard Enterprise Co (HPE) is higher after it was raised to overweight from equal-weight at Morgan Stanley as analysts note that recently-closed Juniper deal will be an earnings upside. Analyst Erik Woodring says looking forward HPE’s Analyst Day is the most important upcoming catalyst “given we are likely to get longer-term forecasts that could help the market more clearly appreciate HPE’s future earnings/cash flow power.”
- Boeing (BA) is spiking on news it is heading closer to finalizing a deal with China to sell as many as 500 aircraft, according to people familiar with the matter. The mega sale to China is contingent on the two nations diffusing the trade hostilities that hark back to US President Donald Trump’s first term in office — and could still fall apart, they said.
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