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OFFON

CLOVER HEALTH INVESTMENTS, CORP.

(CLOV)
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Wall Street muted, Clover Health leads "meme" rally

06/08/2021 | 12:28pm EDT

(For a live blog on the U.S. stock market, click or type LIVE/ in a news window.)

* Apple, Amazon top boosts to Nasdaq

* Meme stocks gain as short squeeze continues

* Energy sector at near 4-month high

* Indexes all flat

June 8 (Reuters) - Wall Street indexes were flat on Tuesday as investors took to the sidelines ahead of key inflation data this week, while Clover Health led a rally among popular social media stocks.

Shares of the health insurer surged more than 50% as it became the new center of attention on social media platforms for individual traders, who have taken to hyping up stocks with large short positions in what they have dubbed "the mother of all short squeezes".

Broader sentiment was muted as investors awaited further cues on policy tapering from the Federal Reserve after what is expected to be a strong inflation reading on Thursday.

Even then, Wall Street's so-called "fear gauge" fell to its lowest level since February 2020.

"There is more and more evidence of improving economic momentum. However, even as the market is pricing inflation to be transitory, they now expect the period of inflationary pressures to be slightly longer than initially thought," said Jon Adams, senior investment strategist, BMO Global Asset Management.

The Fed's meeting next week is widely anticipated for more cues on policy, given that weak payrolls data - a key factor for the Fed to alter policy - had recently dented expectations of tapering.

At 11:55 a.m. ET, the Dow Jones Industrial Average was down 18.14 points, or 0.05%, at 34,612.10 and the S&P 500 was down 3.17 points, or 0.08%, at 4,223.35. The Nasdaq Composite was down 8.98 points, or 0.06%, at 13,872.75.

The S&P energy sector rose 0.7%, and was trading at its highest level in nearly four months, as recent gains in oil prices boosted the space.

But Wall Street appeared to have fallen into a lull this week, having moved little on Monday after surging to record highs through a strong earnings season in May.

"It’s a very good and healthy pause the markets have taken right now and I would expect it to remain range-bound for now until any data that comes as a surprise," said Sean O'Hara, president of Pacer ETFs in Malvern, Pennsylvania.

Shares of Apple rose 0.7% after sources told Reuters the iPhone maker was in early-stage talks with China's CATL and BYD about the supply of batteries for its planned electric vehicle.

Amazon rose 1.6% and was the top boost to the Nasdaq as it began outlining prescription plans through its online pharmacy.

Electric carmaker Tesla Inc reversed early gains even as sales of its China-made vehicles surged in May.

Advancing issues outnumbered decliners by a 1.33-to-1 ratio on the NYSE, and for a 1.12-to-1 ratio on the Nasdaq.

The S&P index recorded 44 new 52-week highs and one new low, while the Nasdaq recorded 122 new highs and seven new lows. (Reporting by Ambar Warrick and Shashank Nayar in Bengaluru; Editing by Maju Samuel)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. 0.11% 3630.32 Delayed Quote.11.46%
APPLE INC. -1.22% 144.98 Delayed Quote.9.26%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.16% 0.73654 Delayed Quote.-4.28%
BRITISH POUND / US DOLLAR (GBP/USD) 0.09% 1.39187 Delayed Quote.1.52%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.04% 0.7985 Delayed Quote.1.14%
CLOVER HEALTH INVESTMENTS, CORP. 3.35% 8.32 Delayed Quote.-50.39%
CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED 6.07% 525.05 End-of-day quote.49.54%
DJ INDUSTRIAL -0.36% 34930.93 Delayed Quote.14.83%
EURO / US DOLLAR (EUR/USD) 0.04% 1.18497 Delayed Quote.-3.22%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.11% 0.013438 Delayed Quote.-1.96%
NASDAQ COMP. 0.70% 14762.584267 Real-time Quote.15.15%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.07% 0.69558 Delayed Quote.-3.02%
S&P 500 -0.02% 4400.64 Delayed Quote.17.74%
TESLA, INC. 0.34% 646.98 Delayed Quote.-8.32%
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Financials (USD)
Sales 2021 811 M - -
Net income 2021 -192 M - -
Net cash 2021 203 M - -
P/E ratio 2021 -16,2x
Yield 2021 -
Capitalization 3 395 M 3 395 M -
EV / Sales 2021 3,93x
EV / Sales 2022 3,07x
Nbr of Employees 458
Free-Float 27,4%
Chart CLOVER HEALTH INVESTMENTS, CORP.
Duration : Period :
Clover Health Investments, Corp. Technical Analysis Chart | CLOV | US18914F1030 | MarketScreener
Technical analysis trends CLOVER HEALTH INVESTMENTS, CORP.
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 3
Last Close Price 8,32 $
Average target price 9,33 $
Spread / Average Target 12,2%
EPS Revisions
Managers and Directors
Vivek Garipalli Chief Executive Officer & Director
Andrew Toy President, Director & Chief Technology Officer
Joseph Wagner Chief Financial Officer
Sophia Chang Chief Clinical Informatics Officer
Kumar Dharmarajan Chief Scientific Officer
Sector and Competitors
1st jan.Capi. (M$)
CLOVER HEALTH INVESTMENTS, CORP.-50.39%3 285
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ALIBABA HEALTH INFORMATION TECHNOLOGY LIMITED-54.15%17 523
OMNICELL, INC.26.10%6 536
PRO MEDICUS LIMITED64.61%4 409
SECTRA AB (PUBL)-6.34%3 076