Good morning traders and investors of the r/stocks sub! Welcome to Tuesday! Here are your pre-market stock movers & news on this Tuesday, October the 25th, 2022-
Dow and S&P 500 futures slip as investors await big tech earnings
Stock futures fell Tuesday as investors looked ahead to big technology earnings for further clues into the health of the U.S. economy.
Futures tied to the Dow Jones Industrial Average slid 115 points, or 0.4%. S&P 500 futures dipped 0.3%, while Nasdaq 100 futures were down 0.1%.
Shares of Amazon slipped slightly in premarket trading on reports of a hiring freeze, while Discover Financial shed more than 1% on disappointing earnings results.
Tuesday’s moves came after another strong day for stocks.
The Dow rose 417.06 points, or 1.3%, on Monday. The Nasdaq Composite finished 0.9% higher and the S&P 500 added roughly 1.2%, with nine of 11 sectors finishing higher, led by health care.
“The market has become accustomed to the real price volatility, almost desensitized to it,” said Jeff O’Connor, head of market structure in the Americas for Liquidnet. “And the wild moves are making trading conditions that much more difficult.”
Investors this week remain laser-focused on earnings from the biggest technology companies, with reports from Alphabet and Microsoft due Tuesday. Meta Platforms reports Wednesday, followed by Amazon and Apple on Thursday. Given their sheer size and market capitalization, any moves are likely to drive the market going forward.
So far this season, companies have proven they may be faring better than anticipated. That’s due in part to the fact that analysts’ earnings estimates have come down in recent months as companies faced foreign exchange headwinds and other growth concerns. This could set up stocks for rallies on potentially better-than-feared outcomes.
″’Earnings really have come down quite a bit,” said Sam Stovall, chief investment strategist at CFRA. “Maybe investors are happy because it’s up 2% and not down 2% but we’ve also been seeing reductions in 2023 forecasts. This bear market probably has to play itself out even if we do get a near-term bear market rally.”
UPS, GE, Coca-Cola all reported earnings before the bell Tuesday. Chipotle Mexican Grill and Texas Instruments will report after the Tuesday close.
On the economic data front, S&P/Case-Shiller August home prices, FHFA August home prices and October consumer confidence are slated for release Tuesday.
STOCK FUTURES CURRENTLY:
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YESTERDAY'S MARKET MAP:
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TODAY'S MARKET MAP:
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YESTERDAY'S S&P SECTORS:
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TODAY'S S&P SECTORS:
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TODAY'S ECONOMIC CALENDAR:
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THIS WEEK'S ECONOMIC CALENDAR:
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THIS WEEK'S UPCOMING IPO'S:
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THIS WEEK'S EARNINGS CALENDAR:
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THIS MORNING'S PRE-MARKET EARNINGS CALENDAR:
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EARNINGS RELEASES BEFORE THE OPEN TODAY:
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EARNINGS RELEASES AFTER THE CLOSE TODAY:
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YESTERDAY'S ANALYST UPGRADES/DOWNGRADES:
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YESTERDAY'S INSIDER TRADING FILINGS:
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TODAY'S DIVIDEND CALENDAR:
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THIS MORNING'S STOCK NEWS MOVERS:
(source: cnbc.com)
Coca-Cola (KO) – Coca-Cola shares rose 2.9% in the premarket after the beverage giant’ third-quarter earnings and sales beat Street forecasts. The company also raised its full-year outlook as demand remains steady even as it has raised prices to make up for higher expenses.
STOCK SYMBOL: KO
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General Motors (GM) – GM shares rallied 4.4% in premarket trading after the automaker reported a better-than-expected third-quarter profit, helped by rebounding sales. GM also said supply chain constraints are easing, allowing it to increase inventories on dealer lots.
STOCK SYMBOL: GM
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JetBlue (JBLU) – JetBlue reported a quarterly profit as elevated travel demand helped to make up for rising costs. But its bottom line results fell short of estimates and revenue merely matched consensus. JetBlue slipped 4.5% in premarket trading.
STOCK SYMBOL: JBLU
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Xerox (XRX) – The office equipment maker’s stock tumbled 8.2% in premarket action after it reported an adjusted quarterly profit of 19 cents per share compared with a consensus estimate of 40 cents. Xerox was hit by surging costs and supply chain constraints.
STOCK SYMBOL: XRX
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3M (MMM) – 3M reported better-than-expected earnings for the third quarter, but the conglomerate’s revenue fell short of Street forecasts. It also cut its full-year outlook due to rising costs and the impact of the strong U.S. dollar.
STOCK SYMBOL: MMM
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General Electric (GE) – GE jumped 4.2% in premarket action even though its earnings fell short of forecasts. The company cut its full-year outlook as it works its way through supply chain issues and higher costs. GE’s revenue was stronger than expected, as was free cash flow.
STOCK SYMBOL: GE
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UPS (UPS) – The delivery service’s shares rallied 4.4% in the premarket following a mixed quarterly report that saw earnings beat consensus and revenue fall short. UPS was helped by expanded profit margins as it raised prices.
STOCK SYMBOL: UPS
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UBS (UBS) – UBS jumped 5.1% in the premarket after the Swiss bank posted better-than-expected quarterly results, helped by a jump in customer cash inflows to its wealth management business.
STOCK SYMBOL: UBS
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SAP (SAP) – SAP rose 3% in premarket action after the German business software company reported upbeat quarterly results, helped by strong growth in its cloud business. SAP also confirmed its full-year outlook.
STOCK SYMBOL: SAP
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Logitech (LOGI) – Logitech jumped 7% in the premarket after the maker of computer peripherals maintained its current full-year guidance, which was reduced in July. Logitech has seen sales cool off following a long period of elevated demand spurred by the pandemic.
STOCK SYMBOL: LOGI
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Qualtrics (XM) – Qualtrics surged 9.6% in the premarket after the maker of customer feedback software reported better-than-expected quarterly results and lifted its full-year forecast.
STOCK SYMBOL: XM
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FULL DISCLOSURE:
/u/bigbear0083 has no positions in any stocks mentioned. Reddit, moderators, and the author do not advise making investment decisions based on discussion in these posts. Analysis is not subject to validation and users take action at their own risk.
DISCUSS!
What's on everyone's radar for today's trading day ahead here at r/stocks?
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