Good morning traders and investors of the r/stocks sub! Welcome to Wednesday! Here are your pre-market stock movers & news on this Wednesday, February the 16th, 2022-
Stock futures are down slightly after major averages snap 3-day losing streak
U.S. stock index futures edged lower in morning trading Wednesday, after registering gains the previous day amid signs of tensions easing between Russia and Ukraine.
Futures contracts tied to the Dow Jones Industrial Average were off by about 80 points, or 0.2%. S&P 500 shares dipped 0.2% and Nasdaq 100 futures eased about 0.2%.
ViacomCBS was the biggest loser in early action Wednesday, with shares falling 6.5% premarket after the company said it is rebranding itself as Paramount Global to focus on streaming. At the same time, the company reported lower-than-expected quarterly earnings.
Shares of Wynn Resorts rose 1.8% after the casino operator beat on revenue, though it posted a larger-than-expected loss per share.
Markets have been driven largely by concerns over the Russia-Ukraine conflict, and the Federal Reserve’s plan to hike interest rates.
“Traders continue to monitor the situa-tion in Ukraine and look ahead to the Fed minutes release,” Sevens Report’s Tom Essaye said in a note Wednesday morning.
In the most recent geopolitical developments, NATO officials accused Russia of massing troops at the Ukrainian border.
Energy prices, which have been sensitive to the news, moved sharply higher Wednesday morning, with natural gas up about 5% and oil prices climbing more than 1%.
President Joe Biden addressed the latest developments between Russia and Ukraine Tuesday afternoon, reiterating that the U.S. will defend NATO territory.
“If Russia proceeds, we will rally the world,” he said, adding that Washington’s allies were ready to impose powerful sanctions that will “undermine Russia’s ability to compete economically and strategically.”
The comments came after the Russian government said earlier Tuesdayin the day that some troops who had been on the Ukrainian border had returned to their bases.
This helped boost sentiment Tuesday on Wall Street. The yield on the benchmark 10-year Treasury topped 2% as a risk-on tone returned to the market. Yields were little changed Wednesday, with the benchmark note slightly above 2%.
The major averages advanced Tuesday, snapping a three-day losing streak. The Dow gained 422 points, or 1.2%. The S&P added 1.58%, while the Nasdaq Composite rose 2.5%.
Technology was the top-performing S&P 500 sector, with nine out of the 11 groups registering gains on the day. Utilities and energy stocks were the two sectors in the red, dipping 0.6% and 1.4%, respectively.
“U.S. stocks rallied on optimism that it doesn’t seem like Russia will invade Ukraine this week and despite another hot PPI report, as many on Wall Street are still not convinced the Fed will be as aggressive as some are calling for this year,” said Oanda’s Ed Moya.
The Labor Department said Tuesday that wholesale prices jumped 1% in January, bringing the gain over the past 12 months to 9.7% on an unadjusted basis.
As inflation runs hot, Wall Street is looking ahead to the minutes from the Federal Reserve’s January meeting, which will be released Wednesday at 2 p.m. ET.
The summary could be viewed as stale considering the meeting happened before the most recent data. However, investors will be searching for any new insights into the number and size of rate hikes, as well as details of a balance sheet reduction plan.
“The latest inflation data continue to decimate the ‘inflation is purely transitory’ theory,’” said Michael Cembalest, chairman of market and investment strategy at J.P. Morgan Asset Management.
“After pricing in less than one Fed hike as of last September, markets and Fed watchers now expect between 6 and 7 hikes over the next year, with some arguing for a 50 basis point move and not just 25,” Cembalest added.
Retail sales data will also be released Wednesday at 8:30 a.m. on Wall Street. Economists are expecting the report to show that sales rose 2.1% in January. That compares to a 1.9% decline in December.
STOCK FUTURES CURRENTLY:
(CLICK HERE FOR STOCK FUTURES CHARTS!)
YESTERDAY'S MARKET MAP:
(CLICK HERE FOR YESTERDAY'S MARKET MAP!)
TODAY'S MARKET MAP:
(CLICK HERE FOR TODAY'S MARKET MAP!)
YESTERDAY'S S&P SECTORS:
(CLICK HERE FOR YESTERDAY'S S&P SECTORS CHART!)
TODAY'S S&P SECTORS:
(CLICK HERE FOR TODAY'S S&P SECTORS CHART!)
TODAY'S ECONOMIC CALENDAR:
(CLICK HERE FOR TODAY'S ECONOMIC CALENDAR!)
THIS WEEK'S ECONOMIC CALENDAR:
(CLICK HERE FOR THIS WEEK'S ECONOMIC CALENDAR!)
THIS WEEK'S UPCOMING IPO'S:
(CLICK HERE FOR THIS WEEK'S UPCOMING IPO'S!)
THIS WEEK'S EARNINGS CALENDAR:
(CLICK HERE FOR THIS WEEK'S EARNINGS CALENDAR!)
THIS MORNING'S PRE-MARKET EARNINGS CALENDAR:
(CLICK HERE FOR THIS MORNING'S EARNINGS CALENDAR!)
EARNINGS RELEASES BEFORE THE OPEN TODAY:
(CLICK HERE FOR THIS MORNING'S EARNINGS RELEASES!)
EARNINGS RELEASES AFTER THE CLOSE TODAY:
(CLICK HERE FOR THIS AFTERNOON'S EARNINGS RELEASES LINK #1!)
(CLICK HERE FOR THIS AFTERNOON'S EARNINGS RELEASES LINK #2!)
(CLICK HERE FOR THIS AFTERNOON'S EARNINGS RELEASES LINK #3!)
YESTERDAY'S ANALYST UPGRADES/DOWNGRADES:
(CLICK HERE FOR YESTERDAY'S ANALYST UPGRADES/DOWNGRADES LINK #1!)
(CLICK HERE FOR YESTERDAY'S ANALYST UPGRADES/DOWNGRADES LINK #2!)
(CLICK HERE FOR YESTERDAY'S ANALYST UPGRADES/DOWNGRADES LINK #3!)
YESTERDAY'S INSIDER TRADING FILINGS:
(CLICK HERE FOR YESTERDAY'S INSIDER TRADING FILINGS!)
TODAY'S DIVIDEND CALENDAR:
(CLICK HERE FOR TODAY'S DIVIDEND CALENDAR LINK #1!)
(CLICK HERE FOR TODAY'S DIVIDEND CALENDAR LINK #2!)
THIS MORNING'S STOCK NEWS MOVERS:
(source: cnbc.com)
Generac (GNRC) – The maker of generators and power equipment saw its stock rise 2.6% in the premarket after beating top and bottom-line estimates for the fourth quarter. Generac earned an adjusted $2.51 per share, 11 cents above estimates, as both commercial and residential sales increased more than 40%.
STOCK SYMBOL: GNRC
(CLICK HERE FOR LIVE STOCK QUOTE!)
Shopify (SHOP) – Shopify fell 4% in premarket action despite reporting better-than-expected quarterly profit and revenue. The e-commerce platform operator said revenue growth for 2022 would be slower than the 57% it achieved in 2021.
STOCK SYMBOL: SHOP
(CLICK HERE FOR LIVE STOCK QUOTE!)
Kraft Heinz (KHC) – The food maker’s stock was up 1.3% in the premarket after reporting its adjusted quarterly profit of 79 cents per share beat estimates by 16 cents. Revenue was also above Wall Street forecasts.
STOCK SYMBOL: KHC
(CLICK HERE FOR LIVE STOCK QUOTE!)
La-Z-Boy (LZB) – La-Z-Boy tumbled 12.5% in premarket trading after the furniture company reported a quarterly profit of 65 cents per share, well below the 89-cent consensus estimate. The company best known for its signature recliners noted multiple production issues related to Covid-19, leaving it unable to fully satisfy demand.
STOCK SYMBOL: LZB
(CLICK HERE FOR LIVE STOCK QUOTE!)
Wynn Resorts (WYNN) – Wynn Resorts reported a quarterly loss of $1.37 per share, wider than the $1.25 per share loss expected by Wall Street analysts, although the casino operator’s revenue beat estimates. A nearly 28% drop in Wynn’s Macau revenue weighed on overall results. Wynn fell 2.3% in the premarket.
STOCK SYMBOL: WYNN
(CLICK HERE FOR LIVE STOCK QUOTE!)
Trade Desk (TTD) – The stock surged 10.5% in the premarket after the programmatic ad company reported adjusted quarterly earnings of 42 cents per share, 14 cents above estimates, with revenue also topping Wall Street forecasts.
STOCK SYMBOL: TTD
(CLICK HERE FOR LIVE STOCK QUOTE!)
Hilton (HLT) – The hotel operator missed estimates by 2 cents with adjusted quarterly earnings of 74 cents per share. Revenue was slightly above estimates as it more than doubled from a year earlier amid a travel recovery.
STOCK SYMBOL: HLT
(CLICK HERE FOR LIVE STOCK QUOTE!)
ViacomCBS (VIAC) – ViacomCBS announced it will change its corporate name to Paramount Global, effective Thursday, in an effort to emphasize its Paramount+ streaming service and to take advantage of Paramount’s brand recognition. Separately, the media company reported an adjusted quarterly profit of 26 cents per share, missing the 43-cent consensus estimate. Shares slumped 11.3% in premarket trading.
STOCK SYMBOL: VIAC
(CLICK HERE FOR LIVE STOCK QUOTE!)
Airbnb (ABNB) – Airbnb reported record revenue for 2021, better-than-expected fourth-quarter results, and issued an upbeat current-quarter forecast. The home rental company benefited from consumer preferences shifting away from hotels during the pandemic and said current-quarter bookings are likely to exceed pre-pandemic levels for the first time. Airbnb shares rallied 3.5% in the premarket.
STOCK SYMBOL: ABNB
(CLICK HERE FOR LIVE STOCK QUOTE!)
Roblox (RBLX) – Roblox stock plummeted 15.2% in premarket action after reporting a loss of 25 cents per share for its latest quarter, nearly double the 13-cent loss analysts had anticipated. The social gaming platform operator also saw lower-than-expected revenue amid flat daily active user metrics and engaged gaming hours that fell short of forecasts.
STOCK SYMBOL: RBLX
(CLICK HERE FOR LIVE STOCK QUOTE!)
Cedar Fair (FUN) – Cedar Fair rejected a takeover bid from rival theme park operator SeaWorld Entertainment (SEAS), according to a statement by SeaWorld which confirmed earlier reports of an offer but did not acknowledge the reported $3.4 billion price. Separately, Cedar Fair reported better-than-expected quarterly revenue with record in-park spending by visitors. Cedar Fair stock slid 12.3% in the premarket, while SeaWorld fell 4.2%.
STOCK SYMBOL: FUN
(CLICK HERE FOR LIVE STOCK QUOTE!)
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?
Leave a Reply