Good morning traders and investors of the r/stocks sub! Welcome to Thursday! Here are your pre-market stock movers & news on this Thursday, February the 3rd, 2022-
Nasdaq futures drop as Facebook leads tech shares lower
U.S. stock futures fell early Thursday, as traders pored through the latest batch of corporate earnings, which included disappointing numbers from tech giant Meta Platforms.
Futures tied to the Nasdaq 100 dropped about 2%, and S&P 500 futures slid 1%. Dow Jones Industrial Average futures fell 68 points, or 0.19%.
Shares of Facebook-parent Meta Platforms plunged more than 22% in premarket trading after the company’s quarterly profit fell short of expectations. The company also issued weaker-than-expected revenue guidance for the current quarter.
“There was a lot to not like” from Meta’s report, Metropolitan Capital Advisors CEO Karen Finerman told CNBC’s “Fast Money.” She noted that the company’s revenue growth expectations were the “spookiest” part of the release.
However, Finerman added that the move down seems a “little overdone.”
Other social media names, including Snap and Twitter, followed Facebook shares lower. Snap shares slid 15% premarket, and Twitter dropped about 6%.
Spotify Technology, meanwhile, fell 9.6% premarket after the company’s latest quarterly figures showed a slowdown in premium subscriber growth. Google-parent Alphabet, which gained 7.5% on Wednesday following blockbuster earnings, fell 1.4% premarket Thursday. Amazon, which will report after the closing bell, fell 4% premarket.
In early earnings news, Dow component Honeywell’s shares fell 3.1% after the company beat narrowly on profit but fell short on revenue and provided lower-than-expected guidance.
Thursday’s moves come after the major averages notched a four-day winning streak during the regular session.
The Dow rose more than 200 points on the day, while the S&P 500 and Nasdaq Composite advanced 0.9% and 0.5%, respectively. Those gains were driven by a jump in tech shares, which were led by a 7.3% rally in Alphabet.
That four-day jump has helped the major averages trim some of their steep losses after a downbeat January. Last month’s declines came as traders braced for potential rate hikes from the Federal Reserve.
“It’s been a crazy, volatile environment, which is what happens when you’re in this transition period of monetary policy and economic growth,” Canaccord’s Tony Dwyer told CNBC’s “Closing Bell.”
On the economic data front, investors will keep an eye out for the latest weekly U.S. jobless claims numbers released at 8:30 a.m. ET. Economists polled by Dow Jones expect initial claims to have fallen to 245,000 from 260,000.
Those numbers will follow the release of surprisingly downbeat private payrolls data. ADP said Wednesday that U.S. private payrolls dropped by 301,000 in January, while economists polled by Dow Jones had forecast a gain of 200,000.
There also will be the four-quarter update on productivity at 8:30 a.m. and the ISM services index released at 10 a.m.
In central bank news, the Bank of England announced a quarter-percentage-point interest rate increase, while the European Central Bank held the line on its benchmark rate despite inflation in the euro zone rising to a new record.
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)
Eli Lilly (LLY) – The drugmaker beat estimates by 3 cents with adjusted quarterly earnings of $2.49 per share, while revenue beat forecasts as well. Results were boosted by a jump in sales of Lilly’s Trulicity diabetes drug and Covid-19 therapies. However, the stock slid 1.1% in the premarket.
STOCK SYMBOL: LLY
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Honeywell (HON) – Honeywell fell 3.4% in premarket trading after quarterly revenue missed estimates due to supply chain issues and other factors. Honeywell did beat estimates by a penny with an adjusted quarterly profit of $2.09 per share.
STOCK SYMBOL: HON
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Biogen (BIIB) – Biogen fell 2.8% in premarket action after the drugmaker issued a lower than expected 2022 adjusted earnings forecast. Biogen expects sales of Alzheimer’s drug Aduhelm to be minimal following the government’s move to limit Medicare coverage of the drug. Biogen reported better-than-expected profit and revenue for the fourth quarter.
STOCK SYMBOL: BIIB
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Merck (MRK) – Merck earned an adjusted $1.80 per share for the fourth quarter, beating the $1.53 consensus estimate. Revenue also topped Wall Street forecasts as its Covid-19 treatment molnupiravir helped to drive sales higher. Merck forecast adjusted 2022 earnings of $7.12 to $7.27 per share, below the consensus estimate of $7.29.
STOCK SYMBOL: MRK
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Cardinal Health (CAH) – The pharmaceutical distributor’s stock fell 2.1% in the premarket after it cut its full-year forecast due to inflation pressures and supply chain constraints. Cardinal Health beat estimates by 4 cents for its latest quarter, earning an adjusted $1.27 per share.
STOCK SYMBOL: CAH
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Meta Platforms (FB) – Meta Platforms plummeted 22.1% in premarket trading after missing bottom-line estimates for only the third time in the Facebook parent’s nearly ten-year history as a public company. It also issued a cautious outlook, pointing to factors such as a decline in user engagement and inflation taking a toll on advertiser spending.
STOCK SYMBOL: FB
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T-Mobile US (TMUS) – T-Mobile earned 34 cents per share for its latest quarter, more than doubling the 15-cent consensus estimate, though the mobile service provider’s revenue fell short of analyst forecasts. T-Mobile also issued an upbeat forecast, and the stock soared 7.7% in the premarket.
STOCK SYMBOL: TMUS
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Spotify (SPOT) – Spotify shares tumbled 9.6% in the premarket after the audio service issued a weaker-than-expected subscriber forecast. Spotify also reported a narrower-than-expected loss for its latest quarter and saw its revenue exceed estimates. The audio streaming service benefited from a jump in ad revenue, even amid the controversy surrounding its Joe Rogan podcast.
STOCK SYMBOL: SPOT
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Align Technology (ALGN) – Align shares fell 2.6% in premarket trading after the maker of Invisalign dental braces said 2022 revenue would rise by 20% to 30% compared with the prior year’s growth of 60%. Align also beat top and bottom-line estimates for its latest quarter as volume sales for its aligners rose.
STOCK SYMBOL: ALGN
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McKesson (MCK) – McKesson rallied 4.5% in the premarket after the pharmaceutical distributor reported better-than-expected top and bottom-line results. McKesson earned an adjusted $6.15 per share compared with a consensus estimate of $5.42, helped by the strength of its Covid-19 vaccine distribution business.
STOCK SYMBOL: MCK
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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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