Good Monday morning traders and investors of the r/stocks sub! Welcome to the first trading day of this week and a frrrrrrrrrrresh start! Here are your pre-market stock movers & news on this Monday, February 7th, 2022-
Stock futures rise slightly after S&P 500 posts best week of the year
U.S. stock index futures turned slightly positive in early morning trading on Monday after the S&P posted its best week of 2022, boosted by quarterly earnings reports and a better-than-expected January employment report.
Futures contracts tied to the Dow Jones Industrial Average rose 57 points, or about 0.2%. S&P 500 and Nasdaq 100 futures ticked up roughly 0.3% and 0.4%, respectively.
Investors will be watching more earnings reports this week, though the blistering pace of the past few weeks will slow.
Big inflation news also is on the horizon, with the Labor Department on Thursday set to release consumer price index data for January. The report is expected to show that inflation rose at a 7.2% pace from a year ago, which if accurate would be the fastest gain since February 1982.
Markets have been bracing against the fallout from inflation and are now pricing in about a 35% chance that the Federal Reserve will hike its benchmark short-term borrowing rate by half a percentage point, or 50 basis points, in March.
Government bond yields were little changed Monday after racing higher following Friday’s unexpectedly strong nonfarm payrolls report for January. The benchmark 10-year note most recently yielded 1.92%.
Peloton shares surged in premarket trading Monday on reports that Amazon and Nike are lining up as possible suitors for the interactive fitness equipment maker. The stock surged 25% on the news, which comes just a few days after activist investor Blackwells Capital urged the company to consider a sale and to fire its CEO.
Spotify saw its shares decline 1.3% after the company said it condemns past use of racial slurs by controversial podcast host Joe Rogan but would not remove him from the streaming site. Artists including Neil Young, Joni Mitchell and India.Arie have asked Spotify to remove their music in protest over Rogan.
Elsewhere, shares of Spirit Airlines jumped 11% after Frontier Airlines announced a deal to merge with its low-cost competitor. The news appeared to boost sentiment among airlines generally, with shares of United and Delta Air Lines rising nearly 2% premarket.
The S&P and Nasdaq Composite advanced on Friday for their fifth positive session in the last six, and the indices also posted their best week since December. The Dow slid 0.06% on Friday, but still managed to post a 1.05% gain for the week. The Russell 2,000 meantime posted its first positive week in five and best week of 2022.
“Investor psychology is shifting almost week-to-week, meaning sticking to one’s investment convictions is about as hard (or painful) as ever, but also never more important in driving outperformance,” Raymond James strategist Tavis McCourt said in a note to clients. “Our conviction remains that economic strength will keep EPS keeps going higher along with interest rates, as we suspect we remain a long way from higher rates materially slowing demand in the economy.”
Earnings reports and the jobs report pushed the major averages higher. The Labor Department said Friday that 467,000 jobs were added in January, well ahead of the 150,000 economists polled by Dow Jones were expecting.
Last week’s gains follow a rocky start to the year for the major averages as rising rates prompted investors to shed growth names in favor of value-oriented areas of the market.
“It has been a raging bear market for high multiple stocks and for anything speculative in nature. It’s just been taken out to the woodshed. So there’s probably some value being created there now,” Morgan Stanley’s Mike Wilson said on “Squawk Box.” The strategist said he still recommends a tilt toward more defensive areas of the market and thinks the indexes may not have hit a bottom yet.
So far 56% of S&P 500 companies have posted quarterly earnings, with 79% beating earnings estimates and 77% topping revenue expectations.
Individual performance has been different, however. Amazon shares added 13.5% on Friday, while Snap surged 58.8%. Facebook-parent Meta dropped 26% on Thursday after its quarterly update. The social media company is coming off its worst week on record.
Another busy week of earnings is on deck with 76 S&P 500 companies set to post results. Three Dow components will provide quarterly updates, including Disney and Coca-Cola. Amgen, Take-Two Interact
STOCK FUTURES CURRENTLY:
(CLICK HERE FOR STOCK FUTURES CHARTS!)
LAST WEEK'S MARKET MAP:
(CLICK HERE FOR LAST WEEK'S MARKET MAP!)
TODAY'S MARKET MAP:
(CLICK HERE FOR TODAY'S MARKET MAP!)
LAST WEEK'S S&P SECTORS:
(CLICK HERE FOR LAST WEEK'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!)
FRIDAY'S ANALYST UPGRADES/DOWNGRADES:
(CLICK HERE FOR FRIDAY'S ANALYST UPGRADES/DOWNGRADES LINK #1!)
(CLICK HERE FOR FRIDAY'S ANALYST UPGRADES/DOWNGRADES LINK #2!)
(CLICK HERE FOR FRIDAY'S ANALYST UPGRADES/DOWNGRADES LINK #3!)
(CLICK HERE FOR FRIDAY'S ANALYST UPGRADES/DOWNGRADES LINK #4!)
(CLICK HERE FOR FRIDAY'S ANALYST UPGRADES/DOWNGRADES LINK #5!)
FRIDAY'S INSIDER TRADING FILINGS:
(CLICK HERE FOR FRIDAY'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)
Spirit Airlines (SAVE) – Spirit surged 11.4% in the premarket after announcing it would buy competitor Frontier Airlines in a stock swap deal valued at $6.6 billion including assumed debt. Shares of Frontier’s parent company Frontier Group (ULCC) fell 2.4%.
STOCK SYMBOLS: SAVE
(CLICK HERE FOR LIVE STOCK QUOTE!)
Peloton (PTON) – Peloton rocketed 28.5% higher in premarket trading, following reports that both Amazon.com (AMZN) and Nike (NKE) are mulling possible bids for the fitness equipment maker. The reports come a few days after activist investor Blackwells Capital urged Peloton’s board to consider a sale of the company.
STOCK SYMBOLS: PTON
(CLICK HERE FOR LIVE STOCK QUOTE!)
Energizer (ENR) – The company best known for its batteries saw its stock surge 5.7% in premarket trading after reporting better-than-expected quarterly results. Energizer beat estimates by 8 cents share, with a profit of $1.03 per share. Revenue also topped Wall Street forecasts. Energizer warned the current operating environment remains “very volatile.”
STOCK SYMBOLS: ENR
(CLICK HERE FOR LIVE STOCK QUOTE!)
Zimmer Biomet (ZBH) – The maker of orthopedic and other medical products reported quarterly earnings of $1.95 per share, missing consensus estimates by 3 cents a share. Revenue came in short of analysts’ forecasts. The company said the ongoing pandemic continued to pressure its business during the quarter, and the stock slid 5.4% in the premarket.
STOCK SYMBOLS: ZBH
(CLICK HERE FOR LIVE STOCK QUOTE!)
Hasbro (HAS) – Hasbro added 2.2% in premarket trading after the toymaker beat top- and bottom-line estimates for its latest quarter. Hasbro earned $1.21 per share, well above the 88 cents a share consensus estimate. Revenue in its television, film and entertainment business jumped 61% from a year earlier. Hasbro also increased its quarterly dividend by 3% to 70 cents per share.
STOCK SYMBOLS: HAS
(CLICK HERE FOR LIVE STOCK QUOTE!)
Tyson Foods (TSN) – Tyson rallied 4.2% in the premarket following its quarterly earnings report. The company beat estimates by 97 cents a share, with quarterly earnings of $2.87 per share. The beef and poultry producer’s revenue also beat analysts’ forecasts. Tyson said it was on track to achieve $1 billion in productivity savings by the end of fiscal 2024.
STOCK SYMBOLS: TSN
(CLICK HERE FOR LIVE STOCK QUOTE!)
Bumble (BMBL) – The dating service operator announced the acquisition of European dating app company Fruitz for an undisclosed amount, Bumble’s first-ever acquisition deal. Fruitz is especially popular among Gen Z consumers.
STOCK SYMBOLS: BMBL
(CLICK HERE FOR LIVE STOCK QUOTE!)
Ford (F) – Ford fell 1.1% in premarket action after announcing it will suspend or cut production at eight of its North American factories due to the global semiconductor shortage. Those changes will be in effect throughout this week.
STOCK SYMBOLS: F
(CLICK HERE FOR LIVE STOCK QUOTE!)
Spotify (SPOT) – Spotify CEO Daniel Ek said he strongly condemns racial slurs used by podcaster Joe Rogan, but said removing his podcast from the Spotify platform is not the answer. A number of popular music artists have had their music pulled from Spotify amid the controversy over Rogan’s comments on Covid-19. Spotify shares fell 2% in the premarket.
STOCK SYMBOLS: SPOT
(CLICK HERE FOR LIVE STOCK QUOTE!)
Snowflake (SNOW) – The cloud data platform provider’s stock rallied 4.8% in the premarket after Morgan Stanley upgraded it to “overweight” from “equal-weight,” saying investors are undervaluing Snowflake’s potential for durability and quality of growth.
STOCK SYMBOLS: SNOW
(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