Good morning traders and investors of the r/stocks sub! Welcome to Tuesday! Here are your pre-market stock movers & news on this Tuesday, February the 7th, 2023-
Stock futures are little changed as investors await Fed Chair Powell’s speech
Stock futures were little changed Tuesday as investors braced for the latest commentary due Tuesday from Federal Reserve Chairman Jerome Powell.
Futures tied to the S&P 500 were up just 0.1%, while futures connected to the Dow Jones Industrial Average slipped 45 points, or 0.1%. Nasdaq-100 futures advanced 0.3%.
Chegg plummeted 22% on disappointing guidance.
Those moves followed another down session for markets, as bond yields rose and pressured growth stocks.
“The market is in a reassessment mode, and that’s why you see markets pull back a little bit, certainly post the jobs report,” said Sinead Colton Grant, global head of investor solutions at BNY Mellon Wealth Management.
A speech from Powell before the Economic Club of Washington on Tuesday remains top of mind for investors. Markets interpreted a slew of his disinflation comments during last week’s post-meeting press conference as dovish and stocks rallied. Many view the appearance as an opportunity for Powell to offer more clarity on where rates are headed, or clarify some comments made after last week’s 25 basis point rate hike.
Earnings season presses on Tuesday with results from companies such as Chipotle and Royal Caribbean. So far this season, a little over half of S&P 500 companies have reported earnings, with about 69% surpassing expectations, according to FactSet data.
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)
Chegg — Shares dropped 22.7% following its earnings report Monday . The company gave first-quarter and full-year revenue guidance that was below analyst expectations, according to Refinitiv. Chegg noted subscriber growth challenges and concerns related to the health of the broader economy.
STOCK SYMBOL: CHGG
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Baidu — Shares surged more than 13% after Baidu said it would launch its own artificial intelligence chatbot that will be called “Ernie Bot” in English.
STOCK SYMBOL: BIDU
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Bed Bath & Beyond — Shares plunged 30% after Bed Bath & Beyond announced a public offering to raise roughly $1 billion.
STOCK SYMBOL: BBBY
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Oak Street Health — Oak Street Health shares surged more than 36% after The Wall Street Journal reported CVS is nearing a $10.5 billion deal for the primary care provider. CVS shares were little changed.
STOCK SYMBOL: OSH
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Hertz — Shares gained more than 4% after Hertz reported results that beat earnings per share and revenue expectations, according to FactSet.
STOCK SYMBOL: HTZ
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ZoomInfo Technologies — Shares fell more than 11% after ZoomInfo Technologies’ latest earnings results. The software company beat on the top and bottom lines, according to FactSet. However, it posted a lackluster revenue outlook for the first quarter and full year.
STOCK SYMBOL: ZI
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Spirit Airlines — The airline stock jumped 3% in premarket after the company posted stronger-than-expected fourth-quarter earnings. Spirit Airlines reported earnings of 12 cents per share excluding items, 9 cents higher than the analysts’ estimate, according to FactSet.
STOCK SYMBOL: SAVE
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Skyworks Solutions — Shares added more than 2% after Skyworks Solutions announced a $2 billion share buyback program. The announcement helped investors overlook an slight earnings miss in the semiconductor firm’s most recent quarter.
STOCK SYMBOL: SWKS
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Activision Blizzard — Shares rose 2% after Activision Blizzard topped revenue expectations in its most recent quarter. The firm reported $3.57 billion in revenue, greater than consensus expectations for $3.16 billion in revenue, according to Refinitiv.
STOCK SYMBOL: ATVI
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Pinterest — Pinterest shares dipped more than 1% after the image sharing company posted mixed earnings results. The firm reported earnings of 29 cents per share, greater than forecasts for 27 cents per share, according to consensus expectations from Refinitiv. However, revenue came in at $877 million, lower than the $886 million estimate.
STOCK SYMBOL: PINS
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DuPont de Nemours — Shares declined 2% after DuPont de Nemours posted earnings results from its most recent quarter. The firm beat expectations on the top and bottom lines, but its earnings and revenue guidance for the first quarter was much lower than estimates.
STOCK SYMBOL: DD
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Leggett & Platt — Shares fell more than 1% after Leggett & Platt reported disappointing earnings results, according to consensus expectations on FactSet.
STOCK SYMBOL: LEG
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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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