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 8th, 2022-
Stock futures inch higher after S&P, Nasdaq fall to start the week
U.S. stock index futures were mixed in morning trading Tuesday as the market awaits key inflation data later this week.
Futures contracts tied to the Dow Jones Industrial Average was little changed. S&P 500 and Nasdaq 100 futures both edged lower.
In early news, Peloton shares fell 2.8% premarket after the interactive fitness company said it will slash 2,800 jobs in a restructuring effort that will see CEO John Foley step down and transition to executive chair.
The company will report earnings Tuesday after the market closes and during what’s been a turbulent time for the company. The stock surged 20.9% on Monday following reports the company could be a takeover target.
Elsewhere, Harley Davidson jumped 6% after the company reported a surprise profit for the fourth quarter.
Also, Pfizer shares tumbled 4% after the drugmaker’s fourth-quarter revenue came in lower than Wall Street analysts expected. The company’s full-year earnings guidance also disappointed.
Shares of Snap fell 3.5% after the social media company announced a new debt offering.
On the economic calendar, investors will get a look at December’s trade balance, with a Dow Jones survey pointing to an $82.8 billion shortfall, which would be a record.
Wall Street is on edge watching how the Federal Reserve will react to the intensifying price pressures. Bank of America on Monday reiterated its call for the Fed to hike rates 1.75 percentage points, or seven times, this year in an effort to head off inflation pressures which have been accelerated by rising rages.
Treasury yields hit fresh pandemic-era highs Monday and rose again Tuesday. The benchmark 10-year Treasury note most recently yielded 1.93%, a level not seen since January 2020.
During trading on Monday the S&P 500 slid 0.37%, while the Nasdaq Composite shed 0.58%. Both traded higher earlier in the day, before reversing course during the final hour of trading. Each index managed to close above its worst level of the session, however.
The Dow Jones Industrial finished Monday’s trading session just 1 point higher. At one point the 30-stock benchmark had added 235 points. At the lows of the day, the Dow declined by about 95 points.
“U.S. stocks will struggle for direction until the latest inflation tilts market’s expectations as to how aggressive the Fed will tighten into what is still deemed as an overvalued stock market,” said Oanda’s Edward Moya.
On Thursday the Labor Department will release January’s consumer price index data. The reading follows a stronger-than-expected January jobs report, which has led to speculation that the Federal Reserve could be more aggressive when it comes to hiking rates. The inflation data is expected to show that prices rose 0.4% in January, for a 7.2% gain from one year ago, which would be the highest in almost 40 years.
“The tumultuous market action continues as the combination of Fed policy uncertainty and economic transition remains in focus,” Canaccord Genuity said Monday in a note to clients.
“Unfortunately, this is the environment we are going to be in for a while as the monetary and economic mid-cycle transition unfolds.”
Communications services was the worst-performing S&P 500 sector on Monday, declining 2.2% amid a 5% dip for shares of Facebook-parent Meta. Shares of the social media giant are down 28% this month following the company’s disappointing earnings report.
Google-parent Alphabet slid 2.9%, while Twitter, Match Group and Netflix all shed roughly 2%.
“Technology stocks are no longer a one-way trade as investors cut losses and now focus on valuations, competition, and long-term outlooks,” added Oanda’s Moya.
Earnings season continues Tuesday with Pfizer, Harley-Davidson, Lyft, Chipotle and Yum China among the names set to post quarterly results.
As of Monday afternoon, 281 S&P 500 components have reported, with 78% exceeding earnings estimates and 77% topping revenue expectations, according to FactSet.
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)
Peloton (PTON) – Peloton CEO John Foley will be stepping down. The fitness equipment maker will also slash about 2,800 jobs or about 20% of its corporate staff and also cut $800 million in annual costs. Foley’s replacement will be former Spotify and Netflix CFO Barry McCarthy. Peloton tumbled 8.4% in premarket trading.
STOCK SYMBOL: PTON
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Novavax (NVAX) – Novavax sank 6.7% in the premarket after Reuters reported that the drugmaker has delivered only a small fraction of the 2 billion Covid-19 vaccine doses it had planned to send around the world.
STOCK SYMBOL: NVAX
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Pfizer (PFE) – Pfizer shares fell 3.8% in the premarket after reporting a revenue miss for its latest quarter and issuing a weaker-than-expected full-year forecast. Pfizer reported better-than-expected earnings for the fourth quarter, however, and also raised its full-year forecast for sales of its Covid-19 vaccine.
STOCK SYMBOL: PFE
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Harley-Davidson (HOG) – Harley shares surged 8.3% after the motorcycle maker reported an unexpected profit for its latest quarter as well as better-than-expected revenue. Harley earned 14 cents per share, compared to forecasts of a 38 cents per share loss, as demand jumped for its more expensive motorcycles.
STOCK SYMBOL: HOG
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Chegg (CHGG) – Chegg rallied 5.8% in the premarket after the online education services company reported better-than-expected profit and revenue for its latest quarter. Chegg beat estimates by 4 cents a share, with quarterly profit of 38 cents per share. The company also issued a better-than-expected outlook.
STOCK SYMBOL: CHGG
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Carrier Global (CARR) – The maker of heating and cooling equipment beat estimates by 5 cents a share, with quarterly earnings of 44 cents per share. Revenue also topped Wall Street forecasts. Carrier stock added 1.3% in the premarket.
STOCK SYMBOL: CARR
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Take-Two Interactive (TTWO) – The video game maker’s stock fell 2.1% in premarket trading after it issued a weaker-than-expected outlook. Take-Two also missed estimates for “net bookings” for its most recent quarter, representing sales of products and services digitally and in stores.
STOCK SYMBOL: TTWO
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Nvidia (NVDA) – Nvidia will not go ahead with its $66 billion purchase of Softbank’s chip designer Arm. The two companies said the deal – which would have been the largest chip industry deal ever – faced “significant regulatory challenges.” Softbank said it would now plan to take Arm public. Nvidia fell 2% in premarket action.
STOCK SYMBOL: NVDA
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Velodyne Lidar (VLDR) – Velodyne Lidar shares rocketed 38.5% in the premarket after the maker of sensors for autonomous driving said it would issue a warrant for an Amazon.com (AMZN) subsidiary to buy about 39.6 million shares.
STOCK SYMBOL: VLDR
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Just Eat Takeaway (GRUB) – Just Eat Takeaway will be delisting from the Nasdaq, with the Grubhub parent citing low Nasdaq trading volumes and a low proportion of the company’s share value held on Nasdaq. The meal delivery service’s stock will continue to trade on the Amsterdam and London stock exchanges. The stock fell 3.2% in premarket trading.
STOCK SYMBOL: GRUB
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Guess (GES) – Activist investor Legion Partners Asset Management is calling for the removal of Guess co-founders Paul and Maurice Marciano from the apparel maker’s board, according to a letter seen by The Wall Street Journal. The firm argues that sexual misconduct allegations against Paul Marciano are threatening the company’s turnaround efforts. Guess gained 1.4% in the premarket.
STOCK SYMBOL: GES
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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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