Good morning traders and investors of the r/stocks sub! Welcome to Hump Day! Here are your pre-market stock movers & news on this Wednesday, February the 8th, 2023-
Stock futures dip slightly as traders focus on corporate earnings
U.S. stock futures slid Wednesday morning as investors moved attention to the latest batch of corporate earnings.
Dow Jones Industrial Average futures fell by 98 points, or 0.3%. S&P 500 futures slipped 0.4%, while Nasdaq-100 futures shed 0.2%.
Chipotle fell more than 5% after missing expectations on the top and bottom lines in its latest results. Meanwhile, CVS and Uber advanced more than 1% and 7%, respectively, following earnings that came in above Wall Street estimates.
Stocks closed near session highs after a volatile bout of trading on Tuesday. The Dow Jones Industrial Average jumped about 265 points, or 0.78%. The S&P 500 rose 1.29%. Meanwhile, the tech-heavy Nasdaq Composite outpaced the other two indexes, gaining 1.9%.
Driving gains on Tuesday was Federal Reserve Chair Jerome Powell remarks that inflation is easing. His comments reiterated those given at his press conference last week, further bolstering investor hopes that the central bank will soon pause or pivot on interest rate hikes.
“We have a Federal Reserve that no longer wants to be adversarial,” said Virtus Investment Partners’ Joseph Terranova said Tuesday on CNBC’s “Closing Bell: Overtime.” “And one could argue that they are not adversarial anymore, because they’ve had two opportunities in the last week to be that way. They didn’t do it.”
Investors are also looking to post-bell earnings from companies including Walt Disney and Robinhood.
They will also watch for the latest reading on wholesale inventories due out at 10 a.m. ET. Economists are expecting a rise of 0.1% in December, according to Dow Jones.
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 LINK #1!)
(CLICK HERE FOR THIS MORNING'S EARNINGS RELEASES LINK #2!)
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!)
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!)
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]())
Uber — The ride-hailing app’s shares rose more than 7% after it posted fourth-quarter earnings that topped analyst estimates. Uber earned 29 cents a share, beating analysts’ estimate of an 18 cent loss, Refinitiv data showed. Uber’s revenue for the quarter was up 49% year-over-year. CEO Dara Khosrowshahi said Uber ended 2022 with its “strongest quarter ever,” capping off its “strongest year.”
STOCK SYMBOL: UBER
(CLICK HERE FOR LIVE STOCK QUOTE!)
Chipotle Mexican Grill — Shares of the fast casual restaurant chain fell more than 5% on the back of disappointing quarterly results. Chipotle said it saw customers pull back on their restaurant spending during the fourth quarter. “As we got around the holidays, we just didn’t see that pop, that momentum, that we normally see,” CFO Jack Hartung said on a conference call.
STOCK SYMBOL: CMG
(CLICK HERE FOR LIVE STOCK QUOTE!)
Microsoft — The Xbox maker rose 1.6% after it released a new AI-powered homepage for its Bing search engine.
STOCK SYMBOL: MSFT
(CLICK HERE FOR LIVE STOCK QUOTE!)
Lumen Technologies — The cloud network data company lost 17% premarket after reporting a fourth quarter loss of $3.1 billion (including a $3.3 billion goodwill writedown), and adjusted EPS of 43 cents vs 51c a year ago. This year’s adjusted earnings guidance missed StreetAccount estimates.
STOCK SYMBOL: LUMN
(CLICK HERE FOR LIVE STOCK QUOTE!)
Fortinet — The cybersecurity company’s shares rose 11% after it beat analysts’ estimates in the most recent quarter by five cents a share, according to StreetAccount.
STOCK SYMBOL: FTNT
(CLICK HERE FOR LIVE STOCK QUOTE!)
Under Armour — The athletic apparel retailer jumped nearly 8% after fiscal third-quarter earnings beat expectations. Under Armour earned adjusted EPS of 16 cents vs a StreetAccount estimate of 9 cents. Revenue also topped estimates.
STOCK SYMBOL: UA
(CLICK HERE FOR LIVE STOCK QUOTE!)
TripAdvisor — The online travel company’s stock jumped 5% after Bank of America double upgraded it to buy. The bank anticipates upside of almost 60% for TripAdvisor as consumers book more travel.
STOCK SYMBOL: TRIP
(CLICK HERE FOR LIVE STOCK QUOTE!)
Enphase Energy — The solar company rose 8.5% after it posted fourth quarter adjusted earnings of $1.51 per share vs a $1.27 estimate, on revenue of $725 million against a $707 million estimate, according to StreetAccount.
STOCK SYMBOL: ENPH
(CLICK HERE FOR LIVE STOCK QUOTE!)
Illumina — Shares of the biotechnology company dropped almost 3% on fourth-quarter earnings showing quarterly revenue of $1.08 billion, down 10% year-over-year.
STOCK SYMBOL: ILMN
(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