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 9th, 2023-
Dow futures jump nearly 200 points, Disney shares pop after strong earnings: Live updates
Stock futures rose Thursday as investors digested corporate earnings that came in better than previously feared.
Futures tied to the Dow Jones Industrial Average rose 190 points, or 0.5%. S&P 500 futures added 0.6%, and Nasdaq-100 futures gained 1%.
Disney shares gained more than 6% after the company posted smaller-than-expected subscriber losses along with earnings and revenue that beat estimates. PepsiCo advanced nearly 2% on the back of fourth-quarter earnings that came in above Wall Street expectations.
PayPal, Lyft and Expedia will report after the market closes.
Investors have been watching earnings season closely for insight on how companies have fared amid high inflation and how how they expect to perform going forward. But despite the latest batch of company reports, Wall Street has considered this earnings season lackluster.
So far, 63% of S&P 500 companies have reported fourth-quarter earnings. Of those companies, 69.5% have beaten analyst expectations, FactSet data shows. That beat rate is below a three-year average of 79%, according to data from The Earnings Scout.
Wall Street is coming off a losing session, with the Dow losing 207 points on Wednesday. The S&P 500 slid 1.1%, and the Nasdaq Composite dropped 1.7%.
The next phase of the 2023 rally could depend on the Federal Reserve’s next steps on policy. Earlier this week, Fed Chair Jerome Powell said inflation is easing, but rates could still rise.
“The next level that the rally could go to would be about that 4,300, that gets you back to the August high. But then once we would get to 4,300, we’d be trading at 19 and a half times earnings – that’s really, really expensive, unless you have a Fed that’s actively easing policy,” Cameron Dawson, chief investment officer at NewEdge Wealth, told CNBC’s “Closing Bell: Overtime.”
“The technicals have certainly improved – they look better than at any time in 2022 and so we have to respect that – but from a fundamental perspective, we really see a challenge of getting anywhere north of that,” she added.
In economic data, traders are also keeping an eye on weekly unemployment claims, due out at 8:30 a.m. ET.
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)
Tapestry — The company reported adjusted fiscal second-quarter earnings before the bell of $1.33, beating StreetAccount’s estimate of $1.27, and raised its fiscal 2023 earnings outlook. Tapestry rallied nearly 10% in the premarket.
STOCK SYMBOL: TPR
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Hilton Worldwide — The hotel operator reported adjusted fourth-quarter earnings of $1.59 per share before the bell, topping estimates of $1.22, per StreetAccount. Its revenue of $2.44 billion also came above the $2.35 billion expected. Hilton was up 1.2% in the premarket.
STOCK SYMBOL: HLT
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Credit Suisse — The Swiss bank reported a fourth-quarter and annual loss that missed estimates and said it is expecting another “substantial” full-year loss in 2023. Credit Suisse slumped nearly 8% in premarket trading.
STOCK SYMBOL: CS
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PepsiCo — The beverage giant reported adjusted fourth-quarter earnings and revenue before the bell that beat expectations, thanks to price hikes that boosted sales. It also announced a 10% increase in its annualized dividend. Pepsi gained nearly 2% in the premarket.
STOCK SYMBOL: PEP
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Tesla — The electric-vehicle maker gained more than 3% in the premarket. On Wednesday, Tesla was cleared from blame in the crash of one of its vehicles in Texas. Earlier this week, CEO Elon Musk said he would unveil his “Master Plan 3” at investor day.
STOCK SYMBOL: TSLA
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Disney — The entertainment company’s shares jumped more than 6% following the company’s better-than-expected earnings report. Disney reported a smaller-than-expected drop in subscribers, as well as a beat on the top and bottom lines. CEO Bob Iger, who returned to the company in November, also announced that Disney would be slashing 7,000 jobs as part of a broader cost-cutting and restructuring plan.
STOCK SYMBOL: DIS
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Affirm — The buy now, pay later finance company dropped 17.6% in premarket trading after reporting an earnings and revenue miss Wednesday. Affirm also announced layoffs of 19% of the workforce and was subsequently downgraded by RBC Capital Markets to sector perform from outperform.
STOCK SYMBOL: AFRM
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Mattel — The toymaker lost 11% after fourth-quarter results that missed analyst estimates due to sagging holiday sales. Mattel’s adjusted earnings per share was 18 cents, compared to the 29 cents expected, per Refinitiv, while revenue was $1.4 billion versus the $1.68 billion expected.
STOCK SYMBOL: MAT
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Robinhood — Shares of the brokerage platform rose more than 4% in premarket trading despite Robinhood’s fourth quarter revenues coming short of expectations. The company reported $380 million in revenue, below the $397 million expected from analysts, according to Refinitiv. Robinhood also reported a net loss of $166 million for the quarter, though it saw improvements in metrics for operating expenses and average revenue per user.
STOCK SYMBOL: HOOD
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Wynn Resorts — The hotel and casino operator rallied 5.2% after reporting $1 billion in revenue for the fourth quarter, topping analysts’ expectations of $958 million, according to Refinitiv. The results prompted Jefferies to write in a note, “Vegas Is Starting to Sizzle.”
STOCK SYMBOL: WYNN
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MGM Resorts International — The casino operator gained 6.2% after beating Wall Street’s expectations on fourth-quarter revenue, reporting $3.59 billion compared to estimates of $3.35 billion, according to Refinitiv. However, the company posted a wider-than-expected loss of $1.53 per share, versus the $1.36 loss per share predicted by analysts. Deutsche Bank on Thursday reiterated its buy rating on the stock, citing strong Las Vegas gaming.
STOCK SYMBOL: MGM
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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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