Good morning traders and investors of the r/stocks sub! Welcome to Tuesday! Here are your pre-market stock movers & news on this Tuesday, March the 29th, 2022-
Stock futures rise as Dow and S&P 500 aim for 4-day winning streak
Stock futures rose Tuesday morning, putting the major averages on track to build on the previous session’s gains, as traders awaited key economic data.
Futures on the Dow Jones Industrial Average rose 139 points, or 0.4%. S&P 500 futures were up 0.4%, while Nasdaq 100 futures climbed 0.3%.
Consumer confidence and home price data to be released Tuesday, ahead of Friday’s monthly jobs report. Economists expect to see 460,000 jobs added in March and the unemployment rate to fall to 3.7%, according to Dow Jones estimates.
Traders are also monitoring the latest developments in the Ukraine-Russia war, as peace talks get under way in Turkey. To be sure, both sides have said they are not close to reaching a deal. Ahead of the negotiations, Ukrainian Foreign Minister Dmytro Kuleba said on that “nothing is agreed upon unless everything is agreed upon.”
Meanwhile, the U.K. warned that Russian troops still pose a “significant threat” to the Ukrainian capital of Kyiv, noting that Russia is reorganizing its forces.
In fixed income, the 5-year Treasury note rose above the 30-year on Monday and held there on Tuesday, marking the first inversion since 2006. The shift stoked some recession fears, although economists typically watch the spread between the 2-year and 10-year rate, which remains positive.
“Our base case is that the US economy can avoid a recession, lowering the threat of a sustained downtrend in stocks. As such, investors should brace for higher rates—including potentially adding exposure to value and financial stocks which tend to outperform as central bank policy tightens—without overreacting by exiting equity markets,” Mark Haefele, chief investment officer at UBS Global Wealth Management, said in a note to clients.
On Monday, the Dow and S&P 500 rose 94.65 points and 0.7%, respectively, to notch three-day winning streaks. The Nasdaq was the big outperformer, jumping 1.3%.
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)
Nielsen Holdings (NLSN) – The TV ratings company’s stock surged 20.9% in the premarket after it agreed to be acquired by a private-equity consortium for $28 per share. The deal is worth $16 billion, including assumed debt.
STOCK SYMBOL: NLSN
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FedEx (FDX) – FedEx CEO Fred Smith will step down from that role at the company he founded more than 50 years ago. He’ll become executive chairman on June 1 and will be replaced as CEO by President and Chief Operating Officer Raj Subramanian. FedEx shares rose 2% in the premarket.
STOCK SYMBOL: FDX
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LHC Group (LHCG) – UnitedHealth (UNH) will buy the home health-care specialist for $5.4 billion in cash, or $170 per share, according to The Wall Street Journal. LHC will become part of UnitedHealth’s Optum health-care services unit. LHC shares jumped 7.5% in premarket action.
STOCK SYMBOL: LHCG
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Uber Technologies (UBER) – Uber is close to an agreement with a San Francisco taxi company to include taxis in its ride-hailing platform in that city, according to people familiar with the matter who spoke to The New York Times. Uber recently struck a similar agreement in New York City. The stock added 1.9% in premarket action.
STOCK SYMBOL: UBER
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Jefferies Financial (JEF) – The asset management firm’s stock rallied 3.7% in the premarket after reporting better-than-expected quarterly profit and revenue. Jefferies earned $1.23 per share, well above the 89 cents a share consensus estimate, even as profit fell from a year earlier amid what the company called a “challenging” trading environment.
STOCK SYMBOL: JEF
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GameStop (GME) – GameStop remains on watch as the videogame retailer’s stock rides a 10-session winning streak that has seen it gain 143%. Another “meme stock” on a roll is movie theater operator AMC Entertainment (AMC), which surged 45% Monday, its best day since last June. GameStop fell 3.5% in premarket trading, while AMC slid 4.5%.
STOCK SYMBOL: GME
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Stellantis (STLA) – The automaker is laying off an undisclosed number of workers at its Illinois Jeep plant in an effort to “operate the plant in a more sustainable manner.” The plant saw several layoffs last year as well as it tried to deal with the impact of the global semiconductor shortage. Stellantis shares jumped 4.5% in premarket trading.
STOCK SYMBOL: STLA
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Southwest Gas (SWX) – The energy producer will sell $400 million in shares at $74 per share to help repay debt used in its $2 billion acquisition of Questar Pipelines in December. That deal had been opposed by investor Carl Icahn, whose offer to buy Southwest at $82.50 per share was rejected by the company on Monday. Southwest fell 3.4% in the premarket.
STOCK SYMBOL: SWX
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Dave & Buster’s (PLAY) – The restaurant chain’s stock slumped 5.9% in the premarket after a top and bottom-line miss for its latest quarter. Dave & Buster’s fell 8 cents a share shy of estimates, with quarterly earnings of 52 cents per share. Dave & Buster’s said its results were strong in light of ongoing Covid-19 headwinds.
STOCK SYMBOL: PLAY
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Pinterest (PINS) – Shares of the image-sharing site operator slid 2.7% in premarket trading after Morgan Stanley downgraded it to “equal-weight” from “overweight.” Morgan Stanley points to challenging user trends, including a greater proportion of time spent on activities with lower monetization potential.
STOCK SYMBOL: PINS
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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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