Good morning traders and investors of the r/stocks sub! Welcome to the new trading day and a fresh start! Here are your pre-market stock movers & news on this Thursday, April the 20th, 2023-
Stock futures fall as investors parse corporate earnings: Live updates
Stock futures dropped on Thursday morning as investors appraised the latest batch of corporate earnings.
Futures tied to the Dow Jones Industrial Average lost 157 points, or 0.46%. S&P 500 futures shed 0.74%, while Nasdaq-100 futures slipped 1.01%.
Investors parsed a bevy of reports released from companies after the bell Wednesday.
Tesla, a favorite of retail investors, lost 7% in the premarket after the electric vehicle maker’s net income and GAAP earnings both fell more than 20% from a year ago. IBM rose 2% after the company said margins were expanding.
Elsewhere, investors got another clue into the health of the consumer before the bell, with results from American Express. Shares of the payments dipped 1% as earnings per share fell short of estimates.
Just over a tenth of companies in the S&P 500 have reported earnings as of Wednesday evening, according to FactSet.
The S&P 500 finished Wednesday’s session slightly below its flatline as investors digested the latest batch of earnings, including Netflix and Morgan Stanley, which are both members of the broad index.
Though investor focus has largely moved to these quarterly results, the reporting companies alone have not driven the broader market, according to William Northey, senior investment director at U.S. Bank Wealth Management.
“Earnings reports have been mixed thus far, with individual stocks responding to specific company results relative to expectations rather than broad index directionality,” he said.
The Nasdaq Composite ended Wednesday slightly higher, while the Dow closed 0.2% lower, posting its first back-to-back declines in more than a month.
Beyond earnings, investors will keep an eye on morning data on jobless claims and existing home sales. Federal Reserve Governor Christopher Waller, Atlanta Fed President Raphael Bostic and Cleveland Fed President Loretta Mester are among central bank speakers slated to give remarks on the economy around the country in the afternoon and evening.
In remarks late Wednesday, New York Fed President John Williams said inflation is still too high and the central bank needs to hold policy tight.
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 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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THIS AFTERNOON'S AFTER-HOURS EARNINGS CALENDAR:
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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)
Tesla — The electric vehicle maker tanked about 7% after reporting net income and earnings that fell more than 20% from last year. CEO Elon Musk said an uncertain macroenvironment could impact people’s decisions to buy cars.
STOCK SYMBOL: TSLA
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IBM — The tech stock rose more than 1% in premarket trading after the company reported an earnings beat. IBM posted adjusted earnings of $1.36 per share, compared to $1.26 per share as expected by analysts, according to Refinitiv. However, its revenue came in below expectations as parts of the company’s infrastructure business showed a slowdown.
STOCK SYMBOL: IBM
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American Express — Shares dipped 1.3% after the payments company reported adjusted earnings per share of $2.40 for the first quarter, below StreetAccount’s estimates of $2.66. However, revenue topped expectations, coming in at $14.28 billion compared to the $13.98 billion expected.
STOCK SYMBOL: AXP
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F5 — The cloud-based software company’s shares were down about 7% after a mixed second fiscal quarter earnings report. F5 posted $2.53 adjusted earnings per share and $703.2 million in revenue. Analysts had anticipated earnings per share of $2.42 and $698.4 million in revenue, according to FactSet data. The company also announced it would be reducing its global headcount by 620 employees, or 9% of its workforce.
STOCK SYMBOL: FFIV
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Bath & Body Works — Shares dipped 3.7% following a downgrade to neutral from overweight by Piper Sandler. The Wall Street firm said persisting margin pressures are limiting potential upside.
STOCK SYMBOL: BBWI
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Las Vegas Sands — The casino operator added 5.5% after posting adjusted earnings per share of 38 cents for the first quarter, beating the 20 cents expected of analysts polled by Refinitiv. The company also topped revenue estimates.
STOCK SYMBOL: LVS
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AT&T — The telecommunications giant fell 4.6% after reporting mixed earnings for the first quarter. Its revenue of $30.14 billion missed analysts’ estimates of $30.27 billion, per Refinitiv. However, adjusted earnings per share came in at 60 cents, slightly above the 59 cents expected.
STOCK SYMBOL: T
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Zions Bancorporation — Shares tumbled 4.5% after the regional bank reported earnings per share of $1.33, missing analysts’ expectations of $1.53, according to Refinitiv. Zions also reported $679 million in net interest income, below estimates of $687.5 million, per StreetAccount.
STOCK SYMBOL: ZION
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D.R. Horton — Shares popped nearly 5% in the premarket after the homebuilder reported an earnings and revenue beat for its second quarter. Earnings per share was $2.73, versus the $1.93 expected by analysts, per StreetAccount. Revenue came in at $8 billion, compared to the $6.45 billion expected.
STOCK SYMBOL: DHI
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Alaska Air — Shares of the mid-sized airline fell more than 1% after Alaska reported wider-than-expected losses for the first quarter. The company lost an adjusted 62 cents per share on $2.20 billion of revenue. Analysts surveyed by Refinitiv expected a loss of 48 cents per share on $2.19 billion of revenue. Alaska’s net loss was flat year over year.
STOCK SYMBOL: ALK
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KeyCorp — The financial services company’s shares declined about 3% after posting an earnings and revenue miss in the first quarter. The bank reported per-share earnings of 30 cents and revenue of $1.71 billion. Analysts polled by FactSet had estimated 44 cents earnings per share and $1.79 billion in revenue. KeyCorp said that its average deposits decreased by $2.3 billion from the prior quarter.
STOCK SYMBOL: KEY
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DISCUSS!
What's on everyone's radar for today's trading day ahead here at r/stocks?
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