Good morning traders and investors of the r/stocks sub! Welcome to Thursday! Here are your pre-market stock movers & news on this Thursday, April the 21st, 2022-
Stock futures advance as investors digest earnings, await speech from Fed’s Powell
Stock futures rose in morning trading Thursday as investors digested more quarterly reports from the likes of Tesla and United Airlines and awaited a policy speech from Federal Reserve Chairman Jerome Powell.
Futures on the Dow Jones Industrial Average added 236 points, or 0.7%. S&P 500 futures ticked up 0.9% and Nasdaq 100 futures gained 1.2%.
First-quarter reports drove premarket moves. Tesla rose nearly 7% after better-than-expected earnings, while United added 7.5% after the airline forecasted a profit in 2022.
Investors were looking to a speech from Powell, who will talk at 1 p.m. ET during the International Monetary Fund Debate on the Global Economy. The discussion will be moderated by CNBC’s Sara Eisen.
Despite market expectations for a series of aggressive interest rate increases, Fed officials in recent days have talked down making any dramatic moves.
Regional presidents Mary Daly of San Francisco, Charles Evans of Chicago and Raphael Bostic of Atlanta all have said that while they see the need to hike rates to tame inflation, they don’t want to do anything that would halt the expansion. Daly did concede that tighter policy could trigger a mild recession but she said that’s not her most likely case.
St. Louis Fed President James Bullard has been the outlier, saying earlier in the week that he’s open to a 0.75 percentage point increase at the May meeting to help temper inflation running at a more than 40-year high.
Stocks are coming off a mixed session Wednesday. The Dow rose 280 points, or 0.8%, boosted by strong earnings from Procter & Gamble, while the technology-heavy Nasdaq Composite was dragged down 1% by Netflix’s post-report plunge. The S&P 500 finished flat.
Netflix shares on Wednesday posted the biggest one-day decline since 2004 after the streamer reported its first subscriber loss in more than a decade. Other streaming companies like Disney and Roku also fell, and other tech stocks were lower.
“It continues to be a pretty bifurcated market,” said Dave Grecsek, managing director in investment strategy and research at wealth management firm Aspiriant. “Some of the more defensive, value-style companies are enjoying good returns. The flipside is some of those more growth-style tech names are going to be struggling.”
Investors are awaiting quarterly reports from companies like AT&T, American Airlines and Snap on Thursday.
Weekly jobless claims are also slated for release Thursday morning.
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 MOST ACTIVE TRENDING TICKERS ON STOCKTWITS:
- NFLX
- AAL
- TSLA
- DKNG
- FCX
- SNAP
- UAL
- NEE
- UNP
- CVNA
THIS MORNING'S STOCK NEWS MOVERS:
(source: cnbc.com)
American Airlines (AAL) – American soared 10.5% in premarket trading after reporting a smaller-than-expected loss and predicting profitability for the current quarter.
STOCK SYMBOL: AAL
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United Airlines (UAL) – United lost an adjusted $4.24 per share for the first quarter, 2 cents more than expected, and the airline’s revenue was also slightly below forecasts. However, United said it expects a return to profitability this quarter as travel demand surges, and the stock rallied 8.3% in the premarket.
STOCK SYMBOL: UAL
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Blackstone (BX) – The private equity firm’s shares jumped 4% in the premarket after reporting better-than-expected profit and revenue for the first quarter, helped by strong results from its real estate and credit operations.
STOCK SYMBOL: BX
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AT&T (T) – AT&T earned an adjusted 63 cents per share for the first quarter, 4 cents above estimates, and beat on the top line as well. Those numbers exclude the results of the now spun-off WarnerMedia unit, with AT&T benefiting from an increase in wireless revenue. AT&T added 1.4% in premarket action.
STOCK SYMBOL: T
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Tesla (TSLA) – Tesla surged 7.4% in premarket trading after reporting record quarterly profit and beating Wall Street’s top and bottom-line estimates. Tesla cautioned that production would be constrained for the remainder of the year due to shortages of computer chips and other parts, but it expects to increase deliveries.
STOCK SYMBOL: TSLA
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Xerox (XRX) – Xerox tumbled 7.3% in the premarket after reporting an adjusted quarterly profit of 12 cents per share, 1 cent below consensus. The office equipment maker was hurt by inflation pressures and supply chain issues.
STOCK SYMBOL: XRX
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Dow Inc. (DOW) – The chemical maker’s stock added 2.1% in the premarket after beating estimates on both the top and bottom lines, helped by strong demand and higher prices.
STOCK SYMBOL: DOW
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Sleep Number (SNBR) – Sleep Number shares tanked 10.6% in premarket trading following a top and bottom-line miss for its latest quarter. The mattress company earned 9 cents per share, well short of the 33-cent consensus estimate, with supply chain issues impacting its results.
STOCK SYMBOL: SNBR
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Carvana (CVNA) – Carvana lost $2.89 per share for its latest quarter, wider than the $1.44-per-share loss analysts were anticipating. Revenue beat estimates, but the online auto seller saw its first-ever quarterly sales decline. Carvana fell 5.1% in the premarket.
STOCK SYMBOL: CVNA
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Lam Research (LRCX) – Lam Research fell 11 cents short of estimates with adjusted quarterly earnings of $7.40 per share, and the chipmaker’s revenue also fell short of Wall Street forecasts. Lam’s expenses increased as it spent more to deal with supply chain disruptions. Lam lost 1.3% in the premarket.
STOCK SYMBOL: LRCX
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CSX (CSX) – CSX beat estimates by 2 cents with quarterly earnings of 39 cents per share, and the railroad operator’s revenue also topped forecasts. CSX handled fewer shipments, but that was more than offset by an increase in shipping rates. CSX rose 2.1% in premarket trading.
STOCK SYMBOL: CSX
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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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