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 Tuesday, April the 25th, 2023-
Stock futures dip as traders pore through key earnings reports: Live updates
U.S. stock futures slipped Tuesday as traders assessed the latest quarterly figures from several major companies.
Dow Jones Industrial Average futures fell 87 points, or 0.3%. S&P 500 and Nasdaq-100 futures dipped 0.4% each.
Shares of First Republic Bank slid more than 20% after the regional bank posted its latest quarterly results. The bank said late Monday that deposits dropped 40% to $104.5 billion in the first quarter but have since stabilized.
First Republic will also be trimming expenses, including slashing headcount by 20% to 25% in the second quarter. The regional bank has been closely followed after investors grew concerned it could face the same fate as Silicon Valley Bank and Signature Bank, whose closures set off an industry crisis last month. First Republic shares have fallen more than 86% so far this year.
UPS dropped almost 5% on the back of quarterly results that missed Wall Street’s expectations. PepsiCo, General Motors and McDonald’s, meanwhile, were up on better-than-expected numbers.
Amazon and Microsoft are slated to report Tuesday, the first of multiple Big Tech names on the earnings schedule this week.
Bill Northey, U.S. Bank Wealth Management’s senior investment director, anticipates companies reporting decreased growth momentum as 2023 progresses.
“We’re looking for signs of deterioration, or alternatively health revenues, margins and ultimately earnings — and importantly, earnings guidance as we progress through the balance of the year. The expectation is for slower levels of growth as the year progresses. And those items as well as the broader macro factors will influence largely how portfolios are positioned,” Northey said.
“We entered 2023 with a modestly defensive portfolio orientation,” he continued, noting that he has not made any material changes to his positioning.
“The fundamental factors underpinning our more cautious and defensive positioning remain in place,” said Northey. “And that is slowing growth, a more restrictive set of central bank policies and expectation that as we move through this year, that growth will slow sufficiently and inflation will come under control sufficiently that the Federal Reserve will be able to pause the rate hike cycle and respond to the resultant pace of economic growth.”
Investors on Tuesday will get a gauge on the state of the housing prices through the new home sales numbers in March, as well as the S&P/Case-Shiller 20-city home price index data for February. Consumer confidence data for April will also be released.
Wall Street is coming off a mixed session, with the tech-heavy Nasdaq Composite losing 0.3% on. Meanwhile, the Dow rose by 66.44 points, or 0.2%, while the S&P 500 ticked up 0.09%.
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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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)
First Republic Bank — The San Francisco-based regional bank plunged after it said Monday that deposits fell by 40% to $104.5 billion during the first quarter, which came out worse than Wall Street’s expectations. First Republic said that its deposit flows have since stabilized. The stock was down nearly 22% in early morning trading and has declined by 86.6% so far this year. On Tuesday, Janney downgraded First Republic to sell from neutral and lowered its price target on the stock to $8 from $10, implying a 50% downside from Monday’s closing price.
STOCK SYMBOL: FRC
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UPS — UPS shares fell 1.6%after the shipping giant reported quarterly results that missed analyst expectations. The company earned an adjusted $2.20 per share on revenue of $22.93 billion. Analysts expected earnings of $2.21 per share on revenue of $23.01 billion, according to Refinitiv.
STOCK SYMBOL: UPS
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3M — The industrial stock added 1.3% before the opening bell. 3M reported $1.97 in earnings per share, higher than analysts expectations of $1.58 from FactSet. The Minnesota-based company announced it would cut about 6,000 positions globally in efforts to focus on high-growth markets such as automotive electrification and home improvement, while prioritizing emerging growth areas such as climate technology and semiconductors.
STOCK SYMBOL: MMM
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McDonald’s — Shares advanced less than 1% after the company beat Wall Street expectations for the first quarter. The company reported $2.63 in adjusted earnings per share on $5.9 billion in revenue. Analysts polled by Refinitiv expected $2.33 in per-share earnings and $5.59 billion in revenue. The stock was recently up 9.8%.
STOCK SYMBOL: MCD
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General Motors — Shares gained 2.1% after General Motors raised its key guidance for 2023 and reported first-quarter earnings that beat Wall Street’s top- and bottom-line forecasts. The company reported $39.99 billion in revenue, higher than $38.96 billion according to Refinitiv data. Adjusted earnings came in at $2.21 per share, above the consensus estimate of $1.73. General Motors and Samsung SDI are also expected to announce as early as Tuesday that they plan to build a joint battery manufacturing plant in the U.S.
STOCK SYMBOL: GM
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JetBlue — The stock popped more than 2.3% in the premarket after the airline forecasted a “solidly profitable” second quarter due to strong travel demand. For the first quarter, JetBlue posted a 34 cents loss, less than the 39 cents expected, per Refinitiv.
STOCK SYMBOL: JBLU
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Packaging Corp of America — Shares fell 6.8% after the company reported an adjusted profit per share of $2.20, which came in below a StreetAccount forecast of $2.27 per share. The company’s second-quarter guidance also missed expectations.
STOCK SYMBOL: PKG
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Novartis — Shares of the pharmaceutical company added more than 3% after it raised its full-year earnings outlook, saying it expects sales to grow by mid-single digits. Novartis reported earnings per share of $1.71 on $12.95 billion in revenue, topping analysts’ expectations of $1.54 per share on $12.52 billion in revenue.
STOCK SYMBOL: NVS
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PepsiCo — Shares of the beverage and snacks giant climbed nearly 1.6% in premarket trading after it posted earnings and revenue that topped Wall Street’s expectations. PepsiCo also raised its outlook on the full year. The company said first-quarter revenue totaled $17.85 billion, surpassing the $17.22 billion consensus estimate of analysts polled by Refinitiv. PepsiCo reported earnings per share of $1.50, topping analysts’ expectations of $1.39.
STOCK SYMBOL: PEP
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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!
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