Good morning traders and investors of the r/stocks sub! Welcome to Hump Day! Here are your pre-market stock movers & news on this Wednesday, May the 25th, 2022-
Stock futures fall as investors await Fed update
U.S. stock futures were lower Wednesday after a sharp decline in the Nasdaq Composite during the previous session, while traders awaited the Federal Reserve’s release of its policy meeting from earlier this month.
Futures tied to the Dow Jones Industrial Average fell just 12 points, or less than 0.1%. S&P 500 and Nasdaq 100 futures traded marginally higher.
Nordstrom shares jumped more than 9% in extended trading after the retailer surpassed sales expectations and raised its full-year outlook. The retailer experienced a surge in demand from shoppers refreshing their closets for “long-awaited occasions.”
Homebuilder Toll Brothers also posted quarterly results that beat analyst expectations, sending the stock up more than 3% in the premarket.
Wednesday’s moves came after downbeat session for the Nasdaq, which tumbled following a warning of slowing growth from social media company Snap.
The tech-heavy composite fell 2.4% on Tuesday, while the S&P 500 slid 0.8%. The Dow rose by 0.2% in a late-day reversal, despite falling as much as 1.6% earlier in the session.
Snap’s warning dinged other social media and tech stocks, including Facebook parent Meta, Twitter, and Google parent Alphabet.
“It tells me how much technology and comm services are still over-owned, right, because they’re the ones that are getting hit the hardest, and for good reason. Snap was really a big surprise for just about everybody,” Stephanie Link, chief investment strategist and portfolio manager at Hightower, said Tuesday on CNBC’s “Closing Bell.”
“I think that we’re in just really challenging times. I’ve been saying we’re going to be in a choppy environment all year long because there are so many unknowns,” she continued.
Traders will continue to parse through earnings reports this week to see how companies are handling inflationary pressures. Dick’s Sporting Goods is expected to report earnings Wednesday before the bell. Snowflake and Nvidia are set to post quarterly reports after the bell.
On the economic front, investors are awaiting the latest meeting minutes from the Federal Open Market Committee. At the May 4 meeting, the Fed hiked rates by half a percentage point, with Chair Jerome Powell saying that inflation is “much too high and we understand the hardship it is causing. We’re moving expeditiously to bring it back down.”
STOCK FUTURES CURRENTLY:
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TODAY'S ECONOMIC 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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YESTERDAY'S ANALYST UPGRADES/DOWNGRADES:
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TODAY'S DIVIDEND CALENDAR:
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THIS MORNING'S STOCK NEWS MOVERS:
(source: cnbc.com)
Dick’s Sporting Goods (DKS) – The sporting goods retailer’s shares slid 14.4% in the premarket after it issued a weaker-than-expected outlook for the full year as it adjusts for what it calls challenging macroeconomic conditions. Dick’s reported better-than-expected profit and revenue for its latest quarter, and comparable-store sales that fell less than expected.
STOCK SYMBOL: DKS
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Wendy’s (WEN) – Wendy’s rallied 8.8% in premarket action after long-time shareholder Trian Fund Management said it was exploring an acquisition or other potential deal for the restaurant chain. Trian is the company’s largest shareholder, with a 19.4% stake.
STOCK SYMBOL: WEN
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Dell Technologies (DELL) – Dell added 1% in premarket trading after Evercore added the information technology company to its “Tactical Outperform” list. Evercore believes IT demand trends remain strong enough to lead to an earnings beat and a raised outlook when Dell reports quarterly earnings Thursday.
STOCK SYMBOL: DELL
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Lyft (LYFT) – Lyft plans to cut budgets and slow hiring, moves similar to those recently announced by ride-sharing rival Uber Technologies (UBER). Lyft shares are down more than 60% this year, including a more than 17% tumble Tuesday.
STOCK SYMBOL: LYFT
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Nordstrom (JWN) – Nordstrom rose 5.3% in the premarket after the retailer raised its annual sales and profit forecast, a contrast to other big box retailers. Nordstrom posted a slightly wider-than-expected loss for the first quarter, while sales surged 23.5% to exceed pre-pandemic levels.
STOCK SYMBOL: JWN
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Intuit (INTU) – Intuit shares rose 2.5% in premarket trading after reporting better-than-expected quarterly profit and revenue. The financial software company also raised its current-quarter outlook on improvement in its QuickBooks business and the addition of recently acquired email marketing firm Mailchimp.
STOCK SYMBOL: INTU
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Toll Brothers (TOL) – Toll Brothers stock rallied 3.5% in premarket action after the luxury home builder beat top and bottom-line estimates for its latest quarter. Toll Brothers said that while demand was still solid, it has moderated amid higher mortgage rates and changing macroeconomic conditions.
STOCK SYMBOL: TOL
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Urban Outfitters (URBN) – Urban Outfitters fell 1.6% in premarket trading after first-quarter results that fell shy of analyst forecasts on both the top and bottom lines. Like other retailers, Urban Outfitters highlighted the negative impact of inflation on its operations including higher costs for raw materials and transportation.
STOCK SYMBOL: URBN
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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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