Good morning traders and investors of the r/stocks sub! Welcome to Tuesday! Here are your pre-market stock movers & news on this Tuesday, June the 28th, 2022-
Stock futures gain as market attempts to keep rebound from lows going, Morgan Stanley rises
Stock futures rose early on Tuesday following a losing day as the market attempted to keep its rebound from the bear-market lows going.
Futures on the Dow Jones Industrial Average gained 208 points or 0.7%. S&P 500 futures edged up 0.6% and Nasdaq 100 futures advanced 0.5%.
The overnight action followed modest losses on Wall Street as a comeback rally stalled. The blue-chip Dow fell about 60 points, while the broader benchmark, the S&P 500, dipped 0.3% and the tech-heavy Nasdaq Composite lost 0.7% on Monday. The major averages rallied last week, posting their first positive week since May as major averages rallied off their lows for the year. The S&P 500 is still down 18% on the year but is up more than 7% from its low hit in mid-June.
“One of the trickier calls in this business is evaluating the difference between a bounce in a bear market vs. the start of a more durable advance,” wrote Chris Verrone, technical analyst with Strategas. “The current bounce, +8% over the last 4 trading days, has been impressive on the surface as most moves of this context tend to be, but again has yet to signal any resounding internal or leadership improvement.”
On Tuesday China relaxed its Covid restrictions for inbound travelers, cutting their quarantine time upon arrival by half to seven days. That gave travel and casino stocks a lift in premarket trading. Wynn Resorts and Las Vegas Sands rose more than 6% each. American, United and Delta Air Lines all added more than 1%.
Several major banks raised their dividends in response to successfully clearing this year’s Federal Reserve stress tests, including Bank of America, Morgan Stanley and Goldman Sachs. JPMorgan and Citigroup, however, said increasingly stringent capital requirements forced them to keep their dividends unchanged.
Morgan Stanley shares gained nearly 4% in premarket trading.
Investors will monitor more data on Tuesday including June consumer confidence and April home prices to gauge the health of the economy. Fears of a recession have increased lately as the Federal Reserve tries to combat surging inflation with aggressive rate hikes.
“Market bulls who have had the rug repeatedly pulled out from under them this year may understandably be suspect of the rally, since many of 2022′s upswings have quickly given way to fresh lows and this time may be no different,” said Chris Larkin, managing director of trading at E-Trade.
Shares of Nike edged lower in pre-market trading even after the sportswear company topped Wall Street’s earnings and sales expectations for the fiscal fourth-quarter despite a Covid lockdown in China and a tougher climate for consumers in the U.S.
Despite last week’s bounce, the S&P 500 is down nearly 14% in the second quarter, on track to post its worst quarter since the first quarter of 2020, at the depth of the pandemic.
“The bounce from the bear market lows is a welcome change, though slowing economic growth and lack of capitulation among investors has many skeptical of the durability of the recovery,” said Mark Hackett, Nationwide’s chief of investment research.
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)
Nike (NKE) – Nike fell 2.4% in premarket trading despite reporting better-than-expected quarterly profit and revenue. The athletic apparel and footwear maker forecast current-quarter revenue below analysts’ estimates amid increased promotional activity and ongoing disruptions in its profitable Chia market.
STOCK SYMBOL: NKE
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Spirit Airlines (SAVE) – Spirit added 4% in the premarket as the battle to buy the airline intensifies. JetBlue (JBLU) responded to Frontier Group’s (ULCC) latest improved offer by sweetening its own bid, adding a monthly pre-payment of 10 cents per share between January 2023 and the deal’s close, as well as a $50 million breakup fee increase to $400 million and a $2.50 per share payment when the deal is approved. Frontier rose 2.7%, while JetBlue edged lower by 0.3%.
STOCK SYMBOL: SAVE
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Morgan Stanley (MS), Goldman Sachs (GS), Bank of America (BAC), Wells Fargo (WFC) – These banks raised their dividends after passing their annual stress tests, but JPMorgan Chase (JPM) and Citigroup (C) kept their payouts flat. Morgan Stanley gained 3.3% in premarket action, Goldman rose 1.7%, Bank of America added 1.1% and Wells Fargo gained 0.7%.
STOCK SYMBOL: MS
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Occidental Petroleum (OXY) – Occidental Petroleum gained 4% in premarket trading after Berkshire Hathaway (BRK.B) revealed additional purchases of Occidental Petroleum shares, increasing its stake to 16.4%.
STOCK SYMBOL: OXY
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Robinhood Markets (HOOD) – Robinhood fell 3.7% in premarket action after FTX CEO Sam Bankman-Fried threw cold water on a Bloomberg report that FTX might be interested in buying the trading platform company. Bankman-Fried told CNBC that although he is impressed by Robinhood and has been excited about potential partnerships, there are no active M&A talks taking place.
STOCK SYMBOL: HOOD
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Jefferies Financial (JEF) – Jefferies slid 4.4% in the premarket after quarterly profit fell short of analysts’ forecasts, although the investment firm’s revenue did exceed estimates. Revenue was down 30% from a year ago amid what Jefferies calls a “challenging” capital markets environment.
STOCK SYMBOL: JEF
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Las Vegas Sands (LVS), Wynn Resorts (WYNN) – Shares of the casino operators moved higher in the premarket as China eased Covid-19 quarantine rules for international arrivals. Las Vegas Sands rallied 6.3%, while Wynn Resorts jumped 6.5%.
STOCK SYMBOL: LVS
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Playtika (PLTK) – The Israel-based mobile game developer saw its shares rise 3.2% in premarket trading following an Axios report that Joffre Capital was buying a majority stake.
STOCK SYMBOL: PLTK
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Roivant Sciences (ROIV) – Shares of the biopharmaceutical company jumped 7.9% in the premarket after it unveiled a new biotech company called Priovant Therapeutics in partnership with Pfizer (PFE). Pfizer will hold a 25% stake in Priovant, which will focus on novel therapies for autoimmune diseases.
STOCK SYMBOL: ROIV
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Snowflake (SNOW) – Snowflake gained 3.4% in premarket action after Jefferies upgraded the cloud computing company’s stock to “buy” from “hold.” Jefferies likes Snowflake’s growth potential and noted its “rock solid” fundamentals and “near flawless” execution. Snowflake had gained more than 32% during a five-session win streak before retreating 2.2% yesterday.
STOCK SYMBOL: SNOW
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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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