Good morning traders and investors of the r/stocks sub! Welcome to Wednesday! Here are your pre-market stock movers & news on this Wednesday, July the 20th, 2022-
Stock futures slide after big gain in prior session as investors brace for more earnings reports
U.S. stock futures traded lower Wednesday as traders continued to review corporate reports in a busy earnings season.
Dow Jones Industrial Average futures dipped 72 points, or 0.2%. S&P 500 and Nasdaq 100 futures declined 0.2% and 0.2%, respectively.
A report from the Mortgage Bankers Association pointed to more pain for U.S. consumers as they deal with higher prices and interest rates. Mortgage demand declined more than 6% last week compared with the prior week, dropping to its lowest level in 22 years.
Netflix surged more than 7% in after-hours trading after saying it lost only 970,000 subscribers in the second quarter, less than the 2 million it had previously projected. The streaming giant’s earnings per share also came in above analyst expectations.
Biogen and Baker Hughes are among the companies set to report later in the morning. Tesla and United Airlines are slated to post their latest quarterly results after the close.
About 10% of S&P 500 companies have reported earnings thus far. Of those companies, nearly 69% have beaten analyst expectations, according to FactSet. Investors had been awaiting this earnings season as they search for clues on how companies are faring with inflation at levels not seen in 40 years.
The market was coming off a strong session, with the Dow rallying more than 700 points Tuesday. The S&P 500 and Nasdaq soared 2.8% and 3.1%.
“This was a broad rally today and some of it is just lower dollar, lower commodity prices, better reopening dynamics – and we saw that across the board,” Tim Seymour, founder and chief investment officer of Seymour Asset Management, on CNBC’s “Fast Money” Tuesday.
The three benchmarks also closed above their respective 50-day moving averages for the first time since April, as traders bet the market had found a bottom.
Bank of America’s latest survey of professional investors showed that deteriorating investor sentiment has potentially set up a buying opportunity in the market. The U.S. dollar, which recently surged to a 20-year high against the euro, softened, giving the rally more steam.
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)
Baker Hughes (BKR) – The oilfield services company reported second-quarter adjusted earnings of 11 cents per share, just half of what analysts had forecast. Revenue also fell below estimates, with Baker Hughes citing various challenges including component shortages and supply chain inflation. Baker Hughes tumbled 6% in premarket trading.
STOCK SYMBOL: BKR
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Biogen (BIIB) – Biogen gained 2.4% in premarket action after reporting an adjusted profit of $5.25 per share for the second quarter. That was well above the consensus estimate of $4.06, and revenue also topped forecasts. The beat came even as Biogen said it faces increasing generic and biosimilar competition for its Tecfidera and Rituxan drugs.
STOCK SYMBOL: BIIB
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Netflix (NFLX) – Netflix jumped 6.1% in premarket trading after reporting subscriber losses that were substantially below expectations. The streaming service also said it would add a net 1 million new subscribers this quarter. Netflix reported better-than-expected quarterly earnings, though revenue did fall slightly shy of Wall Street estimates.
STOCK SYMBOL: NFLX
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Casino Stocks – Shares of casino operators rose in premarket action following a Reuters report that Macau would reopen casinos on Saturday amid a drop in Covid infections. Las Vegas Sands (LVS) gained 1.5% while Wynn Resorts (WYNN) rose 1.9%.
STOCK SYMBOL: LVS
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Merck (MRK) – Merck fell 1.5% in premarket trading after its Keytruda cancer drug failed to meet its goal in a late-stage study focused on head and neck cancer patients.
STOCK SYMBOL: MRK
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Cal-Maine Foods (CALM) – Cal-Maine rose 1% in the premarket after beating Street forecasts on the top and bottom lines for its latest quarter. The nation’s largest egg producer was helped by higher egg prices, but also saw increases in feed costs that it expects to continue in fiscal 2023.
STOCK SYMBOL: CALM
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Elevance Health (ELV) – The health care and insurance company, formerly known as Anthem, beat top and bottom line second-quarter estimates and raised its full-year outlook. Elevance’s profits got a boost from a strong performance in its pharmacy benefits management unit.
STOCK SYMBOL: ELV
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ASML (ASML) – ASML slid in the premarket after the Netherlands-based semiconductor manufacturing equipment maker cut its full-year sales outlook. ASML reported better-than-expected quarterly earnings but said its customers are turning somewhat cautious in anticipation of slowing chip demand.
STOCK SYMBOL: ASML
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Omnicom Group (OMC) – Omnicom beat top and bottom line estimates for its latest quarter, with the ad agency operator also raising its organic revenue growth forecast for the year. Omnicom also said it is maintaining a “healthy level of caution” to deal with challenging macroeconomic conditions. The stock surged 7.3% in the premarket.
STOCK SYMBOL: OMC
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Comerica (CMA) – The bank’s stock gained 1% in the premarket after it reported better-than-expected profit and revenue for the second quarter. Results were helped by strong loan growth as well as a rising interest rate environment.
STOCK SYMBOL: CMA
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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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