Good Friday morning traders and investors of the r/stocks sub! Welcome to the final trading day of this week. Here are your pre-market movers & news this AM-
Nasdaq futures slide as Snap results weigh on technology stocks
Nasdaq futures fell Friday as investors digested a fresh batch of corporate earnings that included disappointing results from Snap, which sent social media shares reeling.
Futures tied to the Nasdaq 100 traded 0.3% lower, while S&P 500 futures slipped 0.1%. Dow Jones Industrial Average futures gained 42 points, or 0.1%.
Those moves follow what has been a strong week for markets, fueled by a rally in tech shares. The Nasdaq Composite is on course to close out the week 5.3% higher. The Dow Jones Industrial Average is on track for a 2.4% weekly gain, while the S&P 500 is set for a 3.5% gain.
Shares of Snap plummeted a whopping 28% in extended trading after the Snapchat parent posted second-quarter results that fell short of analysts’ expectations and noted that it plans to slow hiring. The report was followed by a slew of analyst downgrades on the stock.
The results from Snap weighed on other social media and technology stocks investors feared could get impacted by slowing online advertising sales. Shares of Meta Platforms and Pinterest fell 4.4% and 6.3% in the premarket, respectively, while Twitter and Alphabet each lost more than 2%.
The Invesco QQQ Trust slid 0.58% after hours.
Nearly 21% of S&P 500 companies have reported earnings so far. Of those, 70% have beaten analyst expectations, according to FactSet.
The news could ruin what has been a hot streak for tech shares. The Nasdaq Composite posted its third straight positive session on Thursday. That came on the back of positive quarterly results from Tesla, which popped nearly 10% on Thursday.
The Nasdaq finished the regular trading day Thursday 1.36% higher to close at 12,059.61, while the S&P 500 rose 0.99% to 3,998.95. The Dow Jones Industrial Average added 162.06 points, or 0.51%, to settle at 32,036.90.
Shares of growth-focused technology companies jumped in trading on Thursday as the dollar cooled down from its surge. The European Central Bank hiked rates by 50 basis points in its first increase in 11 years while initial jobless claims hit their highest level since November 2021.
“This is showing you that market expectations are really low, that a little bit of good news can go a long way when you have low expectations,” said Truist’s Keith Lerner, noting that investors rotated back into growth stocks even amid this weak economic data.
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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NEXT WEEK'S ECONOMIC CALENDAR:
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NEXT WEEK'S UPCOMING IPO'S:
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NEXT WEEK'S EARNINGS CALENDAR:
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(T.B.A. THIS WEEKEND.)
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)
American Express (AXP) – American Express rallied 4.5% in the premarket after beating top and bottom line estimates for the second quarter. Card members registered record spending, driven by a rebound in travel and entertainment.
STOCK SYMBOL: AXP
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Verizon (VZ) – Verizon fell 4.4% in the premarket after adjusted quarterly earnings fell short of estimates and the company cut its full-year forecast. Verizon is seeing its phone subscriber growth impacted by higher prices.
STOCK SYMBOL: VZ
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Schlumberger (SLB) – The oilfield services company reported better-than-expected profit and revenue for the second quarter and raised its full-year outlook. Schlumberger is benefiting from increased demand for its services amid higher oil prices. Its stock added 2.3% in premarket trading.
STOCK SYMBOL: SLB
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HCA Healthcare (HCA) – HCA surged 11.4% in the premarket after beating top and bottom line estimates for its latest quarter. The hospital operator’s better-than-expected results came despite labor market and inflation challenges.
STOCK SYMBOL: HCA
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Cleveland-Cliffs (CLF) – The mining company’s stock slid 5.3% in premarket action after its latest quarterly earnings fell short of Street forecasts, though revenue beat consensus estimates. Cleveland-Cliffs noted its exposure to the auto sector, where supply chain issues have constrained production, and said it expects to benefit as those issues resolve.
STOCK SYMBOL: CLF
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Snap (SNAP) – Snap tumbled 30.3% in the premarket after the Snapchat parent reported a wider-than-expected quarterly loss and its slowest sales growth since going public. It also said current quarter sales are on pace for a flat performance, compared with a year ago, amid tougher economic conditions and growing competition for digital ad dollars.
STOCK SYMBOL: SNAP
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Mattel (MAT) – Mattel fell 1% in premarket trading despite a better-than-expected quarterly performance and strong sales of movie-themed toys. However, sales of its American Girl brand slid nearly 20% during the quarter.
STOCK SYMBOL: MAT
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Seagate Technology (STX) – Seagate Technology slumped 11.8% in premarket action trading after the disk drive maker missed quarterly estimates on both the top and bottom lines. It also issued a weaker-than-expected forecast as demand wanes for products like personal computers.
STOCK SYMBOL: STX
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Tenet Healthcare (THC) – The hospital operator nearly doubled the 82-cent consensus estimate with an adjusted quarterly profit of $1.50 per share. Tenet said it was able to navigate through challenging market conditions as well as a cyber attack. Its stock surged 10.9% in the premarket.
STOCK SYMBOL: THC
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Intuitive Surgical (ISRG) – Intuitive Surgical missed estimates on both the top and bottom lines for its latest quarter, as placements of its Da Vinci robotic surgical systems fell. The company said Covid resurgences are impacting the number of procedures performed with the system, and its shares tumbled 12.1% in premarket trading.
STOCK SYMBOL: ISRG
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Boston Beer (SAM) – Boston Beer took a 9.6% premarket hit after reporting lower-than-expected earnings for its latest quarter and cutting its full-year forecast. Waning demand for its Truly hard seltzer brand continues to impact overall performance for the brewer of Sam Adams beer.
STOCK SYMBOL: SAM
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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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