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 27th, 2022-
Stock futures rise ahead of key Fed decision, Microsoft and Alphabet pop after earnings
Stock futures climbed early on Wednesday morning, boosted by strong gains from Google-parent Alphabet and Microsoft, as traders await the Federal Reserve’s latest interest rate decision, scheduled for later in the day.
Futures on the Dow Jones Industrial Average rose by 133 points, or 0.4%. S&P 500 futures gained 0.8%, and Nasdaq 100 futures increased 1.4%.
Alphabet shares rose nearly 4% premarket after the tech giant’s quarterly report showed strong revenue from Google’s search business. That said, the company’s overall earnings and revenue came in below expectations.
Microsoft popped 3.7% even after the company’s earnings and revenue came in below analyst estimates.
Enphase Energy also popped on the back of its latest results, trading 9.7% higher. Chipotle also added 8% following its mixed second-quarter earnings release.
There are more major earnings reports to come. On Wednesday, Boeing and Shopify are expected to release their quarterly results before the bell. Qualcomm, Ford and Meta Platforms will report at the end of the day.
More than 150 S&P 500 companies have reported calendar second-quarter earnings thus far. Of those names, roughly 70% have beaten analyst expectations, FactSet data shows.
Investors are also awaiting a key announcement from the Federal Reserve. The central bank will announce its latest interest rate decision on Wednesday afternoon. Markets widely expect a three-quarter percentage point increase in the benchmark rate.
“With so many moving parts to consider, we expect markets to remain volatile after the FOMC meeting,” wrote Mark Haefele of UBS Global Wealth Management. “With the markets anticipating a 3.3% fed funds rate by year-end, this means that after this week’s meeting, there may be around 100bps of rate hikes by end-December. But the pace of hikes remains uncertain.”
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)
Boeing (BA) – Boeing posted a wider-than-expected quarterly loss with revenue that fell below consensus estimates. However, Boeing reported positive operating cash flow and, unlike in prior quarters, did not see any charges related to the production of its 737 MAX jet. Boeing jumped 4.4% in premarket action.
STOCK SYMBOL: BA
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Hilton Worldwide (HLT) – Hilton rallied 4.8% in the premarket after the hotel operator’s second-quarter results beat top and bottom line estimates. Hilton also raised its full-year forecast, as travel demand continues to rebound.
STOCK SYMBOL: HLT
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Spotify (SPOT) – Spotify reported a wider-than-expected quarterly loss, but its revenue exceeded analyst forecasts as it saw a 14% increase in paying subscribers for its premium streaming service. Spotify jumped 6% in premarket trading.
STOCK SYMBOL: SPOT
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Garmin (GRMN) – The GPS device maker’s stock slumped 9.3% in the premarket after its quarterly earnings beat estimates, although revenue fell short of analyst predictions. Garmin said its results were negatively affected by underperformance in its fitness segment.
STOCK SYMBOL: GRMN
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Tempur Sealy (TPX) – The mattress retailer’s stock slid 6.9% in the premarket after its quarterly earnings and revenue missed analyst forecasts. The company said macroeconomic factors contributed to a deteriorating operating environment in North America. Tempur Sealy also cut its full-year forecast.
STOCK SYMBOL: TPX
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Shopify (SHOP) – The e-commerce platform provider slumped 6.8% in premarket action after posting a wider-than-expected loss and saying losses will increase in the current quarter. Shopify said inflation and rising interest rates will hurt consumer spending.
STOCK SYMBOL: SHOP
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Microsoft (MSFT) – Microsoft gained 3.5% in the premarket despite missing on both the top and bottom lines for its latest quarter. The company saw its slowest earnings growth in two years amid a slowdown in its cloud business. Microsoft, however, issued an upbeat outlook, saying currency-adjusted sales and operating income will increase by a double-digit percentage this quarter.
STOCK SYMBOL: MSFT
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Alphabet (GOOGL) – Alphabet also rallied, rising 3.7% in premarket action, even though its quarterly sales and profit missed Wall Street forecasts. The Google parent’s results were impacted in part by a pullback in spending by advertisers, but some investors had apparently braced for even worse results.
STOCK SYMBOL: GOOGL
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Chipotle Mexican Grill (CMG) – Chipotle surged 9% in premarket trading, with the restaurant chain operating reporting better-than-expected earnings for its latest quarter. Chipotle was able to offset an increase in costs with several rounds of price hikes.
STOCK SYMBOL: CMG
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PayPal (PYPL) – PayPal added 6.8% in the premarket after the Wall Street Journal reported that activist investor Elliott Management took a stake in the company. The size of the stake and Elliott’s intentions could not be learned.
STOCK SYMBOL: PYPL
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Teva Pharmaceutical (TEVA) – Teva shares surged 22.9% in premarket trading after it reached a national settlement worth up to $4.25 billion over its alleged role in the opioid crisis.
STOCK SYMBOL: TEVA
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Enphase Energy (ENPH) – Enphase reported better-than-expected sales and profit for its latest quarter, sparking a 9% premarket rally in its shares. The solar equipment company’s results benefited from a jump in its European business.
STOCK SYMBOL: ENPH
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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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