Good morning traders and investors of the r/stocks sub! Welcome to Thursday! Here are your pre-market stock movers & news on this Thursday, July the 28th, 2022-
Stock futures fall slightly after big Fed rally, Meta shares decline
Stock futures moved lower Thursday after markets staged a major rally in the previous session following another 0.75 percentage point hike from the Federal Reserve.
Futures tied to the Dow Jones Industrial Average slipped 47 points, or 0.2%. S&P 500 futures lost 0.2%, and Nasdaq 100 futures dropped 0.6%.
Shares of Meta Platforms dipped 5.9% in premarket trading on the back of disappointing quarterly results, while Ford gained more than 5% after a beat on the top and bottom lines, and as it raised its dividend. Teladoc cratered more than 25% after taking another large goodwill charge.
The moves come on the heels of a broad-based rally Wednesday after the Fed’s latest monetary policy decision, as investors continued to bet on whether the central bank can halt surging prices without pushing the economy into a recession.
Following the rate hike from the Fed, DoubleLine Capital’s CEO Jeffrey Gundlach told CNBC’s “Closing Bell Overtime” he believes the central bank is no longer behind the curve on inflation and Powell has regained credibility.
“This market reaction seems less of a sugar high than the prior two in June and May,” Gundlach said.
The Dow jumped more than 400 points in the previous session, while the S&P 500 and Nasdaq Composite added 2.6% and 4.06%, respectively.
All S&P 500 sectors ended the day higher, with communications services posting its best daily performance since April 2020.
“For the most part, what’s really driving this move is that the economy is still performing okay and it looks like the Fed is probably going to slow the pace of tightening down by the next policy meeting,” said Ed Moya, Oanda’s senior market analyst.
Investors have grown increasingly concerned in recent months that the central bank’s attempts to tame surging prices would move the economy closer to a recession, if it hasn’t already entered one.
Fed Chair Jerome Powell on Wednesday said during a press conference he does not believe the economy has entered a recession.
“I do not think the U.S. is currently in a recession and the reason is there are too many areas of the economy that are performing too well,” he said.
Investors looking for further clues into the state of the economy are awaiting a reading on second-quarter GDP slated for Thursday. While two back-to-back negative quarters of growth is viewed by many as a recession, the official definition is more nuanced, taking into account additional factors, according to the National Bureau of Economic Research.
Economists surveyed by Dow Jones expect the economy to have barely expanded last quarter after contracting 1.6% in the first.
On the earnings front, investors are looking ahead to results from Apple, Amazon, Intel and Roku slated for after the bell.
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)
Spirit Airlines (SAVE) – Spirit shares rose 3.9% in premarket trading after it agreed to be acquired by JetBlue (JBLU) for $33.50 per share in cash. That follows yesterday’s rejection by shareholders of Spirit’s previous deal to merge with Frontier Airlines parent Frontier Group (ULCC). Frontier shares added 1.2% while JetBlue stock was little changed.
STOCK SYMBOL: SAVE
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Stanley Black & Decker (SWK) – The tool maker’s stock slumped 12.3% in the premarket after quarterly results missed analysts’ estimates on the top and bottom lines, and the company slashed its full-year forecast. Stanley Black & Decker said the softening of demand accelerated during the last part of the quarter, although it does expect demand to normalize.
STOCK SYMBOL: SWK
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Solar stocks – Shares of solar companies popped in the premarket after Democratic Sen. Joe Manchin agreed to support a bill that would grant a variety of clean energy incentives. Sunrun (RUN) surged 11.2%, Sunnova (NOVA) rallied 12.9%, First Solar (FSLR) jumped 9.9% and SunPower (SPWR) leaped 11.9%.
STOCK SYMBOL: NOVA
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Comcast (CMCSA) – Comcast slid 5.7% in premarket trading despite beating top and bottom line estimates for the second quarter. The NBCUniversal parent saw no growth in broadband subscribers, which it attributed to strong pandemic signups pulling new business from future quarters.
STOCK SYMBOL: CMCSA
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Southwest Airlines (LUV) – The airline reported better-than-expected profit and revenue for the second quarter, and said demand continued to be strong. The stock sank 6.1% in the premarket, however, after it issued mixed guidance and a prediction of continued rising costs.
STOCK SYMBOL: LUV
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Harley-Davidson (HOG) – The motorcycle maker’s shares jumped 5% in the premarket after it reported better-than-expected second-quarter profit and revenue. Harley also reaffirmed its prior full-year guidance despite a two-week production suspension during the quarter due to a supplier issue.
STOCK SYMBOL: HOG
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Meta Platforms (META) – Meta shares slid 4.2% in the premarket after the Facebook and Instagram parent reported lower-than-expected earnings and revenue for the second quarter. Meta’s decline in revenue was its first ever, amid a pullback in digital advertising.
STOCK SYMBOL: META
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Ford (F) – Ford rallied 6.3% in premarket trading as it beat profit and revenue estimates for the second quarter. Ford earned 68 cents per share, compared to a consensus estimate of 45 cents a share, as the automaker had more cars to sell with prices remaining elevated.
STOCK SYMBOL: F
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Qualcomm (QCOM) – Qualcomm shares sank in premarket action despite a top-and-bottom-line beat for the chip maker. Qualcomm cut its forecast for smartphone shipments and issued a weaker-than-expected current-quarter outlook.
STOCK SYMBOL: QCOM
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Best Buy (BBY) – Best Buy lost 3.8% in the premarket after the electronics retailer cut its full-year sales and profit forecast. Best Buy said demand for consumer electronics is softening due to higher prices for food and fuel.
STOCK SYMBOL: BBY
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Etsy (ETSY) – Etsy shares rallied 9.1% in premarket trading after the online marketplace operator reported better-than-expected quarterly sales and profit. Etsy was helped by an increase in ad sales as well as higher transaction fees.
STOCK SYMBOL: ETSY
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Teladoc Health (TDOC) – The telehealth company’s stock plummeted 25.3% in premarket action as it posted a wider than expected quarterly loss due to a $3 billion impairment charge.
STOCK SYMBOL: TDOC
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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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