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 7th, 2022-
Stock futures are higher following third straight day of gains for the S&P 500
U.S. stock futures were slightly higher on Thursday morning as Wall Street looked to build on a modest winning streak.
Dow Jones Industrial Average futures ticked up by 98 points, or 0.32%. S&P 500 and Nasdaq 100 futures were up 0.23% and 0.32%, respectively. The S&P 500 on Wednesday posted its first 3-day winning streak since late May. The benchmark is on pace for its second positive week in 3 and now sits about 20% off its record high.
Chipmakers were higher in premarket trading after South Korea’s Samsung posted an 11% jump in profit and 21% surge in revenue for the latest period on strong sales of memory chips. Shares of Micron, AMD and Nvidia were all higher in premarket trading by more than 1%.
Another notable early mover was GameStop, which popped 9% in premarket trading after the video game retailer said a 4-for-1 stock split was approved by its board. Shareholders at the market close on July 18 will get a dividend of three additional shares for each of GameStop’s Class A common stock, the retailer said. The dividend will be distributed after trading closes on July 21.
On Wednesday, the S&P 500 posted its third straight day of gains following the release of the June meeting minutes from the Federal Reserve. The broader market index added nearly 0.4%. Meanwhile, the Dow gained more than 69 points, or 0.2%. The Nasdaq Composite rose close to 0.4%.
Central bank officials reiterated a tough stance against inflation, saying another 50- or 75-basis point move would “likely be appropriate” at the July 26-27 meeting.
Still, many investors found it challenging to trust those gains as recession concerns continue to loom on Wall Street, and as market participants looked ahead to what many expect will be a volatile earnings season this month.
“Everybody is both emotionally and sort of market level exhausted,” Alli McCartney, managing director at UBS Private Wealth Management, said Wednesday on CNBC’s “Closing Bell.” “So, I think we still have a summer of watching for what the Fed does, watching for what happens in international policy, watching for the directionality of CPI.”
On the economic front, traders will parse through the latest reports on weekly jobless claims and international trade that are due out Thursday before the bell. The Labor Department’s official jobs report is due out on Friday.
“With anecdotes of Tech sector layoffs and hiring freezes, sub-50 readings in the Employment
Components of the most recent ISM Manufacturing and Services surveys, and rising unemployment claims (albeit from extremely low levels), Friday’s Jobs report will hold particular significance,” Credit Suisse chief U.S. equity strategist Jonathan Golub said in a note to clients.
Meanwhile, Levi Strauss is set to report earnings Thursday 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:
($LEVI $BRYN $HELE $WDFC $NTIC $KRUS $SAR $SLP)
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THIS MORNING'S PRE-MARKET EARNINGS CALENDAR:
($SAR $NTIC $SLP $HELE $BYRN)
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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)
GameStop (GME) – GameStop rallied 7.8% in the premarket after the videogame retailer declared a 4-for-1 stock split. Trading on a split-adjusted basis will begin on July 22.
STOCK SYMBOL: GME
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Seagen (SGEN) – Seagen gained 4.5% in premarket trading after the Wall Street Journal reported that Merck (MRK) is in advanced talks to acquire the biotech company for more than $200 per share, or about $40 billion.
STOCK SYMBOL: SGEN
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Virgin Galactic (SPCE) – The space tourism company’s stock rallied 3.7% in premarket action, after announcing a partnership with a Boeing (BA) subsidiary to build motherships that carry Virgin rocket ships aloft.
STOCK SYMBOL: SPCE
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Meridian Bioscience (VIVO) – The maker of diagnostic test kits agreed to be acquired by a consortium consisting of Korean diagnostics company SD Biosensor and Korean private equity firm SJL Partners for $34 per share in cash, or about $1.5 billion.
STOCK SYMBOL: VIVO
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Bed Bath & Beyond (BBBY) – Bed Bath & Beyond jumped 6% in the premarket following the disclosure of several insider purchases. Interim CEO Sue Gove bought 50,000 shares of the housewares retailer’s stock, while board members Harriet Edelman and Jeff Kirwan each bought 10,000 shares.
STOCK SYMBOL: BBBY
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Boston Beer (SAM) – Boston Beer was downgraded to “sector perform” from “outperform” at RBC Capital Markets, which expects the brewer of Sam Adams beer and Truly hard seltzer to cut its volume guidance once again.
STOCK SYMBOL: SAM
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Helen of Troy (HELE) – The health care and beauty products company reported an adjusted quarterly profit of $2.41 per share, beating the $2.16 consensus estimate, with revenue also topping analyst forecasts. However, the company noted a slowdown in demand in some of its categories, as consumers shift spending patterns to deal with inflation, and cut its full-year outlook. The stock slid 6.7% in the premarket.
STOCK SYMBOL: HELE
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China EV Makers – Shares of China-based electric vehicle makers rose after government officials said they would consider extending a tax break for EV buyers. Li Auto (LI) rose 1% in the premarket, with Nio (NIO) up by 1.5% and Xpeng (XPEV) jumping 3.3%.
STOCK SYMBOL: NIO
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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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