Good morning traders and investors of the r/stocks sub! Welcome to Tuesday! Here are your pre-market stock movers & news on this Tuesday, July the 19th, 2022-
Stock futures rise after Monday’s Dow reversal as a busy earnings week continues
Stock futures rose Tuesday as traders pored through more corporate earnings reports a day after the market failed to sustain a sharp rally.
Dow Jones Industrial Average futures climbed 164 points, or 0.53%. S&P 500 futures ticked up 0.68%, and Nasdaq 100 futures rose 0.72%.
Johnson & Johnson reported better-than-expected quarterly earnings and revenue, although the pharmaceutical giant also cut its full-year revenue and profit guidance. Hasbro’s revenue for the previous quarter came in a tad below expectations, while the toymaker’s earnings per share beat a Refinitiv forecast.
Netflix is set to report after the close Tuesday. Later in the week, Tesla, United Airlines, American Airlines, Snap, Twitter and Verizon are among those scheduled to report.
IBM shares fell 5% in the premarket, after the tech company lowered its forecast for cash flow, even while reporting earnings that beat Wall Street’s earnings and revenue estimates.
So far, roughly 8% of S&P 500 companies have reported calendar second-quarter earnings. Of those companies, about two-thirds have beaten analyst expectations, FactSet data shows.
“When we think about earnings and we think about where stocks are now, we think there’s upside simply because there may be overpricing of this recession that some people think is imminent or already upon us,” said Julian Emanuel, senior managing director at Evercore ISI, during Monday’s Fast Money on CNBC.
Dow reversal
On Monday, the Dow shed more than 200 points to end the day in the red, reversing a morning rally fueled by solid earnings reports from Goldman Sachs and Bank of America. Oil broke above $100 a barrel, and b/itcoin surged to the highest levels seen since mid-June.
Late in Monday’s session, stocks were dragged down on a Bloomberg report that Apple would slow hiring and spending on growth next year to prepare for a potential economic downturn. Shares of the iPhone maker ended the day about 2.1% lower.
The news came as traders weigh the potential for a U.S. recession, especially as inflation remains at multidecade highs and the Federal Reserve raises rates to curb said inflationary pressures.
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)
IBM (IBM) – IBM slid 5.9% in premarket action despite beating top and bottom line estimates for the second quarter. IBM warned of a $3.5 billion impact to earnings because of the strong U.S. dollar.
STOCK SYMBOL: IBM
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NCR (NCR) – NCR surged 11.5% in the premarket after The Wall Street Journal reported that private-equity firm Veritas Capital was in exclusive talks to buy the financial technology provider.
STOCK SYMBOL: NCR
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Cinemark (CNK) – The movie theater operator’s stock gained 4.6% in premarket action after Morgan Stanley upgraded it to “overweight” from “equal-weight.” Morgan Stanley said the return of consumers to theaters represents a trend not reflected in the stock’s price.
STOCK SYMBOL: CNK
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Halliburton (HAL) – The oilfield services company’s stock rose 1.8% in the premarket after beating top and bottom line estimates for the second quarter. Profit was up nearly 41% from a year earlier as the jump in oil prices spurred a significant increase in drilling demand.
STOCK SYMBOL: HAL
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Johnson & Johnson (JNJ) – The health-care company reported quarterly profit of $2.59 per share, 5 cents a share above estimates. Revenue beat forecasts as well. J&J cut its full-year guidance, however, due to the strength of the U.S. dollar rather than operational issues.
STOCK SYMBOL: JNJ
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Hasbro (HAS) – The toy maker topped estimates by 21 cents a share, with quarterly earnings of $1.15 per share. Revenue was very slightly below forecasts. Hasbro said it continues to take steps to cut costs, and to ensure that it has sufficient holiday season inventories.
STOCK SYMBOL: HAS
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Boeing (BA) – Boeing is near a deal to sell a small number of 787 Dreamliners to aircraft leasing company AerCap Holdings, according to people familiar with the matter who spoke to The Wall Street Journal. Boeing added 1.3% in premarket action.
STOCK SYMBOL: BA
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Truist Financial (TFC) – The banking company’s stock gained 1.9% in premarket trading after reporting better-than-expected profit and revenue for its latest quarter. Truist said its results reflected strong loan growth and an expansion of its net interest margins.
STOCK SYMBOL: TFC
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Sunrun (RUN), Sunnova Energy (NOVA) – Piper Sandler downgraded both solar company stocks to “neutral” from “overweight,” noting both the failure of President Joe Biden’s “Build Back Better” program to pass Congress as well as cash flow prospects in a potentially recessionary environment. Sunrun fell 3.3% in premarket trading, while Sunnova lost 2.8%.
STOCK SYMBOL: RUN
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STOCK SYMBOL: NOVA
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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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