Good morning traders and investors of the r/stocks sub! Welcome to Tuesday! Here are your pre-market stock movers & news on this Tuesday, August the 9th, 2022-
S&P 500, Nasdaq futures fall on Tuesday as chip stocks decline
S&P 500 futures fell on Tuesday after another chipmaker warned about tough times ahead following Nvidia’s poor forecast in the prior session.
Losses were contained as investors awaited inflation data this week that will determine the pace of future interest rate hikes.
S&P 500 futures lost 0.2% as chip shares declined in the premarket. Nasdaq 100 futures fell 0.6%. Dow Jones Industrial Average futures were little changed.
Memory chipmaker Micron warned that revenue may fall short of its prior guidance because of ’macroeconomic factors and supply chain constraints.” The stock fell nearly 4% in early trading.
It’s been a rough week for chipmakers. On Monday, weaker-than-expected revenue guidance from Nvidia weighed on the group. Nvidia was lower again in premarket trading Tuesday, shedding another 3% after a 6% decline on Monday. The iShares Semiconductor ETF lost 1.5% in premarket trading Tuesday after falling 1.5% on Monday.
During Monday’s regular trading, the S&P 500 slipped 0.12% and the Nasdaq Composite ticked down by 0.1%. Stocks had opened the session higher, but then gave up most of those gains before Monday’s closing bell.
Outside of chips, a pair of Nasdaq-listed stocks were also taking early hits. Novavax slumped 32% in premarket trading after slashing full-year revenue guidance because of poor demand for its Covid vaccines. Upstart declined 13% in premarket trading after the consumer lending company reported second quarter results that missed both profit and revenue expectations.
With the S&P 500 coming off its third consecutive positive week, investors are wondering if this comeback is just a bear market bounce are the start of a new sustained advance.
“I think a retest is likely and investors need to be careful about buying in here,” Morgan Stanley Wealth Management’s Jim Lacamp said Monday on CNBC’s “Closing Bell.” “You should use a rally like this to sell some stuff that you’re trying to get rid of — you know, you don’t want the cheese anymore, you want out of the trap.”
On the economic front, investors are awaiting the latest reading of the July consumer price index, due Wednesday, to find some clarity on the path of interest rate hikes from the Federal Reserve as it works to stamp out inflation, or at least slow it.
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)
Novavax (NVAX) – The drugmaker’s stock plummeted 32.3% in the premarket after posting an unexpected quarterly loss and cutting its full-year revenue guidance in half. Novavax said it did not expect any further U.S. sales of its Covid-19 vaccine this year amid soft demand and a supply glut.
STOCK SYMBOL: NVAX
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GoodRx (GDRX) – GoodRx soared 39.6% in premarket trading after the provider of prescription drug comparison software reported better-than-expected quarterly results, and also said an issue with a major grocery chain had been resolved.
STOCK SYMBOL: GDRX
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Allbirds (BIRD) – The sneaker maker’s shares dived 11.8% in the premarket after it cut its full-year forecast, with the company saying external headwinds could pressure consumer spending in the back half of 2022.
STOCK SYMBOL: BIRD
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Micron Technology (MU) – The chip maker said it expected negative free cash flow for the current quarter, as well as declines in revenue and profit margins. Chip shipments are falling due to weakening demand from PC and video game companies. Micron lost 3.7% in premarket action.
STOCK SYMBOL: MU
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Take-Two Interactive (TTWO) – Take-Two fell 3.4% in the premarket after the video game publisher issued a weaker-than-expected revenue forecast. Take-Two is the latest company to see its results impacted by a general slowdown in gaming following a pandemic-era boom.
STOCK SYMBOL: TTWO
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Occidental Petroleum (OXY) – The energy producer’s stock added 2.3% in the premarket following news that Berkshire Hathaway (BRK.B) had increased its stake in Occidental to more than 20%. That means that Berkshire can record part of Occidental’s profits as its own.
STOCK SYMBOL: OXY
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Signet Jewelers (SIG) – The jewelry retailer announced a deal to buy online jewelry seller Blue Nile for $360 million in cash. Signet shares added 2% in the premarket.
STOCK SYMBOL: SIG
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Upstart (UPST) – Upstart stock tumbled 12.2% in premarket trading after the cloud-based lending platform company missed Wall Street’s estimates on both the top and bottom lines for its latest quarter. It also issued a weaker-than-expected revenue forecast, saying that banking partners have turned more cautious due to the uncertain economy.
STOCK SYMBOL: UPST
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CarGurus (CARG), Vroom (VRM) – Both online used car sellers saw their stocks plunge in premarket action after reporting weaker-than-expected quarterly results. CarGurus sank 14.9% while Vroom slid 11.4%.
STOCK SYMBOL: CARG
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STOCK SYMBOL: VRM
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SoFi (SOFI) – The online financial services company’s stock fell 3.4% in premarket trading after Japan’s SoftBank said it would some or all of its 9% stake in SoFi.
STOCK SYMBOL: SOFI
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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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