Good morning traders and investors of the r/stocks sub! Welcome to Hump Day! Here are your pre-market stock movers & news on this Wednesday, August the 17th, 2022-
Stock futures fall as Wall Street rally looks to take a breather after Dow’s 5-day winning streak
Stock futures fell on Wednesday as a rally that has propelled equity prices higher since mid-June appeared poised for a respite.
Futures tied to the Dow Jones Industrial Average fell 209 points, or 0.61%. S&P 500 futures and Nasdaq 100 futures slid 0.84% and 0.96%, respectively.
The Dow notched its fifth straight day of gains Tuesday. Meanwhile, the S&P 500 is going for its fifth positive week in a row as investors continue to gauge how much strength this rally has. The broad market index is now up 18% from its June lows.
“This market has been so resilient,” Brynn Talkington, managing partner of Requisite Capital Management, said on CNBC’s “Closing Bell: Overtime.” “As we’re coming to a close on earnings, earnings are going to beat by a median of about 7%.”
Though giving her “a great deal of pause” in this market is the Federal Reserve and its plans to continue raising rates and shrink the size of its balance sheet. “Earnings have still been strong, but…the Fed balance sheet hasn’t budged,” she said.
Traders on Wednesday were looking ahead to the release of U.S. retail sales data later in the morning. In the afternoon, the Federal Reserve is slated to release the minutes from its most recent meeting.
Additionally, Wall Street has been poring through corporate earnings from the retail sector. Walmart and Home Depot reported Tuesday, while Lowe’s and Target posted earnings Wednesday morning.
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)
Lowe’s (LOW) – Lowe’s rose 1% in the premarket after it reported quarterly earnings of $4.67 per share, 9 cents above estimates. The home improvement retailer saw both revenue and comparable store sales come in below analyst forecasts but predicted full-year earnings would come in at the top end of its guidance range.
STOCK SYMBOL: LOW
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Target (TGT) – Target fell 3.3% in premarket trading after the retailer reported quarterly earnings of 39 cents per share, well short of the 72-cent consensus estimate. Target’s revenue matched estimates, but it cut prices significantly during the quarter to reduce excess inventory. Target said the 1.2% operating margin rate during the second quarter would improve to about 6% in the back half of the year.
STOCK SYMBOL: TGT
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TJX (TJX) – The parent of the T.J. Maxx and Marshalls retail chains beat estimates by 3 cents with a quarterly profit of 69 cents per share, but revenue and comparable store sales came in less than expected. TJX cut its full-year forecast as well, saying inflation impacted the spending habits of its customers, and the stock fell 1.2% in the premarket.
STOCK SYMBOL: TJX
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Krispy Kreme (DNUT) – Krispy Kreme tumbled 14.7% in premarket action after the doughnut chain reported lower-than-expected profit and revenue for the second quarter. Krispy Kreme said it is seeing significant deceleration in commodity costs in recent weeks.
STOCK SYMBOL: DNUT
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Manchester United (MANU) – Manchester United rose 4.6% in the premarket after Elon Musk tweeted that he was buying the British football team and then subsequently said he was joking.
STOCK SYMBOL: MANU
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Bed Bath & Beyond (BBBY) – Bed Bath & Beyond surged 22.8% in the pre-market after registering over 20% gains in each of the past three sessions. The retailer’s shares – which have been popular with “meme stock” investors, are up in 14 of the past 15 sessions, more than quadrupling in value over that stretch.
STOCK SYMBOL: BBBY
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Agilent Technologies (A) – Agilent rallied 6.6% in premarket trading after the life sciences and diagnostics company reported better-than-expected quarterly profit and revenue. Agilent also raised its full-year forecast on strong order flow.
STOCK SYMBOL: A
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Southwest Gas (SWX) – Southwest Gas rose 4.7% in premarket action after investor Carl Icahn raised his stake in the utility company to 8.7% from 7.6%.
STOCK SYMBOL: SWX
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Sanofi (SNY) – Sanofi shares slid 5.4% in premarket trading after the French drug maker halted development of breast cancer treatment amcenestrant. The halt came after a trial showed no signs that the drug was effective.
STOCK SYMBOL: SNY
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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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