Good morning traders and investors of the r/stocks sub! Welcome to Thursday! Here are your pre-market stock movers & news on this Thursday, November the 17th, 2022-
Stock futures fall as investors weigh cross currents of latest earnings
Stock futures fell Thursday as investors responded to the latest batch of quarterly results and awaited a slew of Federal Reserve speakers.
Futures tied to the Dow Jones Industrial Average dipped 192 points, or 0.6%. S&P 500 futures slipped 0.6%, while Nasdaq 100 futures also fell 0.6%.
Retailer Bath & Body Works jumped more than 20% after it beat revenue expectations and doubled what was anticipated for per-share earnings. Cisco was up more than 3% after beating both earnings and revenue estimates. Macy’s popped 8% after surpassing expectations in its third-quarter results.
The latest moves followed a down day on Wall Street, the second in three days. The S&P 500 and Nasdaq Composite fell 0.83% and 1.54%, respectively. The Dow Jones Industrial Average lost 39.09 points, or 0.12%.
Downward pressure emerged from weak guidance from Target, which reported a decline in sales as inflation pinches shoppers heading into the holiday season. The Minneapolis-based chain ended 13% lower, while its forward guidance cast doubt on other retailers.
Target followed better-than-expected reports earlier in the week from Home Depot, Lowe’s and Walmart, which beat expectations and said inflation was not hitting them as hard.
“There’s an adjustment process that’s going on,” by companies, said Thomas Martin, senior portfolio manager at GLOBALT Investments. “I’m not saying that’s a reason to take no action in a portfolio, but trying to chase things usually ends up meaning you’re making a bad decision and then another bad decision and another bad decision.”
Investors will also watch tomorrow for weekly jobless claims, the latest reports on on October housing starts and building permits, and manufacturing surveys from the Philadelphia and Kansas City Federal Reserve banks.
Earnings season continues Thursday with additional retailers, including Kohl’s before the bell and Gap after.
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)
Macy’s (M) – Macy’s stock leaped 9.6% in the premarket after the retailer reported better-than-expected profit and revenue. Same-store sales fell less than expected and the company also raised its earnings outlook.
STOCK SYMBOL: M
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BJ’s Wholesale (BJ) – BJ’s added 2.4% in premarket trading after beating analyst forecasts on both the top and bottom lines for its latest quarter. The warehouse retailer also reported better-than-expected comparable store sales and raised its full-year forecast.
STOCK SYMBOL: BJ
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Kohl’s (KSS) – Kohl’s slid 3.8% in premarket action after it withdrew its financial forecast, citing various uncertainties including macroeconomic conditions and the departure of CEO Michelle Gass.
STOCK SYMBOL: KSS
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Alibaba (BABA) – The China-based e-commerce giant reported better-than-expected earnings but revenue fell short of analyst forecasts. The company also increased its share buyback program. Alibaba fell 1.8% in the premarket.
STOCK SYMBOL: BABA
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Nvidia (NVDA) – Nvidia rose 1.2% in the premarket following better-than-expected revenue for the third quarter and a number of analysts predicting a rebound in the spring of 2023. The company also missed bottom-line estimates for its latest quarter and issued a tepid sales forecast as demand for its video gaming chips wanes.
STOCK SYMBOL: NVDA
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Cisco Systems (CSCO) – Cisco rallied 4.5% in off-hours trading after the networking equipment and software company reported better-than-expected quarterly results and issued an upbeat forecast. Cisco also said it would implement a “limited business restructuring.”
STOCK SYMBOL: CSCO
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Bath & Body Works (BBWI) – Bath & Body Works shares surged 21.9% in the premarket after the personal goods retailer raised its full-year earnings forecast. CEO Sarah Nash said the company is pleased with its holiday season product assortment and it is focused on inventory and expense management.
STOCK SYMBOL: BBWI
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Sonos (SONO) – Sonos jumped 3.3% in premarket action after the high-end speaker maker’s sales for the latest quarter exceeded analyst forecasts. Sonos also said supply chain issues have eased and it has sufficient inventory for the holiday shopping season.
STOCK SYMBOL: SONO
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Norwegian Cruise Line (NCLH) – The cruise line operator’s stock slid 5% in premarket trading after a double-downgrade from Credit Suisse to underperform from outperform, with the firm citing a number of factors including valuation.
STOCK SYMBOL: NCLH
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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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