Good morning traders and investors of the r/stocks sub! Welcome to Tuesday! Here are your pre-market stock movers & news on this Tuesday, November the 22nd, 2022-
Stock futures tick higher on Tuesday morning
Stock futures rose Tuesday morning as worries over Covid cases in China kept investor sentiment in check.
Futures tied to the Dow Jones Industrial Average climbed 75 points, or 0.22%. S&P 500 futures were 0.24% higher, while Nasdaq 100 futures advanced 0.16%. Shares of Best Buy popped 7.3% in premarket trading after the company hiked its 2023 fiscal outlook and beat earnings expectations.
China saw its first deaths in the mainland from Covid since May over the weekend. It prompted fears among investors that the country could bring back restrictions meant to slow virus spread, which would hurt business.
The news out of China pushed investors away from growth stocks Monday and toward defensive sectors like health care and utilities, said David Waddell, CEO of Waddell & Associates. He said it also led to “reflexive” U.S. dollar buying, which gave bond yields upward pressure.
“On low volume days like today, the market gets Pavlovian,” he said. “If you want to make sense of this market, watch the dollar.
Stocks are coming off a down session, with the Dow losing 45 points, while the S&P 500 and Nasdaq Composite slid 0.4% and 1.1%, respectively. Losses on the Dow were kept in check by a 6.3% gain in Disney following the return of Bob Iger as CEO.
On Tuesday, several Federal Reserve officials are set to speak, including Kansas City Fed President Esther George and St. Louis Fed President James Bullard.
Economic reports due out include the Philadelphia Fed’s nonmanufacturing business outlook survey and the Richmond Fed’s manufacturing index.
Investors are also watching for earnings reports from Dollar Tree, Best Buy, HP and Nordstrom. The stock market will be closed on Thursday for the Thanksgiving holiday and will close early on Friday.
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)
Best Buy (BBY) – Best Buy rallied 7% in the premarket after its third-quarter results beat analyst estimates. The electronics retailer also registered a smaller-than-expected decline in comparable store sales. Discounts helped keep customer traffic flowing to its stores, and Best Buy also raised its full-year forecast.
STOCK SYMBOL: BBY
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Dick’s Sporting Goods (DKS) – The sporting goods retailer reported better-than-expected third-quarter profit and revenue and an unexpected increase in comparable store sales. The company also raised its full-year forecast. Dick’s initially surged more than 7% in premarket trading before it dipped negative.
STOCK SYMBOL: DKS
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Dollar Tree (DLTR) – Dollar Tree fell 4.4% in the premarket despite a top and bottom line beat for its latest quarter and better-than-expected comparable store sales. The discount retailer projects full-year earnings in the lower half of its prior guidance range.
STOCK SYMBOL: DLTR
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Abercrombie & Fitch (ANF) – Abercrombie & Fitch soared 12.8% in premarket action after reporting an unexpected quarterly profit and beating Street revenue forecasts. The apparel retailer saw resurgent demand for clothing, like jeans and dresses, as consumers returned to work and participated in more social events.
STOCK SYMBOL: ANF
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Medtronic (MDT) – The medical device maker’s stock fell 3% in premarket trading after reporting a slight earnings beat on revenue that fell short of the consensus estimate. Medtronic’s results were hit by a stronger U.S. dollar and a slower-than-expected rebound in procedures using its devices.
STOCK SYMBOL: MDT
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Zoom Video Communications (ZM) – Zoom tumbled 9.3% in the premarket after issuing weaker-than-expected guidance for the current quarter. The video communications company reported better-than-expected results for its most recent quarter, but the overall growth seen during the pandemic has slowed considerably.
STOCK SYMBOL: ZM
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Dell Technologies (DELL) – Dell fell 1.6% in premarket trading amid a weaker-than-expected current quarter revenue forecast. Dell did beat analyst estimates for the third quarter but said a slowing economy, inflation and other economic factors would pressure customer spending.
STOCK SYMBOL: DELL
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Urban Outfitters (URBN) – Urban Outfitters reported quarterly earnings that were slightly below estimates, but the apparel retailer’s revenue beat Street forecasts. The company said it was encouraged by the trends seen so far during the holiday quarter. Urban Outfitters gained 2.2% in premarket action.
STOCK SYMBOL: URBN
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Agilent Technologies (A) – Agilent jumped 4.4% in off-hours trading after the laboratory instruments maker reported better-than-expected quarterly results. Agilent’s sales increased in all of its business units during the quarter.
STOCK SYMBOL: A
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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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