Good morning traders and investors of the r/stocks sub! Welcome to Hump Day! Here are your stock market movers & news on this Wednesday, December the 21st, 2022-
Dow futures jump more than 300 points, boosted by Nike shares
Stock futures rose on Wednesday after earnings reports from two major bellwethers raised hopes that corporate earnings may be better than feared even with a possible recession on the horizon.
Futures tied to the Dow Jones Industrial Average added 340 points, or 1%. S&P 500 futures rose 0.8% and Nasdaq 100 futures climbed 0.6%.
Nike shares added 12% after the apparel maker beat Wall Street’s expectations for quarterly earnings and revenue. FedEx gained 4.7% even as it fell short of revenue expectations. The package delivery giant beat consensus earnings per share estimates on per-share.
With the end of 2022 in close sight, all three major averages are on pace to post their worst yearly performance since 2008 and break a 3-year win streak. As of Tuesday’s close, the Dow was down 9.6%. For the month, it’s toppled about 5%. The S&P is down 19.82% for the year and more than 6% for December, while the Nasdaq’s plummeted 32.58% in 2022 and about 8% this month.
Wednesday’s moves followed a day of slight gains for stocks. The major indexes snapped a four-day losing streak, putting a little wind back into hopes for an end-of-year rally.
The modest gains came even after the Bank of Japan moved to widen its cap on the 10-year Japanese government bond yield, leading to a spike in the 10-year U.S. Treasury yield higher that initially rattled traders.
There are a few more big names left to report earnings before the Christmas holiday, with Micron reporting after the bell.
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)
Rite Aid (RAD) – Rite Aid jumped 8.4% in the premarket after reporting a smaller-than-expected loss and revenue that beat Wall Street forecasts, helped by accelerated sales growth at its retail operations. However, the drugstore operator lowered its full-year guidance due to various issues, including seasonal markdowns.
STOCK SYMBOL: RAD
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Nike (NKE) – Nike surged 11.6% in the premarket after the athletic footwear and apparel maker reported better-than-expected quarterly results and raised its revenue forecast. Discounting during the quarter helped Nike to clear out excess inventory.
STOCK SYMBOL: NKE
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FedEx (FDX) – FedEx rallied 4.5% in premarket trading following its quarterly results, which saw profit beat consensus but sales fell short of analyst estimates. Investors were encouraged by the profit beat and by the delivery service’s vow to continue aggressive cost cuts.
STOCK SYMBOL: FDX
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Six Flags (SIX) – Six Flags gained 5.5% in premarket action on news that activist shareholder Land & Buildings Investment Management has accumulated a 3% stake in the theme park operator. Land & Buildings has suggested changes to management, including selling or spinning off the company’s real estate holdings.
STOCK SYMBOL: SIX
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Hertz (HTZ) – Hertz shares fell 2.6% in the premarket after the National Highway Traffic Safety Administration said it was investigating whether the car rental company rented out vehicles with open recall issues yet to be repaired. NHTSA is seeking additional information from Hertz, which said it will cooperate with the request.
STOCK SYMBOL: HTZ
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BlackBerry (BB) – BlackBerry gained 1% in premarket trading after its quarterly revenue beat estimates on strong demand for the company’s automotive and security software. BlackBerry also reported a smaller-than-expected quarterly loss.
STOCK SYMBOL: BB
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Starbucks (SBUX) – Starbucks was downgraded by Jefferies to hold from buy at Jefferies, which said the coffee chain may be impacted by a pullback in consumer discretionary spending. Starbucks lost 1% in the premarket.
STOCK SYMBOL: SBUX
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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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