Good morning traders and investors of the r/stocks sub! Welcome to Thursday! Here are your pre-market stock movers & news on this Thursday, February the 23rd, 2023-
Stock futures rise Thursday after S&P 500 posts 4-day losing streak: Live updates
Stock futures rose Thursday as traders weigh earnings from chipmaker Nvidia and assess future potential Federal Reserve moves.
Futures tied to the Dow Jones Industrial Average added 105 points, or 0.3%. S&P 500 futures gained 0.5%, and Nasdaq-100 futures jumped 0.9%.
Nasdaq futures got a boost from Nvidia, which rose more than 8% on better-than-expected fourth quarter earnings and revenue.
The S&P 500 is coming off its fourth straight losing session, dropping 0.2% on Wednesday. The Dow also fell, while the Nasdaq Composite posted a small gain.
The moves came after the Federal Reserve released the minutes of its most recent meeting, which concluded Feb. 1, showing that members of the central bank are resolved to keep fighting inflation with rate hikes.
Inflation “remained well above” the Fed’s 2% target and the labor market “remained very tight, contributing to continuing upward pressures on wages and prices,” according to the minutes.
“The Fed is determined to free up some slack in the labor market, to ensure that inflation doesn’t get entrenched at its current high level,” said Bill Adams, chief economist for Comerica Bank. “By mid-2023, year-over-year CPI inflation likely will have slowed to below the federal funds rate. But if inflation surprises to the upside again, or if the unemployment rate falls further, the Fed could hike more than in our forecast.”
More consumer earnings reports are due out Thursday morning, including Alibaba, Papa John’s, Wayfair and Bath & Body Works. After the bell, investors will hear from Beyond Meat, Block, Warner Bros. Discovery and Carvana, among others.
In economic data, traders are looking forward to the latest GDP and weekly jobless claims data, which are both scheduled to be released at 8:30 a.m. ET Thursday.
Additionally, Atlanta Fed President Raphael Bostic will speak at an event hosted by the Atlanta Fed Thursday morning. San Francisco Fed President Mary Daly will take part in a fireside chat in the afternoon.
STOCK FUTURES CURRENTLY:
(CLICK HERE FOR STOCK FUTURES CHARTS!)
YESTERDAY'S MARKET MAP:
(CLICK HERE FOR YESTERDAY'S MARKET MAP!)
TODAY'S MARKET MAP:
(CLICK HERE FOR TODAY'S MARKET MAP!)
YESTERDAY'S S&P SECTORS:
(CLICK HERE FOR YESTERDAY'S S&P SECTORS CHART!)
TODAY'S S&P SECTORS:
(CLICK HERE FOR TODAY'S S&P SECTORS CHART!)
TODAY'S ECONOMIC CALENDAR:
(CLICK HERE FOR TODAY'S ECONOMIC CALENDAR LINK #1!)
(CLICK HERE FOR TODAY'S ECONOMIC CALENDAR LINK #2!)
THIS WEEK'S ECONOMIC CALENDAR:
(CLICK HERE FOR THIS WEEK'S ECONOMIC CALENDAR!)
THIS WEEK'S UPCOMING IPO'S:
(CLICK HERE FOR THIS WEEK'S UPCOMING IPO'S!)
THIS WEEK'S EARNINGS CALENDAR:
(CLICK HERE FOR THIS WEEK'S EARNINGS CALENDAR!)
THIS MORNING'S PRE-MARKET EARNINGS CALENDAR:
(CLICK HERE FOR THIS MORNING'S EARNINGS CALENDAR!)
EARNINGS RELEASES BEFORE THE OPEN TODAY:
(CLICK HERE FOR THIS MORNING'S EARNINGS RELEASES LINK #1!)
(CLICK HERE FOR THIS MORNING'S EARNINGS RELEASES LINK #2!)
(CLICK HERE FOR THIS MORNING'S EARNINGS RELEASES LINK #3!)
EARNINGS RELEASES AFTER THE CLOSE TODAY:
(CLICK HERE FOR THIS AFTERNOON'S EARNINGS RELEASES LINK #1!)
(CLICK HERE FOR THIS AFTERNOON'S EARNINGS RELEASES LINK #2!)
(CLICK HERE FOR THIS AFTERNOON'S EARNINGS RELEASES LINK #3!)
YESTERDAY'S ANALYST UPGRADES/DOWNGRADES:
(CLICK HERE FOR YESTERDAY'S ANALYST UPGRADES/DOWNGRADES LINK #1!)
(CLICK HERE FOR YESTERDAY'S ANALYST UPGRADES/DOWNGRADES LINK #2!)
YESTERDAY'S INSIDER TRADING FILINGS:
(CLICK HERE FOR YESTERDAY'S INSIDER TRADING FILINGS LINK #1!)
(CLICK HERE FOR YESTERDAY'S INSIDER TRADING FILINGS LINK #2!)
TODAY'S DIVIDEND CALENDAR:
(CLICK HERE FOR TODAY'S DIVIDEND CALENDAR LINK #1!)
(CLICK HERE FOR TODAY'S DIVIDEND CALENDAR LINK #2!)
THIS MORNING'S STOCK NEWS MOVERS:
(source: cnbc.com)
Lucid Motors — The electric vehicle maker saw shares slide 14% premarket after reporting that fourth-quarter revenue fell short of expectations. Lucid said it built just 7,000 of its Air luxury sedans last year amid manufacturing challenges. Bank of America downgraded the shares Thursday, citing near-term demand concern.
STOCK SYMBOL: LCID
(CLICK HERE FOR LIVE STOCK QUOTE!)
Nvidia – Shares of the chip giant leaped more than 9% in early trading after Nvidia posted beats Wednesday on the top and bottom lines for its latest quarter. Wall Street praised Nvidia’s results Thursday, calling AI opportunities the next big growth vector for the chipmaker.
STOCK SYMBOL: NVDA
(CLICK HERE FOR LIVE STOCK QUOTE!)
Dollar General — Shares fell about 5% after Dollar General reported preliminary results for its fourth-quarter and fiscal year 2022 that were lower than prior guidance and weaker than consensus expectations from FactSet.
STOCK SYMBOL: DG
(CLICK HERE FOR LIVE STOCK QUOTE!)
eBay — The online auction platform fell 5% despite posting fourth-quarter earnings and revenue that topped analysts’ estimates as gauged by Refinitiv. Earnings came in at $1.07 per share, but the company issued earnings guidance for the current quarter between $1.05 and $1.09 per share. Wall Street expects $1.06.
STOCK SYMBOL: EBAY
(CLICK HERE FOR LIVE STOCK QUOTE!)
Etsy — Shares of the e-commerce company jumped 5% following the company’s quarterly results. Etsy posted revenue of $807 million, smashing Refinitiv consensus estimates of $752 million. The company also forecast current quarter revenue of $600 million and $640 million, compared to estimates of $622 million.
STOCK SYMBOL: ETSY
(CLICK HERE FOR LIVE STOCK QUOTE!)
Bath & Body Works — Shares fell more than 4% after the company reported fourth-quarter earnings. The bath shop retail chain issued weaker-than-expected first-quarter and full-year guidance as measured by FactSet. Otherwise, it reported a beat on the top and bottom lines, according to consensus estimates from Refinitiv.
STOCK SYMBOL: BBWI
(CLICK HERE FOR LIVE STOCK QUOTE!)
Bumble — The online dating site rose more than 3% after it reported better-than-expected fourth quarter earnings and revenue. Bumble posted revenue of $191 million, above the $186 million estimate from analysts polled by FactSet. Revenue also exceeded analysts’ expectations, at $242 million versus estimates of $236 million.
STOCK SYMBOL: BMBL
(CLICK HERE FOR LIVE STOCK QUOTE!)
Mosaic — Shares of the fertilizer maker rose 2% after it reported fourth-quarter revenue of $4.48 billion that topped analysts’ estimates of $4.17 billion, according to FactSet. Earnings for the quarter fell short of estimates.
STOCK SYMBOL: MOS
(CLICK HERE FOR LIVE STOCK QUOTE!)
Alibaba — The Chinese e-commerce giant rallied nearly 6% after its fiscal third-quarter results beat analyst estimates. Revenue was 247.76 billion Chinese yuan ($35.92 billion), versus the 245.18 billion Chinese yuan expected. Earnings per American depository share was 46.82 billion yuan compared to 34.02 billion yuan expected by analysts.
STOCK SYMBOL: BABA
(CLICK HERE FOR LIVE STOCK QUOTE!)
Sunrun — The solar company rose 1.5% after its fourth-quarter earnings topped Wall Street’s expectations. Earnings per share were 29 cents, compared to 1 cent expected, per StreetAccount estimates. Its adjusted net income came in at $63 million, above the $37.3 million expected.
STOCK SYMBOL: RUN
(CLICK HERE FOR LIVE STOCK QUOTE!)
Moderna — The drug maker announced with Merck that the Food and Drug Administration has granted them breakthrough status for a personalized cancer vaccine for patients with high-risk melanoma. Moderna rose more than 1%, and Merck rose less than 1%.
STOCK SYMBOL: MRNA
(CLICK HERE FOR LIVE STOCK QUOTE!)
Intel — Shares of the chip maker rose more than 1% after Morgan Stanley upgraded the stock to equal weight from underweight, after the company cut its dividend by about 60%. Speculation around the possibility of a dividend cut has weighed negatively on the stock, but Morgan Stanley said it’s “the right thing to do longer term” and that Intel has “limited downside” given its underperformance.
STOCK SYMBOL: INTC
(CLICK HERE FOR LIVE STOCK QUOTE!)
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?
Leave a Reply