Good morning traders and investors of the r/stocks sub! Welcome to the new trading day and a fresh start! Here are your pre-market stock movers & news on this Thursday, March the 16th, 2023-
Dow futures slip, regional bank shares drop: Live updates
Futures tied to the Dow Jones Industrial Average fell Thursday as regional banks slid once again on growing fears of a crisis in banking within the U.S. and Europe.
Futures tied to the 30-stock index were down 94 points, or 0.3%. S&P 500 futures were down 0.2%, while Nasdaq-100 futures traded up 0.3%.
Credit Suisse announced overnight it will borrow up to nearly $54 billion from the Swiss National Bank to assure short-term liquidity. That offered some relief to the embattled bank in extended hours after it fell to a record low Wednesday following reports that the Saudi National Bank, Credit Suisse’s largest investor, said it would not provide additional assistance. U.S.-listed shares gained 5% in extended trading after falling just under 14% in the prior session.
But the news was not enough to quell fears on Wall Street of an impending crisis, leading regional banks to take another leg down in Thursday’s premarket. The SPDR S&P Regional Banking ETF (KRE) slid 2.6% in extended trading, led down by a more than 26% drop in First Republic Bank.
“What’s also similar to ’08 is the hunting in the market for who’s the most weak next,” said Greg Fleming, CEO of Rockefeller Capital Management and former president of Morgan Stanley Wealth Management, on CNBC’s “Squawk Box.” “And the proxy’s been uninsured deposits.”
Growing concern over Credit Suisse sent other European banking stocks lower and reverberated in U.S. markets beginning Wednesday. The Dow at one point Wednesday fell 725 points before ending the day down by 280.83 points, or 0.87% lower. The S&P 500 dropped 0.7%.
“It’s no doubt changing the landscape of how we as investors look at the investability of financial institutions that fit in the banking sector,” said Keith Buchanan, portfolio manager at Globalt Investments. “It also makes us ponder just how the sector would navigate with, in the future, more forms of regulatory pressure on these corporations.”
Traders will keep an eye out for key economic data, including the latest jobless claims report. Housing starts data from the U.S. Census Bureau is also out at 8:30 a.m. ET.
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)
Credit Suisse — U.S.-listed shares of Credit Suisse gained nearly 6% after the Swiss bank said it will borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank. The stock tumbled 13.9% on Wednesday after its largest investors said it couldn’t provide any more funding.
STOCK SYMBOL: CS
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Snap, Meta — Snap rallied 6%, while Meta rose 1.5% following a Wall Street Journal report that the Biden administration said competitor TikTok could be banned unless it is sold by its Chinese owner, ByteDance. A separate report by Bloomberg said TikTok is considering splitting from ByteDance if a deal with the U.S. fails.
STOCK SYMBOL: SNAP
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Regional banks — Regional banks continued their slide amid the fallout of Silicon Valley Bank’s failure. First Republic Bank tumbled nearly 28%, and Zions Bancorporation lost 3.6%. Comerica shed 1.6%.
STOCK SYMBOL: FRC
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Dollar General — The discount retailer sank 1.6% after its quarterly same-store sales missed Wall Street’s estimates. Same-store sales rose 5.7% in the fourth quarter, versus the 6% expected by analysts polled by Refinitiv.
STOCK SYMBOL: DG
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Adobe — Shares of the software giant rose 5.4% after the company lifted its profit forecast for fiscal 2023 and announced its quarterly results beat Wall Street estimates. It increased income and net new recurring revenue projections for its digital media business for the full year.
STOCK SYMBOL: ADBE
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Occidental Petroleum — Shares rose nearly 1% after Warren Buffett’s Berkshire Hathaway bought another 7.9 million shares, totaling $466.7 million.
STOCK SYMBOL: OXY
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UiPath — The automation software company surged nearly 16% after reporting fourth-quarter adjusted earnings per share of 15 cents, beating the StreetAccount estimate of 6 cents per share. Revenue came in at $308.5 million, well above the $278.6 million expect.
STOCK SYMBOL: PATH
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Baidu — U.S. listed shares of Baidu sank nearly 6% after the Chinese tech company unveiled its ChatGPT alternative, Ernie bot.
STOCK SYMBOL: BIDU
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PagerDuty — Shares rallied nearly 6% after the digital operations management platform’s earnings and revenue topped estimates for the fourth quarter. Adjusted earnings per share came in at 8 cents per share, versus the 2 cents expected, per Refinitiv. Revenue was $101 million, topping the $98.8 million expected.
STOCK SYMBOL: PD
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Five Below — The discount retailer shed more than 3% after it gave a muted outlook for the first quarter. However, Five Below’s revenue beat analysts’ estimates, per Refinitiv, and earnings were in-line with expectations.
STOCK SYMBOL: FIVE
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Motorola — The telecommunications equipment company gained 1.8% following an upgrade by JPMorgan to overweight from neutral. The Wall Street firm said the stock has fallen to levels that are attractive.
STOCK SYMBOL: MSI
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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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