Good Monday morning traders and investors of the r/stocks sub! Welcome to the new trading week and a fresh start! Here are your pre-market stock movers & news on this Monday, April 17th, 2023-
Stock futures are little changed as Wall Street awaits more earnings: Live updates
Stock futures were flat Monday, with investors preparing for more quarterly earnings reports.
Futures tied to the S&P 500 gained about 0.1%, while Nasdaq-100 futures traded flat. Dow Jones Industrial Average futures ticked up 58 points, or 0.17%.
Charles Schwab is set to report earnings later in the day. The stock has been under pressure recently, as traders feared the brokerage may suffer a similar fate to regional banks Silicon Valley Bank and Signature Bank. However, the company has defended its financial position, noting last month it has a low loan-to-deposit ratio. Schwab shares are down 39% year to date.
Bank of America and Morgan Stanley are slated to report earnings Tuesday and Wednesday, respectively. Investors have been eyeing the overall health of the sector after the collapse of Silicon Valley Bank last month spurred a liquidity crisis. Other notable names outside of financials, including electric vehicle heavyweight Tesla will report second-quarter earnings on Wednesday, while Procter & Gamble reports on Friday.
Corporate earnings got off to a positive start last week as banking giants Wells Fargo and JPMorgan Chase beat expectations. But discouraging retail sales data showed a slowdown in consumer spending by 1% in March pulled markets lower Friday.
As companies grapple with sticky inflation and higher rates, many investors have braced for a downbeat earnings reports, but data from Bank of America suggests that this earnings reporting season may already be faring better than expected. Of the companies that reported during the first week, 90% topped EPS estimates. That marks the best beat rate to start earnings season since at least 2012, the Wall Street firm said.
For the week, however, stocks remained resilient. The Dow was positive overall last week for the fourth straight time, while the S&P 500 and Nasdaq Composite both had their fourth week in the green in five.
STOCK FUTURES CURRENTLY:
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LAST WEEK'S MARKET MAP:
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TODAY'S MARKET MAP:
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LAST WEEK'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:
(N/A.)
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EARNINGS RELEASES BEFORE THE OPEN TODAY:
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THIS AFTERNOON'S AFTER-HOURS EARNINGS CALENDAR:
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EARNINGS RELEASES AFTER THE CLOSE TODAY:
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FRIDAY'S ANALYST UPGRADES/DOWNGRADES:
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FRIDAY'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)
Charles Schwab — Shares of Charles Schwab gained 3% on better-than-expected earnings. The company posted a profit of 93 cents per share, beating a Refinitiv forecast of 90 cents per share. Schwab’s revenue of $5.12 billion was roughly in line with estimates. The brokerage has been under pressure since the collapse of Silicon Valley Bank, as investors feared the company could suffer a similar fate. To be sure, Schwab has defended its financial position, noting its loan-to-deposit ratio is low.
STOCK SYMBOL: SCHW
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Alphabet – Shares of the Google parent slid 4% in early morning trading after The New York Times reported that Samsung is discussing using Microsoft’s Bing as the default search engine on its devices given its recent AI technology advancements, which would replace Google. The report, citing internal messages, said Alphabet learned about the discussions in March and that about $3 billion in annual revenue is at stake.
STOCK SYMBOL: GOOG
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M&T Bank — The regional bank stock jumped 3% after the company posted its latest quarterly figures. M&T Bank posted adjusted earnings of $4.09 per share, beating a Refinitiv forecast of $3.99 per share. The bank’s revenue of $2.41 billion also topped a consensus estimate of $2.38 billion.
STOCK SYMBOL: MTB
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Lumentum — The optical fiber manufacturer rose slightly after JPMorgan upgraded the stock to overweight from neutral. The firm said Lumentum’s current valuation is pricing in “more headwinds than realistic.”
STOCK SYMBOL: LITE
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Wolfspeed — Shares lost 2.7% after JPMorgan downgraded the electronics company to neutral from overweight, saying it envisions near-term “negative catalysts” that will limit Wolfspeed’s revenue and gross margins in the next few quarters. The bank also substantially lowered its price target on Wolfspeed to $65, suggesting it stands to gain 15.6% since Friday’s close.
STOCK SYMBOL: WOLF
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State Street — Shares fell more than 10% after the financial services giant posted its latest quarterly results. State Street earned $1.52 per share on revenue of $3.1 billion. Analysts polled by Refinitiv expected a profit of $1.64 per share on revenue of $3.12 billion.
STOCK SYMBOL: STT
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HP Inc., Dell — HP’s stock price added 2.6% after JPMorgan upgraded computer builder to overweight from neutral, saying it expects the PC industry to see upward revisions for the second half of this year. JPMorgan also downgraded Dell to neutral from overweight, citing its preference for HP’s expected recovery, as Dell’s PC segment will likely be offset by other factors. Dell’s stock price dropped 2.5% before the open.
STOCK SYMBOL: HPQ
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Fox Corp — The $1.6 billion lawsuit against Fox News was delayed by a day to Tuesday. Fox News also apologized to the Delaware judge presiding over the Dominion Voting Systems’ defamation lawsuit for failing to properly define Rupert Murdoch’s official role at the company. The stock was flat, but could move in regular trading.
STOCK SYMBOL: FOX
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Ollie’s Bargain Outlet — The discount retail rose 3% in premarket trading after JPMorgan upgraded the stock to neutral from overweight. The investment firm said in a note to clients that the trade*down trend among consumers can help Ollie’s hit its sales targets.
STOCK SYMBOL: OLLI
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Merck, Prometheus Biosciences — Shares of Prometheus rallied 69% on news the company will be acquired by Merck for $10.8 billion. The deal values shares of Prometheus at $200, representing a 75.4% premium to its closing price on Friday. Merck shares dipped slightly.
STOCK SYMBOL: MRK
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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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