Good morning traders and investors of the r/stocks sub! Welcome to Hump Day! Here are your pre-market stock movers & news on this Wednesday, March the 23rd, 2022-
Stock futures fall slightly as oil prices jump
U.S. stock futures dipped in early morning trading on Wednesday as oil prices gained and bond yields touched a fresh multi-year high.
Dow Jones Industrial Average futures were down about 110 points, or 0.3%. S&P 500 futures declined 0.4%, and Nasdaq 100 futures slipped 0.6%.
Oil prices ticked higher on the day, with U.S. crude gaining more than 2% to about $112 per barrel. Brent crude, the international benchmark, advanced about 3% to roughly $119.
The benchmark 10-year U.S. Treasury yield topped 2.41% at its session high Wednesday, the highest since May 2019.
Famed activist investor Carl Icahn said Tuesday an economic downturn could be coming.
“I think there could very well could be a recession or even worse,” Icahn, founder and chairman of Icahn Enterprises, said on CNBC’s “Closing Bell Overtime” to Scott Wapner.
Still, the S&P 500 is only 5% off its record and all three averages are on track to close the month higher.
Wall Street is coming off a strong session Tuesday in which the Dow jumped more than 250 points and the S&P 500 climbed 1.1%.
The Fed last week raised interest rates for the first time since 2018 and forecast a plan to hike rates by a quarter-point at each of the remaining six meetings of 2022. Powell appeared to up the rhetoric even more on Monday, when he promised to take tough action on inflation.
“The labor market is very strong, and inflation is much too high,” the central bank chief told the National Association for Business Economics on Monday. “If we conclude that it is appropriate to move more aggressively by raising the federal funds rate by more than 25 basis points at a meeting or meetings, we will do so.”
Meanwhile, traders digested the latest news on the Ukraine-Russia war. Ukrainian President Volodymyr Zelenskyy called for more pressure on Russia from other countries as the conflict appears to be entering a stalemate.
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)
General Mills (GIS) – General Mills gained 1.6% in the premarket after reporting better-than-expected quarterly earnings and raising its full-year outlook. The food maker earned an adjusted 84 cents per share, 6 cents above estimates, with revenue essentially in line with analyst forecasts. General Mills said demand for food at home continues to be elevated.
STOCK SYMBOL: GIS
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Winnebago (WGO) – The recreational vehicle maker reported adjusted quarterly earnings of $3.14 per share, beating the $2.94 consensus estimate, and revenue also topped Street forecasts. Results were helped by strong consumer demand and higher prices. However, Winnebago shares lost 2.4% in premarket action.
STOCK SYMBOL: WGO
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GameStop (GME) – GameStop soared 12.4% in premarket trading after an SEC filing showed that Chairman Ryan Cohen had bought 100,000 additional shares, raising his stake in the videogame retailer to 11.9%.
STOCK SYMBOL: GME
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Adobe (ADBE) – Adobe beat estimates by 3 cents with adjusted quarterly earnings of $3.37 per share. The software maker’s revenue was slightly above estimates. However, Adobe cut its forecast for a key subscription revenue measure, expecting a $75 million hit for existing business in Russia and Belarus. Adobe slid 2.7% in the premarket.
STOCK SYMBOL: ADBE
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Okta (OKTA) – Okta said a preliminary investigation found no evidence of ongoing malicious activity, following news of a hacker breach. The digital authentication company said up to 366 customers may have been impacted by the breach, but noted hackers gained only limited access. Okta dropped 3.6% in premarket action.
STOCK SYMBOL: OKTA
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Nielsen Holdings (NLSN) – Private equity firms Brookfield Asset Management and Elliott Investment Management are considering raising their offer for Nielsen, according to people familiar with the matter who spoke to Bloomberg. Nielsen had rejected a prior offer of $25.40 per share, saying it undervalued the company.
STOCK SYMBOL: NLSN
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Poshmark (POSH) – Poshmark slid 9.4% in the premarket after the operator of a new and used clothing marketplace gave weaker-than-expected guidance for the current quarter. Poshmark reported better-than-expected revenue for its most recent quarter, along with a slightly smaller-than-expected loss.
STOCK SYMBOL: POSH
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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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