Good morning traders and investors of the r/stocks sub! Welcome to Thursday! Here are your pre-market stock movers & news on this Thursday, March the 24th, 2022-
Stock futures bounce Thursday as investors shake off Russia-Ukraine, Fed concerns
Stock futures rose early Thursday morning as investors tried to recover from declines in Wednesday’s regular trading session.
Dow Jones Industrial Average futures climbed 170 points, or 0.5%. S&P 500 added 0.6% and Nasdaq 100 futures rose 0.7% each.
Streaming service Spotify rose 3.7% in early morning trading, as Google said it will allow the streaming platform to offer its own billing on Android devices.
Olive Garden parent company Darden Restaurants saw shares dip 2% in premarket trading after a weaker-than-expected earnings report before the bell Thursday. KB Home dropped 3.8% after an earnings miss Wednesday.
The moves Thursday come as NATO leaders meet in Brussels to discuss putting more pressure on Russia, as Ukraine appears to be retaking ground in the war. Oil prices also declined slightly, with U.S. crude trading 0.5% lower at $114.35 per barrel.
The major averages took a breather Wednesday, as higher oil and commodities prices and the likelihood of greater interest rate hikes have investors uncertain about the economic outlook for later this year.
The Dow Jones Industrial Average dropped about 450 points, or 1.3%. The S&P 500 declined 1.2%. The Nasdaq Composite dipped 1.3%.
“The idea of having a soft landing was always going to be really challenging, and when you think about the additional wrinkle of a complication of Russia invasion of the past month, and the surge in commodity prices, it makes it super difficult for Fed to calibrate,” Michael Schumacher, head of macro strategy at Wells Fargo Securities, said on CNBC’s “Fast Money” on Wednesday.
On the data front Thursday, weekly jobs claims data and durable goods orders will be released at 8:30 a.m.
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)
Darden Restaurants (DRI) – The parent of Olive Garden and other restaurant chains reported quarterly earnings of $1.93 per share, missing the $2.10 consensus estimate, with revenue and comparable-store sales also below analyst forecasts. Darden said the omicron variant significantly impacted guest demand, staffing levels and costs in January, but the environment subsequently improved. Darden fell 1.7% in the premarket.
STOCK SYMBOL: DRI
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KB Home (KBH) – KB Home missed estimates by 9 cents with quarterly earnings of $1.47 per share, and the home builder’s revenue also missed Wall Street forecasts. KB Home said it was dealing with supply and labor issues that hampered its ability to complete home construction. KB Home shares lost 3.6% in premarket trading.
STOCK SYMBOL: KBH
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Spotify Technology (SPOT) – Spotify shares jumped 3.7% in the premarket after it reached an agreement with Alphabet’s (GOOGL) Google that lets subscribers sign up for the service directly through the Google Play store. Dating services operator Match Group (MTCH) – another company that has sparred with Google over app store fees – rallied 3.4% following the Spotify news.
STOCK SYMBOL: SPOT
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Nikola (NKLA) – Nikola soared 15.1% in premarket action after announcing electric truck production began at its Coolidge, Arizona, factory last week, meeting a goal that had been articulated during its most recent quarterly earnings report last month.
STOCK SYMBOL: NKLA
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GameStop (GME) – GameStop remains on watch after the videogame retailer’s stock surged 14.5% Wednesday, marking a seventh straight day of gains after Chairman Ryan Cohen bought 100,000 more shares and raised his stake to 11.9%. GameStop slid 5.2% in premarket trading.
STOCK SYMBOL: GME
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FactSet (FDS) – The financial information provider reported an adjusted quarterly profit of $3.27 per share, compared with a consensus estimate of $2.98. Revenue also topped Wall Street predictions and FactSet issued an upbeat forecast.
STOCK SYMBOL: FDS
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Trip.com (TCOM) – Trip.com jumped 6.2% in the premarket after the China-based travel services provider reported an unexpected profit for its latest quarter and revenue that exceeded analyst forecasts.
STOCK SYMBOL: TCOM
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H.B. Fuller (FUL) – The industrial adhesives and specialty chemicals maker rallied 5.7% in the premarket after reporting better-than-expected profit and revenue for the quarter, and raising its full-year forecast. Fuller said it implemented price increases to deal with higher raw materials and logistics costs and is prepared to do so again, if necessary.
STOCK SYMBOL: FUL
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Steelcase (SCS) – The office furniture maker reported an unexpected loss for its latest quarter, although revenue exceeded analyst estimates. Steelcase said its results were impacted by supply chain disruptions and inflationary pressures. It also issued a weaker-than-expected forecast, and its shares fell 5.4% in premarket trading.
STOCK SYMBOL: SCS
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Logitech (LOGI) – The maker of keyboards, mice and other computer peripherals added 3.5% in the premarket after Bank of America Securities began coverage with a “buy” rating. BofA said the stock is at an attractive entry point given Logitech’s growth prospects and strong record of execution.
STOCK SYMBOL: LOGI
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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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