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, August 21st, 2023-
Stock futures nudge higher after another losing week on Wall Street: Live updates
Stock futures were higher Monday as Wall Street tried to recover from another weekly decline.
Futures tied to the S&P 500 gained 0.5%. Dow Jones Industrial Average futures rose 125 points, or nearly 0.4%. Meanwhile, Nasdaq-100 futures climbed 0.6%.
Palo Alto Networks jumped 12.4% in premarket trading after reporting earnings results late Friday that topped analysts’ estimates. As of Friday’s close, the stock was down by 16% this month.
Investors are coming off a weekly decline as the market struggles through the summer doldrums. The Nasdaq Composite closed the week lower about 2.6%, down for a third straight week for the first time since December. Meanwhile, the Dow closed the week lower by 2.2%, its worst streak since March. The S&P 500 dropped 2.1% and posted its third consecutive losing week, which hadn’t happened since February.
Investors digested rising bond yields and weakness out of China that put a damper on markets during a typically lackluster season.
“The S&P 500 is sitting in short-term oversold territory, a technical measure encompassing numerous components including investor sentiment along with a host of more esoteric measures,” Quincy Krosby, chief global strategist at LPL Financial, wrote on Friday.
Now, investors are awaiting the latest quarterly results from key artificial intelligence beneficiary Nvidia on Wednesday. They’re also anticipating an address Friday morning from Federal Reserve Chair Jerome Powell at the central bank’s annual symposium at Jackson Hole, Wyoming.
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:
($NVDA $SNOW $MRVL $BIDU $AFRM $ZM $PTON $AAP $ULTA $MDT $KSS $M $INTU $LOW $CSIQ $SPLK $WDAY $ADI $TOL $FL $ADSK $GPS $DKS $JWN $BURL $WSM $DLTR $NTAP $TD $BBWI $BJ $DY $FUTU $FLXS $GRAB $ANF $LANC $FN $NDSN $IQ $RY $MNSO $COTY $OSIS $QFIN $LU $CLGN $WOOF $SCSC $WB)
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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)
Palo Alto Networks — The security software vendor soared 12.5% following an earning’s beat after the Friday market close. Fiscal fourth quarter adjusted earnings per share came in at $1.44, topping the $1.28 expected from analysts polled by Refinitiv. Revenue, however, fell short.
STOCK SYMBOL: PANW
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Earthstone Energy, Permian Resources — Earthstone jumped 7.5% in the premarket after Permian Resources agreed to buy the oil and gas company in an all-stock deal valued at about $4.5 billion, including debt. Permian fell 3.4%.
STOCK SYMBOL: ESTE
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STOCK SYMBOL: PR
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Nvidia — The leading AI semiconductor maker gained 2.6% premarket after HSBC reiterated a buy rating and raised its target price. The bank’s new forecast implies more than 80% upside from Friday’s close. Baird also named Nvidia a top pick over the weekend, noting that with AI momentum running at full speed, Nvidia will continue to benefit from higher demand.
STOCK SYMBOL: NVDA
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Napco Security Technologies — Shares plunged nearly 36% after the maker and designer of school safety solutions disclosed postmarket Friday that an audit found errors in financial statements from fiscal quarters ending in September, December and March. Gross profit, operating income and net income in each period were overstated, Napco said.
STOCK SYMBOL: NSSC
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XPeng — XPeng popped nearly 6% after Bank of America upgraded shares to buy from neutral, citing an improved outlook for the Chinese electric vehicle maker thanks to its partnership with Volkswagen and improving cost structure.
STOCK SYMBOL: XPEV
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Tesla — The EV maker gained about 3%, after losing more than 11% last week amid news of price cuts on existing Model S and Model X inventories in China.
STOCK SYMBOL: TSLA
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VMware — Shares climbed 5.2% before the open Monday after Broadcom said it received final transaction approval from the United Kingdom’s Competition and Markets Authority for an acquisition of the cloud computing company. Broadcomexpects other required regulatory approvals before Oct. 30. Broadcom was 0.9% higher in the premarket.
STOCK SYMBOL: VMW
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Farfetch — Shares rose more than 2% Monday premarket, after plunging 45% Friday. The e-commerce fashion platform’s shares tanked after second quarter revenue came in lower than expected. The company’s revenue guidance for the full year was also weaker than analysts had estimated.
STOCK SYMBOL: FTCH
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DISCUSS!
What's on everyone's radar for today's trading day ahead here at r/stocks?
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