Good morning traders and investors of the r/stocks sub! Welcome to Wednesday! Here are your pre-market stock movers & news on this Wednesday, February the 9th, 2022-
Stock futures rise ahead of more big earnings reports
U.S. stock futures rose in early morning trading on Wednesday as investors digested another batch of corporate earnings and tech shares looked to build on their rebound.
Dow futures rose 216 points, or 0.6%. S&P 500 futures gained 0.9% and Nasdaq 100 futures rose 1.3%.
Chipotle rose more than 6% in after-hours trading on the back of its strong earnings, while Lyft tumbled nearly 4% after announcing it had fewer active riders than in the prior quarter.
Solar stock Enphase Energy surged 20% in premarket trading after the company beat estimates on the top and bottom lines for the fourth quarter and delivered upbeat guidance.
Tech stocks appeared poise to outperform on Wednesday, with chipmaker Advanced Micro Devices rising more than 1% after an upgrade from Daiwa Capital Markets. The Nasdaq Composite has gained more than 6% from its recent low on Jan. 27.
Bond yields cooled off Wednesday amid a dramatic surge in 2022. The benchmark 10-year Treasury note most recently yielded 1.93% after touching 1.97% on Tuesday. .
Mortgage applications dropped 10% week over week, however, as the rise in interest rates in recent months appears to have dampened demand among homebuyers.
Yields have risen this year in part because of a more aggressive stance from the Federal Reserve. Atlanta Fed President Raphael Bostic told CNBC on Wednesday that three rate hikes are possible this year but that the central bank is not locked in to any path and will watch how the economy responds.
Elsewhere, Peloton continued its rebound, rising more than 4% premarket the day after the company announced a restructuring plan that will include layoffs and the removal of its CEO. Despite a bumpy road, shares of the interactive fitness company are now positive year to date after soaring more than 25% in Tuesday trading.
On Tuesday, the Dow Jones Industrial Average added more than 370 points, helped by a 7.8% pop in Amgen on the back of its strong earnings report. The S&P 500 also registered a gain, climbing 0.8%. The technology-focused Nasdaq Composite rose 1.3%.
A handful of strong corporate earnings boosted sentiment on Tuesday, after a slow start to the week. Harley-Davidson, Chegg, DuPont and Centene all rose after reporting better-than-expected earnings.
As of the closing bell on Tuesday, nearly 60% of all S&P 500 companies have reported fourth-quarter earnings and roughly 77% have topped Wall Street’s earnings estimates, according to FactSet.
“We are wrapping up a very solid earnings season,” said Ryan Detrick of LPL Financial. “Sure, we had a high-profile blowup at Facebook, but overall we’ve seen impressive news from corporate America.”
Disney, Mattel, MGM Resorts and Uber Technologies will release results after the bell on Wednesday.
Investors are also preparing for Thursday’s Consumer Price Index report, which will give an update on the inflation picture. The Fed has already signaled a monetary policy pivot in order to address the historically high price increases.
The CPI report “has had a big bullseye on it all week and the truth is that headline number will likely be one of the highest we’ve ever seen,” Detrick said. “Now the good news is we are likely close to a major peak in inflation and this number very well could be the peak. We’ve seen some improvements in supply chains lately and this is the first clue we are nearing a peak in inflation as well.”
The inflation data is estimated to show that prices rose 0.4% in January, for a 7.2% gain from one year ago, according to Dow Jones.
STOCK FUTURES CURRENTLY:
(CLICK HERE FOR STOCK FUTURES CHARTS!)
YESTERDAY'S MARKET MAP:
(CLICK HERE FOR YESTERDAY'S MARKET MAP!)
TODAY'S MARKET MAP:
(CLICK HERE FOR TODAY'S MARKET MAP!)
YESTERDAY'S S&P SECTORS:
(CLICK HERE FOR YESTERDAY'S S&P SECTORS CHART!)
TODAY'S S&P SECTORS:
(CLICK HERE FOR TODAY'S S&P SECTORS CHART!)
TODAY'S ECONOMIC CALENDAR:
(CLICK HERE FOR TODAY'S ECONOMIC CALENDAR!)
THIS WEEK'S ECONOMIC CALENDAR:
(CLICK HERE FOR THIS WEEK'S ECONOMIC CALENDAR!)
THIS WEEK'S UPCOMING IPO'S:
(CLICK HERE FOR THIS WEEK'S UPCOMING IPO'S!)
THIS WEEK'S EARNINGS CALENDAR:
(CLICK HERE FOR THIS WEEK'S EARNINGS CALENDAR!)
THIS MORNING'S PRE-MARKET EARNINGS CALENDAR:
(CLICK HERE FOR THIS MORNING'S EARNINGS CALENDAR!)
EARNINGS RELEASES BEFORE THE OPEN TODAY:
(CLICK HERE FOR THIS MORNING'S EARNINGS RELEASES!)
EARNINGS RELEASES AFTER THE CLOSE TODAY:
(CLICK HERE FOR THIS AFTERNOON'S EARNINGS RELEASES LINK #1!)
(CLICK HERE FOR THIS AFTERNOON'S EARNINGS RELEASES LINK #2!)
YESTERDAY'S ANALYST UPGRADES/DOWNGRADES:
(CLICK HERE FOR YESTERDAY'S ANALYST UPGRADES/DOWNGRADES LINK #1!)
(CLICK HERE FOR YESTERDAY'S ANALYST UPGRADES/DOWNGRADES LINK #2!)
(CLICK HERE FOR YESTERDAY'S ANALYST UPGRADES/DOWNGRADES LINK #3!)
(CLICK HERE FOR YESTERDAY'S ANALYST UPGRADES/DOWNGRADES LINK #4!)
YESTERDAY'S INSIDER TRADING FILINGS:
(CLICK HERE FOR YESTERDAY'S INSIDER TRADING FILINGS!)
TODAY'S DIVIDEND CALENDAR:
(CLICK HERE FOR TODAY'S DIVIDEND CALENDAR LINK #1!)
(CLICK HERE FOR TODAY'S DIVIDEND CALENDAR LINK #2!)
THIS MORNING'S STOCK NEWS MOVERS:
(source: cnbc.com)
Peloton (PTON) – Peloton added 1% in premarket trading after surging more than 20% in each of the past two sessions. Yesterday’s gains came after the fitness equipment maker announced that CEO John Foley was stepping down in favor of former Spotify and Netflix CFO Barry McCarthy and that the company would be cutting 20% of its corporate positions.
STOCK SYMBOL: PTON
(CLICK HERE FOR LIVE STOCK QUOTE!)
Canopy Growth (CGC) – The Canada-based cannabis producer’s stock rallied 6% in the premarket after it reported a narrower-than-anticipated loss as well as better-than-expected revenue for its latest quarter. Cannabis sales declined but were offset by growth in its drinks and vapes categories.
STOCK SYMBOL: CGC
(CLICK HERE FOR LIVE STOCK QUOTE!)
Reynolds Consumer Products (REYN) – Reynolds shares fell 1.8% in premarket trading after the consumer products company reported a mixed quarter: beating bottom-line estimates but reporting revenue that fell short of Wall Street forecasts. Reynolds also forecast weaker-than-expected revenue for the current quarter.
STOCK SYMBOL: REYN
(CLICK HERE FOR LIVE STOCK QUOTE!)
Chipotle Mexican Grill (CMG) – Chipotle reported an adjusted quarterly profit of $5.58 per share, beating the $5.25 consensus estimate, with revenue in line with analyst forecasts. The restaurant chain said it was raising menu prices to deal with higher costs for labor and food, and said they would likely be raised again this year. Chipotle jumped 6.1% in the premarket.
STOCK SYMBOL: CMG
(CLICK HERE FOR LIVE STOCK QUOTE!)
Lyft (LYFT) – Lyft earned an adjusted 9 cents per share for its latest quarter, 1 cent above estimates, with the ride-hailing service also reporting better-than-expected revenue. The stock fell 3.7% in the premarket as ridership numbers came in below analyst forecasts, although that was offset by higher fares and longer trips by Lyft customers.
STOCK SYMBOL: LYFT
(CLICK HERE FOR LIVE STOCK QUOTE!)
Nikola (NKLA) – Nikola denied a report that it instituted a hiring freeze and that the electric truck maker has lost nearly its entire supply chain leadership. Nikola said its supply chain department is “intact” and it continues to hire. The stock added 1.4% in premarket trading.
STOCK SYMBOL: NKLA
(CLICK HERE FOR LIVE STOCK QUOTE!)
Xpeng (XPEV) – Xpeng leaped 6.8% in the premarket after the electric vehicle maker’s Hong Kong shares were included in a trading link to mainland China. Inclusion in the Shenzhen-Hong Kong Stock Connect link allows Chinese investors easier access to those shares.
STOCK SYMBOL: XPEV
(CLICK HERE FOR LIVE STOCK QUOTE!)
Enphase Energy (ENPH) – Enphase surged 20.3% in premarket action following a better-than-expected quarterly report from the maker of solar and battery systems. Enphase earned an adjusted 73 cents per share for the quarter, beating the 58-cent consensus estimate.
STOCK SYMBOL: ENPH
(CLICK HERE FOR LIVE STOCK QUOTE!)
XPO Logistics (XPO) – The logistics company’s shares jumped 3.4% in the premarket after its quarterly results exceeded analyst forecasts. XPO said strong North American trucking business was among the factors driving those results.
STOCK SYMBOL: XPO
(CLICK HERE FOR LIVE STOCK QUOTE!)
Container Store (TCS) – The specialty retailer’s shares tumbled 26% in the premarket despite better-than-expected profit and sales for the company’s most recent quarter. Overall sales were down 3% from a year ago and online sales tumbled by 36% compared with a year earlier.
STOCK SYMBOL: TCS
(CLICK HERE FOR LIVE STOCK QUOTE!)
NCR (NCR) – The financial technology and services company’s stock soared 11.3% in premarket trading after it said it would conduct a strategic review of its operations, adding that it believes there is substantial shareholder value yet to be unlocked.
STOCK SYMBOL: NCR
(CLICK HERE FOR LIVE STOCK QUOTE!)
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?
Leave a Reply