Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
CNBC
U.S. stock futures were flat Tuesday as earnings season kicked off one day after the Dow, S&P 500 and Nasdaq logged record closes. All the major benchmarks have been on hot streaks recently. The S&P 500 leads the three with a 16.7% year-to-date gain. The Dow and Nasdaq are up about 14.3% for 2021. (CNBC)
The 10-year Treasury yield was rather steady Tuesday, around 1.36% after going as low as 1.25% last Thursday. The government is out with the June consumer price index at 8:30 a.m. ET. Economists expect the latest inflation report to show 0.5% increases in the headline CPI and the non-food and energy number. (CNBC)
IN THE NEWS TODAY
Shares of JPMorgan (JPM) fell nearly 1% in Tuesday's premarket, after the bank reported second-quarter profit and revenue that exceeded expectations as the firm released money set aside for loan losses. Borrowers have held up better than expected as the economy continued to pull out of the Covid pandemic tailspin. (CNBC)
Shares of Goldman Sachs (GS) rose 0.3% in premarket trading, after the bank's second-quarter earnings report blew past Wall Street estimates, propelled by strong performance in investment banking during this year's robust IPO market. (CNBC)
PepsiCo (PEP) shares rose more than 1% in the premarket, after the beverage and snack company reported that its quarterly revenue rose more than 20% from a year earlier as restaurant demand for its drinks returned, fueling an earnings beat. PepsiCo also raised its outlook for its full-year adjusted earnings per share growth. (CNBC)
Boeing shares fell 2% in the premarket after the aircraft maker announced Tuesday morning that it cut its delivery target for its undelivered 787 Dreamliner planes. Boeing said it will temporarily lower production rates after a new defect was detected on some of the wide-body jets. (CNBC)
The FDA is expected to announce a new warning for Johnson & Johnson's Covid-19 vaccine, saying the shot has been linked to a serious, but rare, autoimmune disorder, according to The Washington Post. About 100 preliminary reports of Guillain-Barre syndrome have been detected after 12.8 million doses of J&J's one-does vaccine were administered, the CDC said in a statement to NBC News.
* J&J, AstraZeneca explore vaccine modification over rare blood clots (WSJ)
STOCKS TO WATCH
Conagra Brands (CAG) beat estimates by 2 cents with adjusted quarterly earnings of 54 cents per share, with revenue topping analyst predictions as well. The food producer did cut its fiscal 2022 full-year forecast due to the impact of inflation, and its stock fell 3.7% in premarket action.
Nokia (NOK) said it would announce an improved outlook for the year on July 29, when it reports its second-quarter results. The telecom equipment maker cites a pickup in business during the quarter. Shares surged 8.4% in premarket trading.
Hanesbrands' (HBI) stock jumped 3.2% in the premarket after Wells Fargo upgraded the apparel producer to "overweight" from "equal weight". Wells Fargo said it was impressed by the company's new leadership team and the overall direction of the business.
Walt Disney (DIS) is raising subscription prices for its ESPN+ sports streaming platform. The monthly price goes up by $1 to $6.99, while the annual plan will increase by $10 to $69.99.
The U.S. government has begun the review process that will determine if Medicare will cover the cost of Biogen's (BIIB) newly approved Alzheimer's drug Aduhelm. A final decision is expected within nine months.
McDonald's (MCD) is backing franchisee efforts to attract more workers, making a multimillion investment in perks such as higher pay, more paid time off, college tuition aid and emergency child care.
CONTRIBUTORS
Matthew J. Belvedere
@Matt_Belvedere
Peter Schacknow
@peterschack
CNBC
U.S. stock futures were steady Tuesday, one day after Facebook's first close above a $1 trillion market value broadly boosted tech stocks. The S&P 500 and Nasdaq both ended at record highs. However, as energy stocks came under pressure Monday, the Dow broke a two-session winning streak. The 30-stock average was 1.4% away from its record close early last month. (CNBC)
On today's economic calendar, the S&P/Case-Shiller report on April home prices is out at 9 a.m. ET. Economists expect a 14.5% increase in the nation's 20 largest cities. That would be up from 13.5% in March. The Conference Board releases its June consumer confidence index at 10 a.m. ET. (CNBC)
* Treasury yields climb with focus on employment data (CNBC)
Goldman Sachs (GS), Morgan Stanley (MS), JPMorgan Chase (JPM), Wells Fargo (WFC) and Bank of America (BAC) all announced dividend increases after passing the Federal Reserve's latest stress tests. Citigroup was the only one of the six largest U.S. banks to keep its dividend unchanged. (CNBC)
IN THE NEWS TODAY
United Airlines (UAL) unveiled its largest aircraft order ever Tuesday as the carrier charts a path for post-pandemic growth. United plans to buy 200 Boeing Max jets. United ordered 70 a321neos from Europe's Airbus. United expects to add 25,000 union jobs to staff the new jets. Seatback screens and more roomier seats in coach will be central to the new interiors. (CNBC)
* Airport restaurants, TSA offer $1,000 bonuses in hiring scramble (CNBC)
JPMorgan has agreed to buy OpenInvest, a San Francisco-based start-up backed by venture capital giant Andreessen Horowitz and founded by former employees of the Bridgewater Associates hedge fund, CNBC has learned. OpenInvest allows investors to create personalized, dynamic values-based portfolios focused on ESG. (CNBC)
Cathie Wood's Ark Invest is creating a bitcoin exchange-traded fund, according to a filing with the Securities and Exchange Commission. The ETF's investment objective is to track the performance of bitcoin. Ark Invest is working in partnership with 21Shares to launch the ETF. (CNBC)
Walmart (WMT) will start to sell a less expensive version of analog insulin to people who do not have health insurance or struggle to afford the drug's cost. The retailing giant has made a bigger push into health care as it tries to leverage its massive reach for new opportunities. It's sought to bring "everyday low price" to medical care. (CNBC)
Juul Labs has agreed to pay North Carolina $40 million and change its business practices in the state in a settlement of a teen marketing lawsuit. The company is currently facing similar lawsuits from at least nine other states. Regulators and health officials have blamed Juul for the popularity of e-cigarettes among teens. (CNBC)
The slow work of sifting through the remnants of a collapsed Florida condo building stretched into a sixth day Tuesday. Just two additional bodies were found Monday, raising the count of confirmed dead to 11. That leaves 150 people still unaccounted for in the community of Surfside, just outside Miami. (AP)
STOCKS TO WATCH
UBS cut its price target on Tesla (TSLA) shares to $660 from $730, while maintaining a "neutral" rating, noting increasing competition as well as operational delays. Tesla has dropped more than 20% from its all-time high of $900.40 per share on Jan. 25. The stock was down slightly in Tuesday's premarket.
Herman Miller (MLHR) reported quarterly profit of 56 cents per share, beating estimates of 39 cents a share. The office furniture maker's revenue came in above estimates as well. Herman Miller gave a lower-than-expected earnings forecast, however, and shares fell 4% in the premarket.
Jefferies Financial (JEF) beat Wall Street forecasts for both profit and revenue for its latest quarter, and the financial services firm also announced a 25% dividend increase. Jefferies rallied 3.3% in premarket trading.
XPO Logistics (XPO) announced that its public offering of 5 million common shares was priced at $138 per share, compared to Monday's close of $140.61. The transportation and logistics company plans to use the funds to pay down debt and for general corporate purposes. XPO fell 1.5% in the premarket.
General Electric (GE) named the stock a "top idea," based in part on an upbeat view of GE's cash flow prospects as the industrials sector recovers. Goldman rates GE "buy" with a price target of $16 compared to Monday's close of $12.89. GE rose 1% in premarket trading.
CONTRIBUTORS
Matthew J. Belvedere
@Matt_Belvedere
Peter Schacknow
@peterschack
CNBC
Dow futures about 200 points Monday after the 30-stock average posted its worst weekly loss since October as investors and traders sold on concern that the Federal Reserve could start increasing interest rates sooner than expected. (CNBC)
* Japan's Nikkei sank over 3%, leading losses across major Asian stock markets (CNBC)
The Dow on Friday lost 533 points, or nearly 1.6%, closing out a five session losing streak of almost 3.5%. The S&P 500, which fell 1.3% on Friday, sank four days in row for a 1.9% weekly decline. The Nasdaq dropped less than 1% on Friday but was down only about 0.3% for the week. (CNBC)
The Fed last Wednesday increased its inflation forecast and indicated two rate hikes in 2023. Fed Chairman Jerome Powell said central bankers were considering tapering their massive Covid-era bond purchases. Fed speakers will get a lot of attention this week, including Tuesday's congressional testimony from Powell. (CNBC)
The 10-year Treasury yield continued to back away from last week's Fed-driven spike, trading early Monday just above 1.4%. It briefly dipped to 1.354%, the lowest level since late February. (CNBC)
Bitcoin dropped 7% on Monday, trading under $33,000 for the first time in nearly two weeks, on reports that China's crackdown on cryptocurrency mining extended to the southwestern province of Sichuan. The Communist Party-backed Global Times estimates that more than 90% of China's bitcoin mining capacity has been shut down. (CNBC)
MicroStrategy (MSTR), one of the biggest corporate investors in bitcoin, said Monday it bought more, about $420 million worth at current prices, bringing its total investment in the cryptocurrency to $3.4 billion. Shares of MicroStrategy fell 7.5% in Monday's premarket as bitcoin dropped on the expansion of China's crypto mining crackdown.
IN THE NEWS TODAY
Amazon's (AMZN) Prime Day kicked off Monday. Prime Day 2020, delayed to October due to the pandemic, pulled in $10.4 billion, according to Digital Commerce 360, a 45% increase from 2019. This year's Prime Day comes as retailers grapple with global supply-chain disruptions. Major retailers, including Walmart (WMT), Target (TGT), Kohl's (KSS), Macy's (M), and Costco (COST), are holding competing sales. (CNBC)
As travel demand surges toward pre-pandemic levels, American Airlines canceled 100 more flights Monday after scrapping hundreds over the weekend due to staffing shortages, maintenance and other issues. American said it's trimming its overall schedule by about 1% through mid-July to help ease the strain on its operations. (CNBC)
* Royal Caribbean launches 'simulated' Freedom of the Seas cruise from Miami (NBC News)
A bipartisan infrastructure plan costing a little over $1 trillion, only about a fourth of what President Joe Biden initially proposed, has been gaining support in the U.S. Senate, but disputes continued on Sunday over how it should be funded. Biden told reporters last that he will have a response to the plan as soon as Monday. (Reuters)
Claudette regained tropical storm strength Monday morning as the system neared the Carolinas less than two days after 13 people died, including eight children in a multi-vehicle crash, due to the effects of the storm in Alabama. A search was also underway for a man believed to have fallen into the water during flash flooding in Birmingham. (AP)
STOCKS TO WATCH
Pershing Square Tontine Holdings (PSTH), the SPAC controlled by billionaire investor Bill Ackman, finalized a deal to buy a 10% stake in Universal Music from Vivendi. The deal values Universal Music the world's largest music company at about $40 billion. Shares gained 1.1% in the premarket.
Raven Industries (RAVN) agreed to be bought by fellow agricultural equipment maker CNH Industrial (CNHI) for $58 per share, or $2.1 billion, compared to Raven's Friday close of $38.62 per share. The stock soared nearly 50% in premarket trading.
HSBC (HSBC) sold its French retail bank to private-equity firm Cerberus Capital for just 1 euro and it expects to book a $3 billion loss after unloading the unprofitable operation. The Wall Street Journal points out that HSBC two decades ago paid $10.6 billion to acquire Credit Commercial de France.
GlaxoSmithKline (GSK) is set to cut its dividend, according to a report in the U.K.'s Daily Mail newspaper. The drugmaker will hold an investor event on Wednesday, and the paper said a cut of as much as 50% will be revealed at that meeting.
Former Tesla (TSLA) executive Jerome Guillen sold about $274 million in Tesla shares since June 10, according to a SEC filing. Guillen left Tesla earlier this month after 11 years, most recently running the company's Tesla Heavy Trucking unit.
Westlake Chemical (WLK) will buy the North American building products business of Australia's Boral for $2.15 billion. Westlake said the acquisition will boost its presence in products like roofing and siding, and that it will be accretive to earnings during the first year.
CONTRIBUTORS
Matthew J. Belvedere
@Matt_Belvedere
Peter Schacknow
@peterschack
CNBC
Dow futures rose Thursday despite a hotter-than-expected report on consumer inflation. The Dow logged its third straight session of losses Wednesday. In a rather muted June, the 30-stock average was still less than 1% from last month's record close. The S&P 500, which also dipped Wednesday, remained 0.3% shy of its May record high close. The Nasdaq broke a three-session winning streak, but Wednesday's modest decline still kept the tech-heavy index within 1.6% from its late April record close. (CNBC)
The 10-year Treasury yield ticked higher Thursday, trading around 1.5%, after the government released its red-hot May consumer price index. Headline CPI rose a greater-than-expected 5% on a year-over-year basis, the highest rate since sky-high energy prices spiked inflation readings in August 2008. The Federal Reserve, which has said it believes hotter inflation will be transitory, meets next week. The government also reported a new pandemic-era low of 376,000 initial jobless claims for last week. (CNBC)
Oil prices rose Thursday a day after slipping on data indicating weak U.S. driving season fuel demand as investors eyed upcoming U.S. economic data. U.S. West Texas Intermediate oil futures rose to over $70 per barrel, staying near its highest since Oct. 2018. (Reuters)
Homeowners with mortgages saw their equity jump by 20% in the first quarter from a year earlier. This represents a collective cash gain of close to $2 trillion. Per borrower, the average gain was $33,400. Record-low mortgage rates for much of last year only added to the buying frenzy and helped fuel the price gains. (CNBC)
IN THE NEWS TODAY
Shares of GameStop (GME) dropped roughly 6% in the premarket, the morning after the video game retailer named former Amazon executive Matt Furlong as its new CEO. GameStop also named another former Amazon executive, Mike Recupero, as CFO. (CNBC)
GameStop is attempting to shift from a largely brick-and-mortar business to more of an online operation. Chewy co-founder Ryan Cohen, who took a stake in GameStop last year and pushed the new strategy, became chairman. GameStop sales rose 25% in the fiscal first quarter on a smaller-than-expected per-share loss. Shares of the original Reddit-favored meme stock have soared 1,500% in 2021. (CNBC)
Clover Health (CLOV), Wendy's (WEN), WWE (WWE), and Clean Energy Fuels (CLNE) are among the newest meme stocks. Insurance provider Clover rose 1.8% in the premarket after a 23.6% drop Wednesday. Wendy's gained 1.8% after closing down 12.7%. WWE rose 2.4% premarket after an 11% jump. Clean Energy Fuels rallied 5.6% in premarket trading after a 31.5% surge Wednesday. (CNBC)
* Virtu CEO says meme stock frenzy not solely driven by a 'band of retail traders' (CNBC)
Brazil's JBS, the world's largest beef supplier, ended up paying the ransomware group that breached its computer networks about $11 million. The company was hacked in May by REvil, one of a number of Russian-speaking gangs, leading to plant closures. (NBC News)
Goldman Sachs (GS) is making its U.S. employees report whether they've taken one of the Covid-19 vaccines, according to an internal memo sent this week. Employees must inform the New York-based bank by noon Thursday on their status, according to the memo. (CNBC)
President Joe Biden, meeting with leaders of the wealthy G-7 democracies on his first overseas trip since taking office, is expected to unveil plans Thursday for the U.S. to donate 500 million additional vaccine doses around the globe over the next year. The president will also include a direct request to his fellow G-7 leaders to do the same. (AP)
While Covid eases in the U.S., the pandemic has reached new levels of devastation in many countries. India reported on Thursday a daily record of more than 6,000 deaths from the disease. (CNBC)
Moderna (MRNA) said it's asked the FDA to expand the emergency use authorization of its Covid vaccine in adolescents ages 12 to 17. Pfizer (PFE) and German partner BioNTech (BNTX) were cleared last month to use their vaccine for 12-to-15-year-olds. (CNBC)
Keystone XL was halted by owner TC Energy after President Joe Biden this year revoked a key permit needed for a U.S. stretch of the 1,200-mile project. The pipeline, delayed for the past 12 years due to opposition from various groups, was expected to carry 830,000 barrels per day of Alberta oil sands crude to Nebraska. (Reuters)
STOCKS TO WATCH
RH (RH) surged 8.4% in premarket trading after it reported quarterly profit of $4.89 per share, above the $4.10 a share consensus estimate. The home furnishings retailer formerly-known as Restoration Hardware also reported better-than-expected revenue and raised its full-year outlook.
Signet Jewelers (SIG) surged 6.3% in premarket trading after it trounced a $1.27 consensus estimate with quarterly earnings of $2.23 per share. The jewelry retailer's revenue also beat estimates as same-store sales more than doubled from a year earlier. Signet raised its full-year revenue forecast as well.
United Airlines (UAL) is reportedly in advanced talks to buy a substantial number of large narrow-body jets that would include at least 100 Boeing (BA) 737 Max jets. People familiar with the matter told Bloomberg the talks are part of a broader fleet revamp at United. Boeing shares added 1% in premarket trading.
Tesla (TSLA) plans to launch its new Model S Plaid today at its Fremont, California, plant, with the event set for 10 p.m. ET. The high-end version of the Model S will cost just under $120,000 and has a projected driving range of 390 miles.
Roblox (RBLX) faces a copyright infringement lawsuit from a group of music publishers. The video game platform company is accused of letting developers insert music players into games that play copyrighted music without permission or payment.
Verint Systems (VRNT) reported quarterly profit of 44 cents per share, beating the 35 cents a share consensus estimate. The customer relationship software company's revenue also came in above analysts' forecasts and Verint raised its full-year guidance.
CONTRIBUTORS
Matthew J. Belvedere
@Matt_Belvedere
Peter Schacknow
@peterschack
CNBC
June was set for a positive start on Wall Street. Dow futures led the way Tuesday, with an over 200-point gain, about 0.7%. The Dow Jones Industrial Average and S&P 500 broke two-week losing streaks with weekly gains around 1%. The Nasdaq jumped 2% last week for its first two-week winning streak since mid-April. (CNBC)
The Nasdaq, however, bucked May's uptrend, dropping 1.5% and ending a six-month winning streak. Investors already have Friday's May employment report in their sights, as well as the June 15-16 meeting of Federal Reserve policymakers. (CNBC)
* For CNBC Pro subscribers: Here are today's biggest analyst calls: McDonald s, Vail, Nio, AMC
Bitcoin, off 44% from April's all-time high near $65,000, traded above $36,000 on Tuesday. Bitcoin crashed last month, plunging more tan 30% on May 19 to around $30,000. However, at Tuesday's levels, it was still up about 24% in 2021 and 275% higher in the past 12 months. (CNBC)
IN THE NEWS TODAY
AMC Entertainment (AMC) surged again Tuesday, up 17% in premarket trading after the company sold more than 8 million shares to an investment firm. It's the latest in a series of capital raises for the struggling theater chain. AMC shares doubled last week on extremely high volume as retail investors on Reddit's WallStreetBets forum drove interest once again. (CNBC)
Cinemark (CNK) was among movie theater chains seeing a boost today after "A Quiet Place, Part II" topped the weekend box office with more than $58 million in ticket sales. That was the highest weekend total for any movie since the pandemic began. AMC, Cinemark and Regal Cinemas have also lifted all mask mandates for fully vaccinated customers. (CNBC)
Moderna (MRNA) on Tuesday asked the FDA for full approval of its two-dose Covid-19 vaccine, the second U.S. drug maker to seek a biologics license that would allow it to market the shots directly to consumers.
On May 7, Pfizer (PFE) and its German partner BioNTech (BNTX) said they started the process of seeking full approval for their vaccine. (CNBC)
Price hikes on Tesla (TSLA) vehicles are due to "major supply chain pressure" across the auto industry, CEO Elon Musk said in response to a tweet. "Raw materials especially," Musk added. In May, Tesla increased its Model 3 and Model Y prices, the automaker's fifth incremental price increase for its vehicles in just a few months, according to EV news site Electrek. (Reuters)
Social Finance is expected to debut as a public company Tuesday after completing last week its merger with a SPAC backed by venture capital investor Chamath Palihapitiya. The transaction, announced in January with the Social Capital Hedosophia Corp V special purpose acquisition company valued SoFi (SOFI) at $8.65 billion.
Australian and North American units of the world's largest meat processor were hit over the weekend by an organized cyberattack on its information systems, Brazil's JBS said. Last month, a ransomware attack on Colonial Pipeline caused fuel storages on the East Coast and a U.S. government response. (Reuters)
STOCKS TO WATCH
Cloudera (CLDR) agreed to be acquired by private-equity firms KKR (KKR) and Clayton Dubilier & Rice for $16 per share. The cloud-based data analytics company's shares surged 24.8% in premarket trading.
Johnson & Johnson (JNJ) is asking the Supreme Court to review a $2 billion verdict against it involving talc products that allegedly caused cancer in a number of users. The court may decide as soon as today whether it will grant that review.
A judge sided with 3M (MMM) in the second trial involving earplugs sold to the military. 3M has been hit with more than 230,000 claims that the earplugs were faulty and caused hearing problems, and the first trial resulted in a $7.1 million verdict in favor of three veterans.
Nokia (NOK) will collect licensing fees from automaker Daimler for its patents, ending a legal dispute between the two companies. Terms of the settlement were confidential, but the deal will add to the annual $1.7 billion that Nokia earns from patent licensing.
Nio (NIO) delivered 6,711 vehicles in May, an increase of 95% compared to a year ago for the China-based electric vehicle maker. Following those results, Citi upgraded Nio to "buy" from "neutral," and raised its sales forecast for the company.
Rival Chinese electric vehicle company Xpeng (XPEV) is also seeing accelerating sales with 5,686 vehicles delivered last month, an increase of 483% from a year earlier. Nio rallied 3.9% in premarket trading, while Xpeng jumped 4.6%.
Canopy Growth (CGC), a Canadian cannabis producer, reported a 38% jump in revenue during its fiscal fourth quarter, though that increase was slightly smaller than analysts had been anticipating. Shares rose 1% in premarket trading.
CONTRIBUTORS
Matthew J. Belvedere
@Matt_Belvedere
Peter Schacknow
@peterschack
Thanks to all military: active, retired and deceased for your service to our country.
MG
CNBC
U.S. stock futures were mostly lower Thursday, and the 10-year Treasury yield was higher, just over 1.6% ahead of a burst of morning economic data. The market saw modest gains Wednesday, supported by stocks tied to the economic reopening. (CNBC)
The S&P 500 ended less than 1% from its May 7 record close. With two trading days left in May, the Nasdaq was up nearly 2% for the week but down 1.6% for the month. The Dow Jones Industrial Average and S&P 500 were up for the week and the month. (CNBC)
* For CNBC Pro subscribers: RBC upgrades Ford on its new electric vehicle strategy, sees shares rallying 22%
The government is set to issue three key economic reports at 8:30 a.m. ET, one hour before the opening bell on Wall Street: Initial weekly jobless claims, the second estimate of first-quarter gross domestic product, and April durable goods orders (CNBC)
This week's meme stock rally was set to take pause Thursday. Shares of GameStop and AMC Entertainment, both popular with Reddit traders, were under pressure in the premarket. However, GameStop surged nearly 16% on Wednesday and almost 44% in the past month. AMC soared 19% on Wednesday and 70% over the past month. (CNBC)
* Cramer says investors who are short GameStop and AMC are out of their minds (CNBC)
IN THE NEWS TODAY
* Immunity to the coronavirus may persist for years, scientists find (NY Times)
* FDA gives emergency use approval for Vir-GSK Covid antibody drug (Reuters)
* Dutch court rules oil giant Shell must cut carbon emissions by 45% by 2030 (CNBC)
Snowflake (SNOW) said in its earnings release on Wednesday that it no longer has a corporate headquarters, as its workforce is "globally distributed." The company designated Bozeman, Montana, as its principal executive office because it's required by the SEC to have one. (CNBC)
Walmart (WMT) and Gap (GPS) will launch a new brand, Gap Home, with bedding, bath and decor. The initial collection will debut on Walmart's website June 24 and eventually be available in the discounter's stores. With the multiyear deal, Walmart aims to drive more online sales and Gap wants to strengthen its brand among shoppers. (CNBC)
Acorns said Thursday it will merge with with Pioneer Merger Corp. (PACX), a publicly traded special purpose acquisition company. The SPAC deal values Acorns at roughly $2.2 billion, more than double its last private valuation. When the transaction is finalized, Acorns will trade on the Nasdaq. (CNBC)
* Discloser: Comcast's venture arm and NBCUniversal are investors in Acorns. Comcast (CMCSA) also owns CNBC.
STOCKS TO WATCH
Best Buy (BBY) shares jumped 3.8% in the premarket after the electronics retailer reported quarterly earnings of $2.23 per share, which beat the consensus estimate of $1.39 a share. Revenue and comparable-store sales also exceeded Wall Street forecasts and Best Buy raised its full-year comparable sales forecast.
Dollar General (DG) reported quarterly profit of $2.82 per share, beating the consensus estimate of $2.19 a share. Revenue exceeded estimates and comparable-store sales dropped less than expected. Dollar General also raised its full-year forecast. However, shares fell 1.5% in premarket trading.
Dollar Tree (DLTR) shares fell 2.7% in the premarket after it issued a lower-than-expected earnings outlook for the full year. Dollar Tree beat estimates on the top and bottom lines for its latest quarter, and comparable-store sales rose more than expected.
Williams-Sonoma (WSM) earned $2.93 per share for its latest quarter, beating the consensus estimate of $1.83 a share. The housewares retailer's revenue came in above forecasts, and it also gave an upbeat outlook as shoppers continue to invest in their homes. The stock rose 3.3% in premarket trading.
American Eagle (AEO) beat estimates by 2 cents a share, with quarterly profit of 48 cents per share. Revenue was slightly above projections. The apparel retailer benefited from increased spending by customers who received stimulus checks. Shares were up in the premarket.
Medtronic (MDT) beat estimates by 8 cents a share, with quarterly earnings of $1.50 per share. Revenue beat estimates as well, as medical procedures rebounded amid a receding pandemic. Medtronic also raised its dividend by 9%. However, the stock fell nearly 1% in premarket trading.
Nvidia (NVDA) reported quarterly profit of $3.66 per share, compared to a consensus estimate of $3.28 a share. Revenue exceeded forecasts, with the chip maker also issuing an upbeat revenue outlook. Nvidia said it could not determine how much of its revenue increase was generated by sales to crypto miners. The stock was up modestly in Thursday's premarket.
Workday (WDAY) beat estimates by 14 cents a share, with quarterly earnings of 87 cents per share. The maker of human resources software's revenue also top estimates. Despite the beat and an upbeat outlook, Workday shares fell 1.1% in the premarket.
CONTRIBUTORS
Matthew J. Belvedere
@Matt_Belvedere
Peter Schacknow
@peterschack
Kevin Stankiewicz
@kevin_stank
CNBC
U.S. equity futures are pointing to a lower open and an extension of the losses on Monday and Tuesday that have sent the Nasdaq to its lowest level since March 31. Dow futures implied a drop of about 100 points at today's opening bell, while S&P 500 and Nasdaq futures were also red. (CNBC)
* Treasury yields dip despite anticipated inflation jump (CNBC)
The Dow is the only major average still higher for May, by 1.2% after the two-day slide. The S&P 500, meanwhile, went negative for the month following Tuesday's 0.9% decline. The tech-heavy Nasdaq is down 4.1% so far in May. However, the one possibly upbeat note does come from the Nasdaq, which completely erased an early 2.2% drop Tuesday to briefly go positive before ultimately finishing down just 0.1%.
With inflation a growing concern among investors, this morning's April Consumer Price Index report is likely to be closely monitored. The 8:30 a.m. ET release is expected to show a 0.2% rise in headline inflation, with the ex-food & energy inflation rate higher by 0.3%. Those numbers rose 0.6% and 0.3% respectively in March.
The earnings calendar is relatively light this morning, with Wendy's (WEN) and Wolverine World Wide (WWW) among the few companies scheduled to report. Jack In The Box (JACK), Sonos (SONO), Bumble (BMBL), Poshmark (POSH) and Vroom (VRM) are among the companies set to report after the closing bell.
The daily average of new U.S. coronavirus infections continues to fall, dipping below 40,000 this week for the first time since September, according to data compiled by Johns Hopkins University. The decline comes as more than 45% of the U.S. population has now received at least one Covid vaccine dose. (CNBC)
* India hits another grim record as WHO says it accounted for half of last week's reported cases (CNBC)
IN THE NEWS TODAY
Gas shortages across parts of the American southeast and mid-Atlantic regions could become more common if the Colonial Pipeline is not back in business in the coming days. (MG note: Already seeing it in central Virginia) Prices at the pump could also continue to rise. "This is already an earthquake and the magnitude of the earthquake just grows by the day," RBC energy analyst Michael Tran said. (CNBC)
Coronavirus vaccine booster shots will be available to Americans for free if they are needed to fight the ongoing pandemic, according to Dr. David Kessler, chief science officer of the White House's Covid response team. Kessler made the comments at a Senate hearing. "Beyond 2022, I look to your guidance for at what point do you transition back to a commercial market," he told lawmakers. (CNBC)
* 'CDC's credibility is eroding' amid conflicting mask guidance, ex-Obama official says (CNBC)
Amazon (AMZN) scored a victory in its appeal against the European Commission, the EU's executive arm that had ordered the e-commerce and cloud giant to pay back $303 million in taxes to Luxembourg, home to its European subsidiary. The EU's general court said the commission had not proven that Luxembourg actually had given an illegal tax advantage to Amazon. The European Commission can appeal the general court's ruling up to the EU's highest court.
* Tesla's China sales tumble 27% in April from March (CNBC)
The Department of the Interior gave the green light Tuesday to Vineyard Wind 1, which it described as "the first large-scale, offshore wind project in the United States." The 800 megawatt project, to be located off the coast of Massachusetts, is expected to generate enough power for 400,000 residencies and businesses. (CNBC)
Violence between Israelis and Hamas has intensified in recent days, with the back-and-forth airstrikes representing the most significant outbreak in years. In Gaza, 43 Palestinians have been killed, according to the Health Ministry, while the death toll in Israel stands at six people. Diplomats are attempting to bring about a cease-fire. (Associated Press)
STOCKS TO WATCH
Electronic Arts (EA) earned an adjusted $1.23 per share for its latest quarter, beating the consensus estimate of $1.05, while the video game maker's revenue also came in above Wall Street forecasts. EA also issued an upbeat annual forecast, expecting the pandemic-related momentum to continue even as Covid-related restrictions ease.
fuboTV (FUBO) reported an adjusted first-quarter loss of 59 cents per share, wider than the 46 cent loss that Wall Street analysts had been expecting. The provider of streaming sports programming did, however, see revenue beat estimates, and it also increased its 2021 outlook.
Vizio (VZIO) earned 2 cents per share for the first quarter, compared to Wall Street's predictions of a 10 cents per share loss for the smart TV maker. Revenue also came in above analyst forecasts in Vizio's first report since going public in March.
QuantumScape (QS) lost 20 cents per share during its first quarter, compared to a consensus forecast of a 7 cents per share loss. The startup battery maker did not report any revenue for the quarter, in line with Wall Street's expectations, although it did say it met a contractual milestone with automaker Volkswagen by delivering battery cells for further testing.
Diageo (DEO) said it expects organic operating growth of at least 14% for fiscal 2021, which ends June 30. The world's largest spirits maker also said it has restarted its share buyback program.
Lordstown Motors (RIDE) will restate its 2020 financial results, following SEC guidance on accounting by special purpose acquisition companies, or SPACs. The electric pickup truck maker went public last October through a merger with blank-check company DiamondPeak Holdings.
Kontoor Brands (KTB) raised earnings guidance, saying it now expects full-year earnings of $3.70 to $3.80 per share compared to the previous guidance of $3.50 to $3.60. The maker of Lee and Wrangler jeans is expecting a bump in sales as vaccinations increase and consumers start spending more.
CONTRIBUTORS
Peter Schacknow
@peterschack
Kevin Stankiewicz
@kevin_stank
Very good point, Seward. Nice add to the conversation.
MG
I never touch crypto. When the bubble bursts, there will be margin calls all over the market. Hopefully the rally will last long enough for me to exit some positions.
CNBC
U.S. stock futures were mixed Thursday after strong earnings and economic optimism pushed the Dow Jones Industrial Average up nearly 100 points to a record closing high. The S&P 500 eked out an advance Wednesday, ending about 1% from last month's closing record. The tech-heavy Nasdaq fell modestly, finishing roughly 4% from its April record closing high. (CNBC)
* Today's biggest analyst calls of the day: GM, Peloton, Foot Locker, Uber (CNBC Pro)
The Labor Department on Thursday reported that initial jobless claims sank to a pandemic-era low of 498,000 last week, better than expectations and down 92,000 from the prior week. That's the lowest tally of new filings for unemployment benefits since mid-March 2020 when they totaled 256,000 and the first time under 500,000 since then. (CNBC)
U.S. companies' April payrolls showed big gains but short of lofty expectations, according to the ADP's latest monthly report issued Wednesday. The ADP data during Covid has consistently undershot the government's official monthly tally, which is due out Friday. (CNBC)
IN THE NEWS TODAY
Moderna (MRNA) said its Covid vaccine was 96% effective in kids ages 12 to 17, according to early data released Thursday along with the company's mixed first-quarter earnings and revenue. Shares fell more than 9% in the premarket. (CNBC)
* Poll shows parents are reluctant to get their kids vaccinated against Covid (NT Times)
Citing early data from another ongoing trial, Moderna said Wednesday a Covid booster shot generated a promising immune response against variants first identified in South Africa and Brazil. U.S. health officials said earlier Wednesday that highly contagious variants remain a "wild card" heading into the summer. (CNBC)
* Moderna CEO expects more Covid variants to emerge in coming months (CNBC)
The Biden administration said Wednesday it supports waiving intellectual property protections for Covid vaccines, as other countries around the world struggle to manufacture the life-saving doses. Pfizer CEO Albert Bourla on CNBC on Tuesday that such a move would not impact the production of its Covid vaccine.
India again reported record daily new Covid cases. According to The New York Times, India has only fully vaccinated 2% of its 1.3 billion citizens compared with more than 30% in the U.S. The Indian government is facing criticism, in part, for allowing large crowds to gather for election rallies and religious festivals earlier this year.
Gary Gensler, sworn in last month as SEC chairman, will testify Thursday at a House Financial Services Committee on the GameStop saga and Archegos meltdown. According to prepared testimony, Gensler will tell lawmakers his agency is considering measures to require big investors to disclose more about their short positions and use of derivatives as well as gamification of retail trading. (Reuters & CNBC)
* Battle over tax hikes muddies GOP s post-Trump push to be the party of the working class (CNBC)
* Biden to push his $2.3 trillion infrastructure plan in GOP stronghold today (AP)
Peloton (PTON) shares fell another 1.6% in Thursday's premarket after closing down nearly 15%, wiping about $4 billion off its market value in one day. The fitness equipment maker on Wednesday apologized for not voluntarily recalling both its treadmills over safety concerns sooner. (CNBC)
Amazon CEO Jeff Bezos this week sold nearly $2 billion worth of shares in his company, according to filings with the SEC compiled by OpenInsider. Bezos previously said he'd sell about $1 billion in Amazon (AMZN) stock each year to fund his space exploration company, Blue Origin. (CNBC)
Elon Musk's SpaceX launched and then landed the latest prototype of its Starship rocket Wednesday, in the fifth high-altitude test flight of the system. Starship prototype rocket Serial Number 15, or SN15, flew as high as 10 kilometers, or about 33,000 feet. (CNBC)
Alphabet's (GOOGL) Google is relaxing its approach to the return to work in permitting some employees to permanently work from home. The company will now allow employees to work from other locations for a longer period each year. (CNBC)
STOCKS TO WATCH
Papa John's (PZZA) reported better-than-expected earnings and revenue for the first quarter. Menu innovations like Epic Stuffed Crust helped to boost sales. CEO Rob Lynch said there is "sustained demand" for delivery and pizza post-pandemic. However, shares were down 1% in the premarket.
Etsy (ETSY) shares plunged 11.1% in premarket trading after the online crafts marketplace warned of slowing user growth. Etsy beat estimates by 12 cents a share, with quarterly profit of $1.00 per share. Revenue also beat forecasts. Etsy declined to provide full-year financial guidance.
Uber (UBER) lost 6 cents per share for its latest quarter, compared to expectations of a 54 cents a share loss. Revenue was below forecasts, however, and Uber indicated it would pay drivers more to get cars back in service as the economy rebounds. Uber fell 3.7% in premarket trading.
PayPal (PYPL) jumped 4.5% in the premarket after it came in 21 cents a share ahead of estimates, with quarterly earnings of $1.22 per share. Revenue for the online payment service also came in above Wall Street forecasts. The pandemic-induced increase in online payment volume continues to benefit PayPal's bottom line.
Zynga (ZNGA) earned 8 cents per share for the first quarter, a penny a share shy of estimates. The mobile game producer's revenue exceeded estimates and Zynga raised its full-year guidance on expectations of strong demand for its live gaming services. Its shares surged 5% in premarket action.
Rocket Companies (RKT) reported quarterly earnings of 89 cents per share, in line with forecasts. Loan volume for the lender jumped during the quarter, but current-quarter guidance for the key metric of "gain-on-sale" margins is well below first-quarter levels. Its shares plummeted 13.6% in premarket trading.
Becton Dickinson (BDX) beat estimates by 15 cents a share, with quarterly earnings of $3.19 per share. Revenue also topped expectations on strong contributions from C-19 testing. Becton Dickinson announced it would spin off its diabetes care business into a separate publicly traded company. Its shares rallied 4% in the premarket.
Regeneron Pharmaceuticals (REGN) earned $9.89 per share for the first quarter, beating the $9 a share consensus estimate. Revenue also topped analysts' forecasts, boosted by a strong rebound in sales of Regeneron's Eylea eye disease drug and the contribution from its Covid-19 antibody cocktail treatment. Regeneron rose 1% in premarket trading.
Norwegian Cruise Line (NCLH) reported a slightly smaller-than-expected quarterly loss, while first-quarter revenue was well below analysts' forecasts. It also said a mid-summer restart for cruises could be in jeopardy, given the time needed to strike an agreement with authorities and to get ships ready to sail. The stock lost 1.8% in premarket trading.
Tapestry (TPR), the maker of Coach and other luxury products, beat estimates by 20 cents a share, with quarterly earnings of 51 cents per share. Revenue also came in above estimates. Tapestry gave an upbeat full-year forecast on a rebound in demand for luxury goods.
ViacomCBS (VIAC) shares added 2.4% in the premarket, after it exceeded estimates by 30 cents a share, reporting quarterly profit of $1.52 per share. Revenue was also above estimates, thanks to higher affiliate fees and improved ad sales.
Sunrun (RUN), a solar equipment company, surged 8.4% in premarket trading after its first-quarter earnings matched estimates and revenue exceeded forecasts. Sunrun also increased its growth rate projections, based on growing demand in the solar industry.
Fastly (FSLY) shares plunged 18.5% in the premarket after the internet content platform provider gave lighter-than-expected guidance and also announced that Chief Financial Officer Andriel Lares would step down.
Anheuser-Busch InBev (BUD) announced that CEO Carlos Brito would step down in July after 15 years of leading the beer brewer. He'll be replaced by North American chief Michel Doukeris. Shares rallied 5.1% in the premarket.
CONTRIBUTORS
Matthew J. Belvedere
@Matt_Belvedere
Peter Schacknow
@peterschack
CNBC
U.S. stock futures were flat after the Nasdaq closed at a record for the first time since February. The deluge of tech earnings continues after Tuesday's bell, with Google-parent Alphabet (GOOGL) and Dow stock Microsoft (MSFT). The S&P 500, which has hit many new highs in recent months, also closed Monday at a record. The Dow fell modestly but remained less than 1% shy of its April 16 record close. (CNBC)
* Today's biggest analyst calls of the day: GameStop, Exxon, JPMorgan, Amazon (CNBC Pro)
The Fed kicks off its two-day April policy meeting Tuesday. The central bank is not expected to take any action, but economists expect it to defend its willingness to let inflation run hot, even as commodities such as corn and copper hit multiyear highs. Both corn and copper have nearly doubled in the past 12 months. (CNBC)
* Treasury yields rise ahead of Fed policy meeting but remain below 1.6% (CNBC)
* CNBC survey: Fed will stay put in 2021 despite concerns about overheating economy
IN THE NEWS TODAY
Tesla (TSLA) shares, up 4.6% in 2021 and more than 400% in the past 12 months, slipped 2% in Tuesday's premarket. Elon Musk's electric auto maker late Monday handily beat expectations with per-share adjusted earnings of 93 cents in the first quarter. (CNBC)
Results at Tesla were buoyed by regulatory credits and a $101 million positive impact from bitcoin sales. Revenue of $10.39 billion for the quarter also exceeded estimates. Tesla delivered 184,800 Model 3 and Model Y cars in Q1, beating expectations and setting a company record. (CNBC)
Among Tuesday's earnings before the opening bell, UPS (UPS) easily beat estimates with first-quarter profit of $2.77 per share and revenue of nearly $23 billion, benefiting from a surge in online purchases during the Covid pandemic. Shares soared more than 6% in premarket trading. (Reuters)
Shares of GameStop (GME) jumped 9% in Tuesday's premarket to nearly $185 each, the morning after the video game retailer said it completed the sale of 3.5 million additional shares, raising $551 million to aid in its digital transformation. The stock, favored by the Reddit retail traders, closed up nearly 12% on Monday. It's up almost 800% year to date. (CNBC)
The CDC is expected to unveil new guidance on outdoor mask-wearing for unvaccinated people Tuesday, ahead of a planned speech by President Joe Biden later in the day on the state of the pandemic response. The White House said Monday it will share with the world roughly 60 million doses of AstraZeneca's (AZN) vaccine produced in the U.S. but not yet cleared in this country. (AP)
* British PM provokes fury over alleged let bodies pile high Covid comments (CNBC)
Rep. Richard Neal, chairman of the House Ways and Means Committee and gatekeeper of new tax legislation, plans Tuesday to outline investments in what Democrats are calling "human capital." The Massachusetts lawmaker's bill would provide universal paid family and medical leave of up to 12 weeks and would be worth about two-thirds of a worker's wages. (CNBC)
* Biden raises minimum wage for federal contractors to $15 an hour (Reuters)
* For retirees, rising costs outpace Social Security's cost-of-living adjustment (CNBC)
Jeff Bezos' Blue Origin filed a protest with the Government Accountability Office against NASA, challenging the space agency's award of a nearly $3 billion moon lander contract to Elon Musk's SpaceX earlier this month. Blue Origin decried the award as "flawed" in a statement to CNBC, saying that NASA "moved the goalposts at the last minute." (CNBC)
Lyft (LYFT) gained nearly 3% in premarket trade after announcing that it's selling its self-driving technology unit to Toyota (TM) for $550 million. The ride-hailing company said the sale will allow it to become profitable sooner than it had previously projected. (CNBC)
* Toyota truck subsidiary and EV start-up ink deal for electric trucks (CNBC)
Amazon (AMZN) is expanding its service that lets delivery people drop off groceries inside shoppers' garages. Starting on Tuesday, Prime members in more than 5,000 cities across the U.S. can access the service. The service is part of Amazon Key, which enables delivery drivers to drop packages in garages, homes, cars and businesses. (CNBC)
Apple (AAPL) has released iOS 14.5, its big new software update for iPhones. It adds a lot of new features, but the one that's been grabbing headlines is its new privacy change, which gives users more transparency and control over apps that want to track them for advertising. (CNBC)
* Spotify launches paid podcasts, says creators could make more than through Apple (CNBC)
STOCKS TO WATCH
3M (MMM) reported quarterly profit of $2.77 per share, beating the consensus of $2.29 a share. Revenue also topped estimates as the pandemic continued to drive demand for personal safety products.
JetBlue (JBLU) shares added 1.7% in premarket action after it reported a quarterly loss of $1.48 per share, compared to an expected loss of $1.69 a share. Revenue beat Wall Street forecasts, and JetBlue echoed comments by other airlines in saying it is seeing a rebound in passenger demand.
Eli Lilly (LLY) shares tumbled 3.5% in the premarket after the company fell short of the $2.14 a share consensus estimate, with quarterly profit of $1.87 per share. Revenue missed forecasts as well, and Lilly lowered its full-year forecast. The company took various asset impairment charges during the quarter, as well as incurring costs related to its acquisition of Prevail Therapeutics.
General Electric (GE) reported quarterly profit of 3 cents per share, compared to the 1 cent a share consensus estimate. Revenue came in short of expectations, but free cash flow was better than analysts had been anticipating. GE shares fell 2.7% in premarket action.
BP's (BP) profit more than tripled from a year ago during the first quarter, helped by higher oil prices and a surge in natural gas trading. The stock gained 1.2% in premarket action.
UBS (UBS) reported better-than-expected earnings for the first quarter, but the Switzerland-based bank surprised analysts by revealing a $774 million loss related to the collapse of U.S. investment fund Archegos.
Nomura Holdings (NMR) lost $1.4 billion for its latest quarter, its biggest quarterly loss since the 2008 financial crisis, thanks to a $2.3 billion hit from the Archegos collapse.
Hasbro (HAS) rose 2% in the premarket after the toymaker beat the 65 cents a share consensus estimate, with quarterly earnings of $1.00 per share. Revenue came in shy of estimates, however, as TV and movie productions related to its toys were delayed by the pandemic.
Crocs (CROX) shares surged 7.3% in the premarket after beating top and bottom line estimates by a wide margin. The company also said it sees 2021 revenue growth between 40% to 50%.
WATERCOOLER
The 2021 Oscars was watched by the smallest audience the awards show ever received. The Academy Awards struggled to pull in mainstream viewers, with only 9.85 million viewers tuned in Sunday when Disney-owned (DIS) Searchlight's "Nomadland" took the top prize and Netflix (NFLX) walked away with the most wins. (CNBC)|
* Oscars were a well-intentioned mess that flopped despite an elite producing team (CNBC)
CONTRIBUTORS
Matthew J. Belvedere
@Matt_Belvedere
Peter Schacknow
@peterschack
Folks, I'd like to suggest marking and visiting the venerable Abet ChiChi board. Solid stuff.
Discover Gold toils tirelessly keeping this long time fountain of stock news going, on behalf of his board friend, Abet who passed a few years ago.
We can never learn enough in the stock market.
https://investorshub.advfn.com/Abet-Chichi2-1804/
CNBC
U.S. stock futures fell Monday after the Dow closed at another record high Friday. The 30-stock average finished above $34,000 for the first time ever Thursday. The S&P 500 also notched two straight record closes. The Nasdaq rose slightly Friday, finishing just 0.3% shy of its February closing record. Wall Street wrapped up another winning week with the three major benchmarks all gaining more than 1% last week. (CNBC)
* 10-year Treasury yield remains under 1.6%, last month's run of 14-month highs (CNBC)
Dow stock Coca-Cola rose modestly in the premarket after the beverage giant Monday morning reported better-than-expected quarterly earnings and revenue. Coca-Cola said demand in the first quarter was unchanged from last year as North America and western Europe take longer to bounce back from the coronavirus pandemic. (CNBC)
* IBM, United Airlines set to report quarterly earnings after today's closing bell (CNBC)
* Today's biggest analyst calls of the day: Netflix, Snap, Corning, Vizio, Alphabet (CNBC Pro)
Bitcoin dropped to close to $52,000 on Sunday morning, days after reaching an all-time high near $65,000 in a wild weekend of trading. Bitcoin was up modestly to around $56,000 early Monday. But that's down about 13% from last week's record. (CNBC)
A leading Chinese central banker called bitcoin an "investment alternative," a significant shift in Beijing's tone after a crackdown on cryptocurrency issuance and trading nearly four years ago. The comments came Sunday from Li Bo, deputy governor of the People's Bank of China, during a panel hosted by CNBC in China.
* China may test its digital currency with foreign visitors at 2022 Beijing Olympics (CNBC)
IN THE NEWS TODAY
GameStop (GME) rose 8% to around $167 per share in premarket trading after the video-game retailer said Monday that CEO George Sherman will step down. The board is looking for a successor. It's the biggest shakeup since investor Ryan Cohen, co-founder of online pet supplier Chewy, joined GameStop's board in January. (CNBC)
Keith Gill, known as "Roaring Kitty" and credited as an inspiration for the Reddit-fueled trading frenzy in GameStop, exercised options Friday, giving him 50,000 more shares at a strike price of just $12. If he had sold the options at Friday's price, he could have made over $7 million. Gill also bought 50,000 more GameStop shares, bringing his total investment to 200,000 shares worth more than $30 million. (CNBC)
Police investigating Saturday night's crash of a 2019 Tesla Model S in Spring, Texas, just north of Houston, said it appears that no one was in the driver's seat when the vehicle slammed into a tree and burst into flames, killing the two men inside. Police told the New York Times that minutes before the crash, the wives of the men heard them say they wanted to go for a drive and talked about the car's Autopilot feature. Shares of Tesla fell roughly 1.5% in Monday's premarket. (CNBC)
Shares of Peloton dropped 7% in Monday's premarket after the Consumer Product Safety Commission said Saturday that consumers should stop using the Peloton Tread+ treadmill if small children or pets are around. One month ago, Peloton disclosed an accident involving the treadmill that resulted in the death of a child. Peloton called the CPSC's advisory "inaccurate and misleading," insisting its treadmills are safe when all safety recommendations are followed. (CNBC)
Sources told Recode that Facebook (FB) is planning to announce a series of products, some of which won't appear for some time, under the umbrella of "social audio" on Monday. They include Facebook's take on Clubhouse, the audio-only social network that grew rapidly last year, as well a push into podcast discovery and distribution, aided by Spotify (SPOT).
* Facebook calls for data portability laws as it expands the types of info users can transfer to other services (CNBC)
Half of all U.S. adults have received at least one Covid vaccine dose, according to CDC data. In the U.S., the number of daily new Covid cases remains high, around summer surge levels. Monday marks President Joe Biden's deadline for all states to open up Covid vaccines to all U.S. adults. (CNBC)
* United adds summer flights to Iceland, Greece and Croatia in hopes vaccinations spur travel rebound (CNBC)
White House chief medical advisor Dr. Anthony Fauci said Sunday he thinks the U.S. as soon as Friday will likely resume use of the Johnson & Johnson vaccine with a warning or restriction attached. Health regulators asked states last week to pause J&J's single-dose shot after reports of six cases of rare but severe blood clotting issues. (CNBC)
Attorneys in the trial of Derek Chauvin, a former Minneapolis police officer, charged with killing George Floyd are set to make their closing arguments Monday, each side seeking to distill three weeks of testimony to persuade jurors to deliver their view of the right verdict. (AP)
* House lifting is big business following a record year of storms (CNBC)
STOCKS TO WATCH
Coinbase (COIN) was down 2% in the premarket, with two notable transactions involving the stock in the news. Cathie Wood's ARK funds bought more shares on Friday, according to her firm's daily trade summary, while regulatory filings show that Coinbase CEO Brian Armstrong sold about $292 million in shares on Coinbase's first day of trading.
Harley-Davidson (HOG) best estimates with quarterly earnings. Revenue was essentially in line with forecasts. The company also raised full-year guidance for motorcycle revenue and profit margins. Separately, Harley said it would appeal a European Union ruling that could subject it to a massive tariff increase for European sales. Shares gained 8.4% in premarket action.
M&T Bank (MTB) exceeded estimates on quarterly earnings and revenue. The bank noted improvements in its residential mortgage banking and trust businesses, among other factors. The stock rose 1.4% in Monday's premarket trading.
Herman Miller (MLHR) tumbled 12% in premarket action after announcing a deal to buy furniture and accessories company Knoll (KNL) for $1.8 billion in cash and stock. The deal is worth $25.06 per share, compared to Knoll's Friday closing price of $17.23. Knoll's shares surged more than 28% in the premarket.
Swiss billionaire Hansjorg Wyss has dropped out of a bid for Tribune Publishing (TPCO) , according to The Wall Street Journal. That leaves Choice Hotels Chairman Stewart Bainum searching for a new partner in his bid for the newspaper publisher, as he tries to outbid hedge fund Alden Capital for Tribune. Shares of Tribune were little changed.
CONTRIBUTORS
Matthew J. Belvedere
@Matt_Belvedere
Peter Schacknow
@peterschack
CNBC
U.S. stock futures fell modestly Wednesday, one day after the Dow and S&P 500 fell from record high closes as the recent rally driven by signs of a strong economic rebound from the depths of the Covid pandemic took a pause. The Nasdaq also broke a multiday win streak with a small loss, though the tech-heavy index remained about 2.8% away from its February record close. (CNBC)
* Today's biggest analyst calls of the day: Tesla, JPMorgan, ViacomCBS, AMC (CNBC Pro)
Bond yields continued to drop from recent 14 month highs, easing fears of rising inflation. The 10-year Treasury yield early Wednesday was trading under 1.7%. The Federal Reserve is set to release minutes from its March monetary policy meeting at 2 p.m. ET. (CNBC)
* Mortgage refinance demand drops 20% as rates rise to 10-month high (CNBC)
IN THE NEWS TODAY
JPMorgan Chase (JPM) CEO Jamie Dimon sees strong growth for the U.S. economy in the near term, thanks to the government's response to the coronavirus pandemic that has left many consumers flush with savings, according to his annual shareholder letter made public Wednesday. (CNBC)
The night before the Archegos Capital story burst into public view late last month, the fund's biggest prime broker, Morgan Stanley (MS), quietly unloaded some of its risky positions to a small group of hedge funds, people with knowledge of the trades told CNBC.
* Coinbase estimates Q1 revenue jumped nine-fold to about $1.8 billion ahead of IPO (CNBC)
* Plaid valuation tops $13 billion in first funding after a scrapped Visa merger (CNBC)
One in three Covid survivors has suffered a neurological or psychiatric disorder within six months of infection with the virus, a study has found. The results were based on an observational study of more than 230,000 patient health records. The study was published in The Lancet Psychiatry journal. (CNBC)
* Some people with long Covid say their symptoms ease after getting vaccine (CNBC)
* More colleges move to make vaccines mandatory for students (CNBC)
* Budweiser and other brands are urging people to get the Covid vaccine (CNBC)
Qiagen (QGEN), a genetic testing company, unveiled new technology that shortens turnaround time for researchers identifying new variants of the virus that causes Covid-19. The stock gained 1.5% in the premarket. (CNBC)
The vacancy rate for regional malls in the U.S. hit a record 11.4% in the first quarter of 2021 from 10.5% in the fourth quarter of 2020, according to Moody's Analytics' commercial real estate division. The increase marked the highest the firm has ever seen, surpassing the record 80 basis-point spike in the first quarter of 2009, in the thick of the Great Recession.
California plans to reopen its economy by June 15 so long as there are enough Covid-19 vaccine shots for everyone who wants them and hospitalizations remain stable, Gov. Gavin Newsom said Tuesday. The state is also slated to end its four-tiered, color-coded system, which has been used to determine risk levels. (CNBC)
* At Disney World in Florida, smiles won't be hidden for much longer (AP)
* Will.i.am and Honeywell make bet on fashionable high-tech face masks (CNBC)
* Teen spending on clothes set to rise from pandemic lows, Piper Sandler says (CNBC)
Target (TGT) said it will hire more Black-owned companies, launch a program to identify and support promising Black entrepreneurs and add products from more than 500 Black-owned brands to its shelves or website. Altogether, the discounter said Wednesday that it will spend more than $2 billion with Black-owned businesses by 2025.
United Parcel Service (UPS) is taking package delivery to new heights, literally, with the purchase of 10 electric vertical takeoff and landing aircraft from Beta Technologies. Atlanta-based UPS said it will test the eVTOLs for use in its Express Air delivery network, focusing on small and medium markets. (CNBC)
STOCKS TO WATCH
Beyond Meat (BYND) announced the opening of a new manufacturing facility in China, its first outside the United States. The plant-based food company said the new factory would significantly increase its ability to deliver products in the region. Beyond Meat rose 2.8% in premarket action.
Nokia (NOK) settled a long-standing patent dispute with computer maker Lenovo, striking a new cross-licensing agreement. The case involved Lenovo's use of multiple video compression technologies. Terms of the agreement weren't disclosed, but the Finland-based telecom equipment maker said it will receive a payment from Lenovo. Nokia rose 1.3% in premarket trading.
Li Auto (LI) announced a new $750 million debt offering, which the China-based electric vehicle maker said would be used to fund research and development. The stock fell 3.7% in premarket action.
Niu Technologies (NIU) unveiled its first electric kick-scooter, with the China-based company planning to make the two-wheeled transportation device available in North America, China and Europe this summer.
Solar equipment company SunRun (RUN) stock added 2.3% in the premarket after RBC initiated coverage with an "outperform" rating, noting SunRun's position as the leading player in the rapidly growing rooftop solar market.
Pfizer's (PFE) rheumatoid arthritis drug Xeljanz is under scrutiny by Canadian health officials, after a study showed an increased risk of heart-related issues and cancer among patients. Global sales of Xeljanz in 2020 totaled $2.44 billion.
Genworth Financial (GNW) terminated its deal to be acquired by China-based China Oceanwide Holdings, a $2.7 billion transaction first announced in 2016. The insurance company said its board had determined that the deal could not be completed in a reasonable time frame. Genworth fell 1.7% in premarket trading.
Royal Dutch Shell (RDS.A) expects to take a $200 million hit to first-quarter earnings from the extreme winter weather in Texas earlier this year. The energy producer is scheduled to report its first-quarter results on April 29.
CONTRIBUTORS
Matthew J. Belvedere
@Matt_Belvedere
Peter Schacknow
@peterschack
MiamiGent Member Level Thursday, 04/01/21 11:06:39 AM
Re: None 0
Post # 609875 of 609875
BTAI may be good for an initial buy here at 36.75
Feather, could slip in next few days. But I'd get some here.
https://stockcharts.com/h-sc/ui?s=BTAI
CNBC
U.S. stock futures were starting April higher after the S&P 500 closed out its best month since November with a gain of 4.2%. The index hit an all-time intraday high Wednesday but failed to close at a record. (CNBC)
The Dow, which closed at a record Monday, saw its second modest decline in a row Wednesday. But the 30-stock average, like the S&P 500, had its best month since November, posting a March gain of 6.6%. For the first quarter, the Dow and the S&P 500 rose 7.8% and 5.8%, respectively, for their fourth positive quarter in a row. (CNBC)
The Nasdaq broke a two-session losing streak with a 1.5% gain Wednesday. The tech-heavy Nasdaq has recently been the underperformer as technology stocks are especially sensitive to rising market interest rates because they depend on borrowing money cheaply to invest in future growth. For March, the Nasdaq gained just 0.4%. For the quarter, it gained 2.8%. (CNBC)
The government this morning reported a higher-than-expected 719,000 new filings for unemployment benefits last week. The prior week was revised lower to 658,000 initial jobless claims, the lowest level in over a year. The Labor Department is set to issue its monthly employment report Friday despite the Good Friday closure of the stock market.
* 10-year Treasury yield dips below 1.7% after of jobless claims data (CNBC)
* Oil gains ground ahead of OPEC+ meeting on output policy (Reuters)
IN THE NEWS TODAY
Pfizer (PFE) and BioNTech (BNTX) said Thursday their two-shot Covid vaccine is around 91% effective, citing updated trial data, which included people inoculated for up to six months. The vaccine was also 100% effective, among trial participants in South Africa, where a new variant is dominant. However, the number of those South Africa participants was relatively small at 800. (Reuters)
Shares of Emergent BioSolutions (EBS) , the company at the center of problems that led Johnson & Johnson (JNJ) to discard an unknown amount of its Covid vaccine, dropped 7% in Thursday's premarket. According to records obtained by The Associated Press through the Freedom of Information Act, Emergent has had a string of citations from U.S. health officials for quality control problems.
The FDA cleared Abbott Laboratories' (ABT) Covid-19 rapid antigen test for over-the-counter sales and use at home for people without current Covid symptoms. The retail price is still undetermined, but a company spokeswoman told Reuters the tests will be sold to retailers for less than $10 each. At the same time, the FDA also approved an at-home test for Covid-19 made by diagnostics company Quidel (QDEL).
Employees at Alphabet's (GOOGL) Google will begin returning to offices in a "limited" capacity in April, according to internal documents viewed by CNBC. After Sept. 1, if employees want to work remotely for more than 14 days per year, they will need to formally apply. Google advised employees to get a Covid vaccine but said it's not mandatory.
* Frontier Airlines raises $570 million in IPO, starts trading today (CNBC)
* SoftBank-backed Compass raises $450 million in downsized IPO (Reuters)
Microsoft (MSFT) will deliver to the U.S. Army over 120,000 devices based on its HoloLens augmented reality headset. The deal, which could be worth as much as nearly $22 billion over 10 years, comes a year and a half after Microsoft won a cloud contract from the Pentagon that could be worth up to $10 billion. (CNBC)
* Elon Musk tapped to join board of Endeavor Group, owner of UFC and Miss Universe contest (CNBC)
STOCKS TO WATCH
Shares of Funko (FNKO) surged in premarket trading Thursday after the pop culture collectible maker said it acquired a majority stake in TokenWave, putting it into the NFT, nonfungible token, market.
Exxon Mobil (XOM) released data in a SEC filing that points to the possibility of the company's first profit in five quarters. Raymond James analyst Justin Jenkins said the data points to a profit of $2.55 billion, or 60 cents per share, with Exxon benefiting from higher oil and gas prices.
Auto retailer CarMax (KMX) quarterly earnings of $1.27 per share, with revenue essentially in line with forecasts. CarMax also announced it would acquire the remaining part of Edmunds that it didn't already own, in a cash-and-stock deal valuing the auto information provider at $404 million. CarMax shares slid 3.5% in the premarket.
Micron Technology (MU) reported quarterly profit of 98 cents per share, beating estimates. Revenue was slightly above Wall Street forecasts. The computer chip maker also issued an upbeat forecast. Separately, The Wall Street Journal reported Micron is exploring a deal for Kioxia that could value the Japanese chip maker at around $30 billion. Micron shares jumped 4.5% in the premarket.
Taiwan Semiconductor (TSM) will invest $100 billion over the next three years to increase manufacturing capacity at its plants, in a move to deal with increased demand and a worldwide shortage of chips. Taiwan Semi rose 2.1% in the premarket.
China-based electric vehicle maker Nio (NIO) said it delivered 7,257 vehicles in March, a 373% increase over the same month last year. Nio surged 5.8% in premarket trading.
Sherwin-Williams' (SHW) 3-for-1 stock split, announced on March 2, is effective as of today. It's the first time the paint company has split its stock since 1997. Sherwin-Williams gained 1.2% in the premarket.
FuboTV (FUBO), a live streaming sports TV platform, announced an agreement to carry all non-nationally televised Chicago Cubs games this season. FuboTV shares jumped 4.8% in the premarket.
CONTRIBUTORS
Matthew J. Belvedere
@Matt_Belvedere
Peter Schacknow
@peterschack
$WKEY Don’t miss this monster #NFT stock
https://finance.yahoo.com/news/wisekey-wkey-auction-first-ever-170000313.html
CNBC
U.S. stock futures dropped Tuesday after the Dow and S&P 500 broke two-session losing streaks. The Nasdaq logged a second straight session of gains, recovering about half of Thursday's 3% decline. Tech stocks benefited over the past two sessions from the 10-year Treasury yield retreating from last week's 14-month high. (CNBC)
* Morgan Stanley's Wilson: Some expensive stocks may stay below highs for years (CNBC Pro)
* Investor Howard Marks on where he's finding opportunity, valuations and bitcoin (CNBC Pro)
Tuesday marks one year since the Covid low in the stock market, which ended the fastest bear market ever and ushered in another bull market. The S&P 500 has gained 76% since the March 23, 2020, close of 2,237. Over the past year, two presidents, Congress and the Federal Reserve put extraordinary fiscal and monetary policies in place to support the economy during the pandemic.
Fed Chairman Jerome Powell and Treasury Secretary Janet Yellen testify Tuesday before the House Financial Services Committee on the economy at noon ET. Yellen, who was Powell's predecessor, said she sees both growth and possibly full employment next year and credits President Joe Biden's Covid relief package. Powell's prepared remarks struck a cautiously optimistic tone, saying the economy is "much improved" but the recovery is "far from complete." (Reuters)
* Powell, at digital banking forum, calls cryptocurrencies 'not really useful stores of value' (CNBC)
On today's economic calendar, the government is out with new home sales for February at 10 a.m. ET, with forecasts calling for a 5.7% drop to an annual rate of 870,000 units. New home sales increased by 4.3% in January. In its first quarterly results since this year's Reddit-fueled short squeeze surge, GameStop (GME) reports after-the-bell this afternoon.
* GameStop loses second senior executive as shakeup deepens (Reuters)
IN THE NEWS TODAY
AstraZeneca (AZN) said Tuesday it will work with an independent group of U.S. health advisors who expressed concern about possible outdated information in the U.K. drugmaker's Covid vaccine trial results. The company said it would "issue results of the primary analysis within 48 hours." The questions came one day after the company said a late-stage trial in U.S. and Latin America showed 79% efficacy for its two-shot regimen. (CNBC)
White House chief medical advisor Dr. Anthony Fauci told ABC News on Tuesday that AstraZeneca's inoculation is "likely a very good vaccine." However, he added, U.S. health advisors became concerned that data in AstraZeneca's public statement was "somewhat outdated and might, in fact, be misleading a bit." (ABC News)
* Regeneron and Roche antibody cocktail shown effective in Covid patients (Reuters)
Pfizer (PFE) CEO Albert Bourla told The Wall Street Journal the drugmaker would expand its mRNA vaccine business to target other viruses and pathogens beyond the coronavirus. Bourla said the company gained a decade's worth of experience in working with Germany's BioNTech (BNTX) on the Covid vaccine and now ready to proceed on its own.
Covid cases are once again on the rise across more than half of the U.S. as health officials warn about reopening too soon and race to vaccinate more people before highly contagious strains become prevalent in the country. As of Sunday, the seven-day average of new cases rose by 5% or more in 27 states, according to a CNBC analysis of data compiled by Johns Hopkins University. (CNBC)
Biden is assembling the next big White House priority, a $3 trillion infrastructure package. That would be on top of his recently signed $1.9 trillion coronavirus stimulus. The president met privately late Monday with Senate Democrats as Congress has already begun laying the groundwork with legislation for developing roads, hospitals and green energy systems. (AP)
STOCKS TO WATCH
ViacomCBS (VIAC) will raise $3 billion from stock offerings, following a recent runup in its stock price. Media companies with streaming services, like the company's recently rebranded Paramount+, have been ramping up spending on new content. Viacom fell 5.3% in premarket action.
A U.S. federal agency is considering as evidence a former Tesla (TSLA) employee's complaint about how the company managed and communicated about fire risks and defects in its solar installations, CNBC has learned from documents received through a Freedom of Information Act request.
Microsoft (MSFT) is in talks to buy videogame chat community Discord for more than $10 billion, according to people familiar with the matter who spoke to Bloomberg. One person familiar with the matter said Discord is more likely to go public than to sell itself, however.
Boeing (BA) struck a deal for a $5.28 billion two-year revolving credit agreement, higher than the $4 billion that the jet maker was originally said to be seeking. Boeing shares fell 1% in the premarket.
Baidu (BIDU) made its debut on the Hong Kong stock exchange following a secondary listing that raised $3.1 billion for the China-based internet company. Baidu's U.S. shares sank 2.3% in premarket trading.
Bilibili (BILI) is set to raise $2.6 billion following the pricing of a Hong Kong secondary listing, according to people with direct knowledge of the matter who spoke to Reuters. The price for the online video site operator's stock was said to be 2.6% below its Monday close in U.S. trading.
Tencent Music Entertainment (TME) reported quarterly results that came in slightly below Wall Street forecasts. The music streaming service also announced a multi-year licensing agreement with Warner Music and the formation of a joint venture music label with Warner in China. Tencent shares dropped 3.2% in premarket trading.
Peloton (PTON) recently bought three companies in a flurry of acquisitions, according to a Bloomberg report. The fitness equipment maker's acquisitions involved artificial intelligence, wearables and hardware.
CONTRIBUTORS
Matthew J. Belvedere
@Matt_Belvedere
Peter Schacknow
@peterschack
The Nasdaq on Monday was set to build on Friday's nearly 0.8% increase as the 10-year Treasury yield started the new week retreating from last week's 14-month high. The Dow and the S&P 500, which lost ground Friday, joined the Nasdaq in negative territory last week. The Dow and S&P 500 last closed at record highs Wednesday, while the Nasdaq last closed at a record in February. (CNBC)
On today's economic calendar, the National Association of Realtors is out with February existing home sales at 10 a.m. ET, with forecasts calling for a 2.8% drop to an annual rate of 6.5 million units. Existing home sales gained 0.6% in January. There are no major companies scheduled to report earnings today. (CNBC)
* Today's biggest analyst calls: Snap, Pinterest, DraftKings and Nike (CNBC Pro)
IN THE NEWS TODAY
AstraZeneca's (AZN) Covid vaccine was 79% effective in preventing symptomatic illness, according to data published Monday from a 32,000-plus person phase 3 trial in the U.S. and in Latin America. The two-shot vaccine also showed 100% efficacy in preventing severe disease and hospitalization. AstraZeneca plans to file with the FDA for emergency use authorization in April. (CNBC)
* Analysts cheer surprisingly positive AstraZeneca U.S. trial data (CNBC)
The latest trial data in the U.S. and in Latin America comes as a number of European nations temporarily suspended the use of AstraZeneca's vaccine following reports of blood clots. AstraZeneca also said Monday that an independent board identified no safety concerns related to the firm's inoculation. (Reuters)
Even as the pace of vaccinations accelerates in the U.S., Covid cases are increasing in 21 states and highly infectious variants are spreading as governors relax restrictions on businesses. Public health officials warn that while roughly 2.5 million people around the country are receiving shots every day, infection levels have plateaued this month.
* Covid variant from Brazil detected in New York resident for the first time (CNBC)
* Third Covid wave hits Europe: Lockdowns imposed and vaccines remain a problem (CNBC)
Nationwide, new infections are holding around 54,000 on average in the past seven days, according to data from Johns Hopkins University. That's a dramatic drop from January's peak. While fatalities are much lower as well, an average of 1,000 people died from Covid each day over the past seven days.
Royal Caribbean (RCL) will restart some Caribbean cruises in June, following a year-long suspension amid the Covid-19 pandemic. Crews will be fully vaccinated, and adult guests will be required to be vaccinated as well. Children under 18 will need to show proof of a negative Covid test. (Reuters)
Canadian Pacific Railway has agreed to buy Kansas City Southern for $25 billion in a cash-and-stock deal. The combination would create the first rail network connecting the U.S., Mexico and Canada. Following Sunday's announcement, shares of Kansas City Southern rose about 17% in the premarket, while shares of Canadian Pacific Railway dropped about 2.5%. (Reuters)
Shares of Tesla rose 4% in Monday's premarket after Cathie Wood's Ark Invest made a long-awaited, bold call, projecting the Elon Musk-led electric auto maker's stock would more than quadruple to $3,000 by 2025. Tesla, which closed at $654 per share Friday, has soared 665% in the past 12 months. However, the stock over the past month and year to date has hit a rough patch. (CNBC Pro)
* Jeep unveils all-electric Wrangler concept SUV (CNBC)
Apollo Global Management (APO) said Monday that CEO Leon Black, who was tarnished by his financial involvement with the late sexual predator Jeffrey Epstein, has left the firm months earlier than previously announced. Black, who is also relinquishing his position as chairman, said his wife's and his own "health issues" played a key role in his decision to step aside now. (CNBC)
STOCKS TO WATCH
Blackstone (BX): Blackstone proposed a $6.2 billion buyout of Australian casino operator Crown Resorts. The stock rose above the offer price in Australian trading, signaling investor bets that a higher bid could come from another suitor.
Stellantis (STLA): The automaker said a global semiconductor shortage would impact production of its popular pickup trucks, in a delay the parent of Chrysler and Jeep said could last "a number of weeks."
Airbnb (ABNB): Airbnb shares rose 1.5% in premarket trading as more Americans receive Covid-19 vaccines and resume their travel plans.
SunRun (RUN): The solar power company was rated "positive" in new coverage at Susquehanna Financial, with the firm saying the largest U.S. installer of residential solar power systems would benefit from anticipated strong growth in that market. Shares rose 1.9% in premarket trading.
Zoominfo Technologies (ZI): Goldman Sachs rated the digital ad technology platform provider as a "buy" in new coverage, noting the robust data provided to sales reps and the streamlining of the lead generation process. Zoominfo stock gained 2.5% in premarket action.
JetBlue (JBLU): The airline is planning to raise $650 million through the sale of convertible senior notes due in 2026. The stock fell 2% in premarket action.
CONTRIBUTORS
Matthew J. Belvedere
@Matt_Belvedere
Peter Schacknow
@peterschack
CNBC
U.S. stock futures mixed Monday as the 10-year Treasury yield held at elevated levels. The Dow Jones Industrial Average and S&P 500 closed at record highs Friday. The Nasdaq fell modestly as recently slumping tech stocks continued to fight rising bond yields. However, the Dow, S&P 500 and Nasdaq all posted strong weekly gains. Ahead of Monday's open, the Nasdaq was up more than 3.3% for the year. The Dow and S&P 500 were up 7% and almost 5%, respectively in 2021. (CNBC)
Bitcoin dropped 6% on Monday, after jumping Saturday to another all-time high; this time above $60,000. The world's biggest cryptocurrency has just about doubled this year. It's soared more than 1,000% over the past 12 months. Bitcoin's market value climbed back above $1 trillion last week. The incredible rally has been driven by increased adoption by larger institutional investors and firms as well as speculative demand. (Reuters)
While the 10-year Treasury yield was actually a bit lower Monday morning, it was only slightly below its more than one-year high of 1.642% on Friday. The rapid rise in yields this year has traders wondering whether the Federal Reserve may be losing control of the direction of interest rates. The Fed's two-day March meeting begins Tuesday, with questions about how long near-zero rates and extraordinarily easy Covid monetary policy can last. (CNBC)
The Fed is expected to forecast better economic growth after President Joe Biden last week signed the $1.9 trillion package of fiscal measures designed to help Americans, U.S. businesses and state and local governments dealing with the fallout from the coronavirus pandemic. Biden and Vice President Kamala Harris hit the road this week to sell the Covid stimulus plan, which includes up to $1,400 in direct payments to many people. (AP)
* Yellen says Biden administration undecided on wealth tax (WSJ)
IN THE NEWS TODAY
White House Chief Medical Advisor Dr. Anthony Fauci is warning state leaders that the nation's battle with the coronavirus is still "not in the end zone." He urged Americans to adhere to public health measures despite the ramp-up of vaccinations, pointing to new infection spikes in Europe as a cautionary tale of relaxing too soon. As of Sunday night, the CDC reported that nearly 37.5 million people in the U.S. were fully vaccinated; more than 11% of the nation's population of over 330 million. (CNBC)
* Dr. Scott Gottlieb: U.S. better on Covid vaccines, European-like surge unlikely (CNBC)
Ireland became the latest country to suspend the use of AstraZeneca's (AZN) Covid-19 vaccine, following reports out of Norway regarding blood clots in some patients. Officials said they took the action "out of an abundance of caution," although AstraZeneca said its review of more than 17 million people showed no increased risk of blood clots. (CNBC)
* Germany declares start of Covid third wave ; Italy set for Easter lockdown (CNBC)
Tesla (TSLA) officially gave CEO Elon Musk the additional title of "Technoking of Tesla," a new regulatory filing reveals. Musk will retain his position as chief executive officer, Tesla said Monday. Zach Kirkhorn, the CFO of Tesla, has also been given a new title of "Master of Coin." (CNBC)
Online payments technology provider Stripe announced Sunday it raised a new $600 million round of funding that values the company at $95 billion, nearly triple its last reported valuation of $36 billion from April 2020, according to PitchBook data. (CNBC)
STOCKS TO WATCH
NXP Semiconductors (NXPI), Penn National Gaming (PENN), Generac (GNRC) and, Caesars (CZR) will join the S&P 500 as part of the index's quarterly rebalancing. NXP jumped 8.1% in premarket trading, with Penn up 5.8%, Generac gaining 3.6% and Caesars climbing 4.8%.
GenMark Diagnostics (GNMK): GenMark will be bought by Swiss drugmaker Roche for $1.8 billion in cash, or $24.05 per share. Shares of the U.S.-based molecular diagnostic test maker had closed at $18.50 per share on Friday. GenMark surged 29.2% in premarket action.
Gilead Sciences (GILD), Merck (MRK): The drugmakers will study a combination of their experimental drugs to treat HIV. Gilead and Merck will look at the effectiveness of the drug cocktail even when taken only every few months.
Eli Lilly (LLY): Eli Lilly said its experimental treatment for Alzheimer's modestly slowed decline in patients over an 18-month period in a mid-stage study. Lilly has already begun a second study of the treatment. Lilly fell 5.3% in the premarket.
AMC Entertainment (AMC): AMC will begin reopening movie theaters in Los Angeles, starting with two locations today. It plans to open the remaining 23 theaters in Los Angeles on Friday, and hopes to have all 56 California locations open by then depending on local approvals. AMC jumped 8.7% in premarket trade.
Carnival (CCL): Carnival CEO Arnold Donald told the Financial Times he sees at least two more tough years for the cruise industry. Donald said the cruise line operator's full fleet might be sailing by the end of the year but that it will take at least until 2023 for revenue to return to pre-Covid levels. Carnival rose 1.2% in the premarket.
United Airlines (UAL), American Airlines (AAL), Delta Air Lines (DAL), Southwest Airlines (LUV) Airline stocks are gaining ground after the Transportation Safety Administration said airport screening levels are now at one-year highs. Separately, Southwest said passenger demand is continuing to improve this month. United was up 3% in the premarket, American gained 4.3%, Delta rose 2% and Southwest edged up 1.3%.
Shaw Communications (SJR): The Canadian communications company agreed to be bought by rival Rogers Communications for nearly $21 billion, including debt. Shaw's U.S. shares surged 53% in the premarket.
Ford Motor (F): Ford will recall 2.9 million vehicles to check for potentially faulty driver-side Takata airbags. The National Highway Traffic Safety Administration had called on Ford to do so in January, and the automaker plans to begin notifying owners on April 1.
Lordstown Motors (RIDE): Lordstown said it will issue a "full and thorough" statement in the coming days that the electric truck maker said would refute a critical report by short-seller Hindenburg Research. Lordstown has said the report contains "half-truths and lies." Its shares rose 5.9% in premarket trading.
XPeng (XPEV): XPeng got a $76.8 million investment from the provincial government in Guangdong, where the Chinese electric vehicle maker is based and has two manufacturing plants. XPeng added 4.2% in premarket action.
DraftKings (DKNG): The sports betting company announced a proposed offering of $1 billion in convertible notes due in 2028. DraftKings fell 3.5% in premarket trade.
CONTRIBUTORS
Matthew J. Belvedere
@Matt_Belvedere
Peter Schacknow
@peterschack
CNBC
Dow futures initially turned lower and then surged higher Friday after the government reported much better than expected jobs growth in February. Stocks bounced despite bond yields pushing even higher. Fed Chairman Jerome Powell on Thursday failed to reassure investors that central bankers would keep surging bond yields and inflation in check. (CNBC)
The Dow closed 345 points, or 1.1%, lower Thursday, in a wild session that saw the 30-stock average down more than twice that at one stage. The S&P 500 fell 1.3%. The Nasdaq was the big loser on the day, sinking more than 2%, and closing nearly 10% off its Feb. 12 record high. The index also went negative on the year. As of Thursday's close, the Dow and S&P 500 held onto slim 2021 gains. (CNBC)
The Labor Department this morning reported that the U.S. economy generated 379,000 new jobs in February, well above forecasts. The unemployment rate dipped to 6.2%, a bit lower than estimates of 6.3%. Nearly all of last month's job gains came from the battered leisure and hospitality sector, as some states started to relax Covid dining restrictions in some areas. (CNBC)
The 10-year Treasury yield moved higher Friday, trading above 1.62% and hitting a new one-year high, before backing off a bit. Yields have increased rapidly since the end of January, stoking inflation fears. Powell did little to allay those concerns, acknowledging he sees some inflationary pressures ahead. However, he also said that rising prices won't likely be enough to spur the Fed to hike interest rates. (CNBC)
IN THE NEWS TODAY
Debate in the Senate on Democrats' $1.9 trillion coronavirus relief package is set to continue, setting the stage for its approval as soon as this weekend under rules that allow for passage with a simple majority. As soon as the Senate began considering the bill Thursday, Sen. Ron Johnson, R-Wis., forced the chamber's clerks to begin reading the entire 628-page measure aloud. (CNBC & AP)
Connecticut will be relaxing many Covid mitigation restrictions in two weeks on businesses, theaters, churches and travel. But Democratic Gov. Ned Lamont said Thursday the statewide mask mandate will remain in effect. This week, the Republican governors of Mississippi and Texas went a step further, ending all Covid restrictions, including mask mandates. (CNBC)
Ex-CDC director: 'I worry we're getting numb' to Covid numbers as states reopen (CNBC)
Gap (GPS) is predicting an apparel sales rebound this year, as the Covid-19 pandemic recedes and people return to offices and schools. Sales in its most recent quarter came in below Wall Street forecasts, though an online sales surge help offset a pandemic-related decline in-store traffic. Shares of the parent company of Gap, Old Navy and Banana Republic jumped 3.2% in premarket trading. (CNBC)
* Activist group says Kohl's earnings show 'best of worst' in retail, urges change (CNBC)
Virgin Galactic (SPCE) Chairman Chamath Palihapitya sold his remaining personal holdings of 6.2 million shares for about $213 million, according to a Securities and Exchange Commission filing. He still owns 15.8 million shares with investment partner Ian Osborne. The space company's shares fell 7% in the premarket. (CNBC)
Pope Francis arrived in Iraq on Friday to urge the country's dwindling number of Christians to stay put and help rebuild the country after years of war and persecution, brushing aside the coronavirus pandemic and security concerns to make his first-ever papal visit there. (AP)
STOCKS TO WATCH
Imax (IMAX) lost 21 cents per share, one cent more than analysts had anticipated. The movie theater operator's revenue came in above Wall Street estimates. Sales were helped by stronger performances in Asian markets, and the company is anticipating improved results as consumers return to theaters this year. Imax shares lost 3.7% in premarket trading.
Big Lots (BIG) reported quarterly profit of $2.59 per share, 9 cents a share above estimates. Revenue matched forecasts, however, and a comparable sales increase of 7.9% was shy of the consensus FactSet estimate of 8.4%. The discount said it expected its results this year to be significantly affected by the pandemic. Shares rose 1.3% in premarket trading.
Costco (COST) reported quarterly earnings of $2.14 per share, falling short of the $2.45 per share consensus estimate. The warehouse retailer's revenue came in above forecasts. Costco's comparable sales rose 13%, while its digital sales surged 76%. The company also experienced supply chain issues resulting in higher costs. Costco shares fell 1.9% in premarket trading.
Norwegian Cruise Line (NCLH) shares tumbled 7% in premarket trading after it announced a public stock offering of 47.58 million shares. Norwegian plans to use the proceeds to retire exchangeable debt held by private-equity firm L Catterton.
The Trade Desk (TTD) shares fell in Friday's premarket after losing 20% over the past two days. The provider of programmatic advertising technology was hit after Alphabet's (GOOGL) Google said it would not use ad tracking technology to follow people individually across the internet.
CoStar Group (CSGP) dropped its bid to buy CoreLogic (CLGX), with the commercial property data provider saying rising interest rates will hurt CoreLogic's value. CoStar's latest bid had been worth $6.6 billion or $90 per share, compared to a prior higher bid of $6.9 billion or $95.76 per share. CoStar jumped 5.5% in premarket trading, while CoreLogic fell 3.4%.
Boeing (BA) has approached a group of banks seeking a new $4 billion credit facility, according to reports from Bloomberg and Reuters. Boeing had told analysts in January that the company had sufficient liquidity, but was open to raising more debt as it considers options to strengthen its balance sheet.
Van Eck Vectors Social Sentiment ETF (BUZZ) bounced a bit in the premarket after the new exchange-traded fund fell 3.6% in its Wall Street debut Thursday. The ETF is designed to receive attention from investors on Reddit, Twitter (TWTR) and other social media platforms.
CONTRIBUTORS
Matthew J. Belvedere
@Matt_Belvedere
Peter Schacknow
@peterschack
That was 'posed to be, "WTG" lol fatfingers
CNBC
U.S. stock futures dipped Tuesday after starting March with a broad rally. Shaking off the late February rough patch, the S&P 500 on Monday gained 2.4% for its biggest one-day advance since June. Covid vaccine optimism and the 10-year Treasury yield off its one-year high spurred stocks. (CNBC)
The Dow Jones Industrial Average on Monday jumped 603 points, or 2%. The Nasdaq, which shed 4.9% in last week's tech sell-off, popped 3%. The Dow and Nasdaq had their best sessions since November. (CNBC)
Target (TGT) exceeded Wall Street's expectations for the fourth quarter, thanks to a strong holiday season and stimulus checks. Still, Target declined to provide a forecast for the year ahead. Target reported adjusted quarterly earnings of $2.67 per share on revenue of $28.34 billion, which jumped 21% year over year. Shares were little changed. (CNBC)
Shares of Kohl's (KSS) rose nearly 1% in premarket trading after the department store chain Tuesday delivered adjusted fourth-quarter earnings of $2.22 per share, more than double estimates. Revenue of $5.88 billion, which fell 10% year over year, was slightly better than expectations. Kohl's said it sees sales growth in 2021. (CNBC)
Shares of Zoom Video Communications rose 8% in Tuesday's premarket, the morning after the company reported adjusted fourth-quarter profit of $1.22 per share, crushing estimates by 43 cents. Revenue surged 369% year-over-year to $882.5 million, also beating forecasts. Zoom, which became all the rage during Covid, issued an upbeat current quarter forecast. (CNBC)
IN THE NEWS TODAY
Democrats' hopes of including a federal minimum wage increase in their $1.9 trillion Covid relief bill seemed all but dead, four days after the nonpartisan Senate parliamentarian said the chamber's rules prohibited its inclusion. Senate Democrats hope to unveil their version of the House-passed package and begin debate as early as Wednesday. (AP)
Johnson & Johnson's (JNJ) Covid-19 vaccine can be used as a substitute for Pfizer's (PFE) or Moderna's (MRNA) second shot for those who had an allergic reaction to the first round of either company's vaccine, according to a scientist for the Centers for Disease Control and Prevention. (CNBC)
* Novavax expects FDA clearance for Covid vaccine as early as May (CNBC)
Sen. Elizabeth Warren revived the idea of a wealth tax, which was central to her failed bid to become the 2020 Democratic presidential nominee. The so-called Ultra-Millionaire Tax Act, unveiled Monday, proposes a 2% annual tax on wealth ranging from $50 million to $1 billion and a 3% annual tax on wealth over $1 billion. (CNBC)
Apple (AAPL) rose modestly in Tuesday's premarket, one day after the stock soared over 5% in its best session since October. The strength came after Berkshire Hathaway's Warren Buffett said in his annual letter to investors that his company owns 5.4% of the iPhone maker. (CNBC)
Nike's (NKE) vice president and general manager of its North America division, Ann Hebert, has left the retailer, effective immediately. The departure follows a Bloomberg report that showed Hebert's son, Joe, had used a credit card in her name to buy sneakers for his resale business. (CNBC)
STOCKS TO WATCH
Nio (NIO): Nio fell 5.2% in premarket trading after it reported a larger-than-expected loss for its latest quarter. The China-based electric vehicle maker also issued a sales forecast for the current quarter that shows slower than expected growth.
Kontoor Brands (KTB): The company behind the Lee and Wrangler apparel brands earned $1.23 per share for its latest quarter, compared with a consensus estimate of 97 cents a share. Revenue came in above estimates as well, driven by strength in digital sales. Kontoor Brands also gave a better-than-expected full-year earnings forecast.
AutoZone (AZO): The auto parts retailer reported quarterly profit of $14.93 per share, beating the consensus estimate of $12.84 a share. Revenue came in above estimates as well. Comparable-store sales rose 15.2% compared to a consensus FactSet estimate of up 8.6%.
Beyond Meat (BYND): Shares of the plant-based food maker are up 1.2% in the premarket after Citi upgraded the stock to buy from neutral. Citi believes sales and cost issues that impacted the most recent quarter are temporary. The stock had initially fallen in off-hours trading Monday after Beyond Meat said it planned to raise $750 million in a convertible notes offering.
MercadoLibre (MELI): MercadoLibre fell 2.4% premarket, despite reporting record quarterly revenue and beating analyst forecasts. The Argentine e-commerce giant benefited from a surge in online shopping and digital payments in the Latin American market.
Roku (ROKU): Roku is buying Nielsen's (NLSN) digital advertising business for an undisclosed amount, allowing it to offer more targeted ads on its streaming platform. Roku gained 1.3% premarket, while Nielsen rose 6.8%.
Lemonade (LMND): Lemonade lost 60 cents per share for its latest quarter, 5 cents a share less than anticipated. The online insurance company's revenue came in above estimates, however Lemonade issued a weaker-than-expected outlook for the current quarter. Its shares fell 6% in the premarket.
Square (SQ): Square gained 4.4% in premarket trading after announcing that it began operations for its in-house bank, Square Financial Services. The digital payments company's bank will offer business loans to Square sellers.
Score Media and Gaming (SCR): Score Media rose 7.1% premarket after it said underwriters of its recent initial public offering fully exercised their over-allotment option. That brings the total money raised by the sports betting company's IPO to $186.3 million.
CONTRIBUTORS
Matthew J. Belvedere
@Matt_Belvedere
Peter Schacknow
@peterschack
WFG MWM !!
All that good training here on ico's board paid off :)
MG
MWM congratulations! I always enjoyed your posts on here and happy to see your huge success!
Griff
Thanks DC and Theo
Podcast is coming out tomorrow I believe as well
Very enjoyable read. Congrats too btw!!!
WOW!!!! Way to go Mikey!!! You are now rich and famous!!!
Happy for you buddy!!!!!
KMPH Chart:
https://stockcharts.com/h-sc/ui?s=KMPH
KMPH has more than doubled from my January 8th bottom alert here at $5.25 (It was actually @ $5.20 when I alerted but I put $5.25 so folks wouldn't parse and just get in).
I am predicting a minimum of another doubling from today's regular session close of $10.54, within two weeks. It is even conceivable it could go parabolic.
There is the possibility of being bought out near term, too.
MG
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=160787494
KMPH Friday Regular Session Close:
Snapshot:KMPH
KEMPHARM INC
10.54 Up 0.76 (7.771 %) AS OF 4:00:00PM ET 02/19/2021
CNBC
U.S. stock futures rose Friday after the Dow Jones Industrial Average, S&P 500 and Nasdaq suffered their biggest one-day losses in the red-hot month of February. The Dow, which broke a three-day winning streak and fell from a record closing high, remained on track for a positive week, which would be its third straight. The S&P 500 and Nasdaq are riding three-day losing streaks and are on pace for their first losing weeks in the past three. (CNBC)
* Treasury yields rise as concern mounts about higher inflation (CNBC)
* Lumber prices top $1,000 for the first time as single-family housing starts drop 12% (CNBC)
Bitcoin, which topped $52,000 this week, hit another all-time high early Friday near $53,000 per unit. After Tesla and other companies recently showed support for the world's biggest cryptocurrency, major financial firms also appeared to be warming to it. Treasury Secretary Janet Yellen told CNBC on Thursday she believes bitcoin is a "highly speculative asset." (CNBC)
As the House aims to pass its version of President Joe Biden's $1.9 trillion coronavirus relief blueprint by the end of next week, Yellen told CNBC that a large stimulus package is necessary to get the economy back to full strength. "The price of doing too little is much higher than the price of doing something big," she said." We think that the benefits will far outweigh the costs in the longer run." (CNBC)
On today's economic calendar, the National Association of Realtors is out with its January report on existing home sales at 10 a.m. ET, with forecasts calling for a 2.4% drop to an annual rate of 6.6 million units. Existing home sales rose 0.7% in December. (CNBC)
IN THE NEWS TODAY
Pfizer's (PFE) coronavirus vaccine was 85% effective after just the first dose, according to a study of Israeli health care workers published in The Lancet medical journal. As with a competing vaccine from Moderna (MRNA), patients receive 2 doses of the Pfizer vaccine to achieve maximum protection. (Reuters)
* Second dose of Covid vaccine is needed for full immunity, Dr. Paul Offit says (CNBC)
* Coronavirus was spreading in China before first confirmed cases, new evidence suggests (WSJ)
Shares of Uber dropped 3% in the premarket after the U.K.'s top court ruled Friday that the company's drivers there should be classified as workers rather than independent contractors. The ruling ends an almost five-year legal battle between Uber and a group of former drivers in Britain. Uber insists its drivers are self-employed. (CNBC)
* Facebook, Google and Twitter CEOs to make another appearance before Congress (CNBC)
During Thursday's GameStop hearing on Capitol Hill, Citadel's Ken Griffin defended a controversial method brokerages use to make money and said his firm would adapt if new regulations prohibited the practice. Members of Congress spent much of their time prodding about "payment for order flow," a practice in which a brokerage receives payment from a market maker like Citadel for directing the order to them. (CNBC)
* Reddit CEO defends platform s role in GameStop surge (CNBC)
* Melvin Capital adapting strategy after GameStop mania (CNBC Pro)
IBM (IBM) is considering a possible sale of its IBM Watson Health business, according to people familiar with the matter who spoke to The Wall Street Journal. Alternatives could include a sale to a private-equity firm or another health company, or a merger of the unit with a special purpose acquisition company.
The Texas grid failure that's left millions struggling without power in freezing conditions has ignited a feud between Democrats and the GOP over Republicans' decades-long oversight of the energy industry and prompted calls for a system more resilient to extreme weather conditions. (CNBC)
STOCKS TO WATCH
Deere (DE): The heavy equipment maker earned $3.87 per share for its fiscal first quarter, compared to estimates of $2.14 a share. Revenue also beat forecasts, and Deere increased its full-year earnings outlook amid improvements in the agricultural and construction sectors.
Roku (ROKU): Roku reported a quarterly profit of 49 cents per share, compared to forecasts of a 6 cents per share loss. The streaming video device maker's revenue also beat forecasts, amid a 58% surge as consumers stuck at home during the pandemic sought more video entertainment.
Dropbox (DBX): Dropbox came in 4 cents a share ahead of estimates, with quarterly earnings of 28 cents per share. The cloud storage company's revenue also came in above projections. Dropbox had a greater-than-expected number of paid users during the quarter, as well as better-than-expected revenue per user. It also forecast full-year revenue below analysts' estimates.
Applied Materials (AMAT): Applied Materials earned $1.39 per share for the fourth quarter, compared to estimates of $1.28. Revenue also came in above forecasts. The maker of semiconductor manufacturing equipment also gave an upbeat current-quarter forecast, as chip makers try to accelerate production to deal with a global shortage.
TripAdvisor (TRIP): TripAdvisor reported a quarterly loss of 41 cents per share, wider than the 26 cents a share loss that analysts were anticipating. The travel website operator's revenue beat estimates, and the company noted that pent-up travel demand and positive vaccine developments should lead to improved results this year.
Royal Caribbean (RCL): Royal Caribbean said it will be restricted from paying cash dividends and from buying back stock until the third quarter of 2022, due to modifications in the cruise line operator's loan agreements. It had suspended dividends and buybacks last year as the pandemic shut down cruising activity.
Texas Roadhouse (TXRH): The restaurant chain earned 28 cents per share for the fourth quarter, short of the 49 cents a share consensus estimate. Revenue also came in shy of analysts' forecasts. Texas Roadhouse said weekly sales levels weakened during the latter part of the quarter as a Covid-19 resurgence forced it to close some locations.
Planet Fitness (PLNT): The gym operator's quarterly earnings fell 5 cents a share shy of consensus as it reported profit of 17 cents per share. Revenue came in shy of estimates as well. Same-location sales fell more than expected, and Planet Fitness did not provide a 2021 outlook due to uncertainty surrounding the Covid-19 pandemic.
CONTRIBUTORS
Matthew J. Belvedere
@Matt_Belvedere
Peter Schacknow
@peterschack
CNBC
Dow futures rose Thursday, one day after the 30-stock average hit an intraday all-time high in a volatile session and closed at a record. The S&P 500 and Nasdaq on Wednesday were unable to hold on to their all-time intraday highs and closed slightly lower. (CNBC)
* Cramer says the stock market is on a 'highway to the danger zone' (CNBC) {MG Note: Kind of vague, huh.)
Cannabis stocks were soaring as Reddit traders jumped in as they did recently with GameStop. Tilray shares surged nearly 51% on Wednesday, pushing the stock to a year-to-date gain of more than 670%. Tilary added another 10% in Thursday's premarket. (CNBC)
Disney (DIS) leads the list of major companies reporting quarterly results after Thursday's closing bell.(MG note: screw Disney, just bowed to the cancel culture) Before the market opening, PepsiCo (PEP) reported a fourth-quarter profit of $1.47 per share, a penny better than estimates. Revenue rose 8.8% to $22.46 billion, also exceeding expectations. PepsiCo shares fell slightly in the premarket. (CNBC)
Uber (UBER) shares dropped 4% in Thursday's premarket, the morning after the company reported a smaller-than-expected loss of 54 cents per share in the fourth quarter. However, revenue fell 16% to a lower-than-expected $3.17 billion. Uber's ride-hailing business slowly recovered from the pandemic, while its delivery business boomed. (CNBC)
The Labor Department is out at 8:30 a.m. ET with its weekly report on new jobless claims. Economists expect 760,000 filings for new unemployment benefits for last week. That would be down 19,000 from the prior week, which at 779,000 was the lowest initial claims reading since late November. (CNBC)
* Fed Chair Powell says rates will stay low for a while, citing bleak jobs picture (CNBC)
IN THE NEWS TODAY
* Tencent executive held by China over links to corruption case (WSJ)
The White House has been reaching out to executives in several industries to rally support for the Biden administration's $1.9 trillion Covid-19 relief plan, according to people familiar with the matter. In the past week, administration officials have held at least two calls with leaders from multiple business sectors. (CNBC)
* Poll: One third of U.S. adults are skeptical of Covid vaccines (AP)
* Possible earlier-than-acknowledged Covid cases in China emerge during WHO mission (WSJ)
Automakers across the globe are expected to lose billions of dollars in earnings this year due to a shortage of semiconductor chips, a situation that's expected to worsen as companies battle for supplies of the critical parts. (CNBC)
* Why there's a chip shortage hurting everything from PlayStation 5 to Chevy Malibu (CNBC)
Bank of New York Mellon (BK), the nation's oldest bank, is making the leap into the market for cryptocurrencies, according to The Wall Street Journal. The custody bank said Thursday it will hold, transfer and issue bitcoin and other digital coins on behalf of its asset-management clients.
Dating app company Bumble priced its initial public offering Wednesday evening at $43 per share, raising $2.2 billion and valuing Bumble at around $8 billion. The stock market response Thursday and beyond will act as a litmus test for companies founded by women. (CNBC)
STOCKS TO WATCH
Restaurant Brands (QSR): The parent of Popeyes, Burger King and Tim Hortons missed estimates by 12 cents with adjusted quarterly earnings of 53 cents per share, while revenue was slightly above forecasts. Shares fell about 2% pre-market as comparable restaurant sales fell more than expected.
Generac (GNRC): Generac shares rose 3% in pre-market trading after the maker of backup generators beat estimates on the top and bottom lines for its latest quarter, and said it expected net sales growth of 25 to 30 percent this year.
Tempur Sealy (TPX): Shares of the mattress maker surged 12% pre-market after it beat forecasts by 15 cents with adjusted quarterly earnings of 67 cents per share. Revenue beat estimates as well, and Tempur Sealy said it expected 2021 sales growth of 15% to 20%.
LabCorp (LH): The medical-laboratory operator reported adjusted quarterly earnings of $10.56 per share, well above the $8.11 consensus estimate, and revenue was above forecasts as well. Its results were boosted by Covid-19 testing, and shares were up 3.6% pre-market.
Molson Coors (TAP): The beer brewer's shares were down 4.5 % pre-market as it reported adjusted quarterly earnings of 40 cents per share, well below the 77-cent consensus estimate. Its results were hurt by ongoing Covid-19 restrictions for restaurants and bars.
Kraft Heinz (KHC): Kraft Heinz shares rose 1.7% pre-market, as it beat estimates on the top and bottom lines for its latest quarter, and also announced the sale of its Planters snacks business to Hormel (HRL) for $3.35 billion in cash.
Sonos (SONO: Sonos shares jumped 17% in pre-market trading, after the maker of high-end smart speakers beat estimates on both the top and bottom lines in its latest quarter. Sonos was helped by stronger margins as no promotions were held during the quarter. It also raised its full-year revenue guidance.
iRobot (IRBT): iRobot earned an adjusted 84 cents per share for the fourth quarter, well above the consensus estimate of 84 cents (MG note: must be a typo in there, somewhere), with revenue also comfortably topping Wall Street predictions. The maker of the Roomba robotic vacuum cleaner also gave strong full-year revenue and profit guidance. Shares rose 7.3% in pre-market trading.
Zillow Group (ZG): Zillow beat estimates by 14 cents with adjusted quarterly earnings of 41 cents per share, with the operator of real estate websites also scoring a revenue beat. It also gave upbeat revenue guidance, and announced the acquisition of online home-viewing-scheduling platform ShowingTime.com for $500 million in cash. Zillow shares rose 12% in pre-market trading.
Zynga (ZNGA): Zynga CEO Frank Gibeau told Barron's that the mobile game developer is open to an acquisition offer, although it is not actively looking to sell the company. Zynga also reported a 61% jump in the key metric of net bookings during its latest quarter, more than analysts had anticipated.
XPO Logistics (XPO): XPO earned an adjusted $1.19 per share for the fourth quarter, well above the 67-cent consensus estimate. The logistics company also saw revenue above forecasts and gave strong full-year earnings guidance. XPO is benefiting from a pandemic-induced acceleration in shipping activity due to an explosion in online shopping.
Merck (MRK): Merck is in talks with both governments and other drugmakers to help produce already approved Covid-19 vaccines. The drugmaker did not specify which governments or other companies were involved in those talks.
Pinterest (PINS): Pinterest was approached by Microsoft (MSFT) about a possible takeover in recent months, according to people brief on the matter who spoke to the Financial Times. However, the report added that negotiations about a buyout of the image-sharing company were not currently active.
CONTRIBUTORS
Matthew J. Belvedere
@Matt_Belvedere
Peter Schacknow
@peterschack
You seem quite the WSB tracker, lizzy! Good! That means your bank'n!
TLRY & CGC —
Shares of Tilray, Canopy Growth, Aurora Cannabis and Aphria are soaring on Wednesday.
The group of cannabis companies are garnering attention from the same WallStreetBets Reddit army that contributed to the epic short squeeze in GameStop last month.
Part of the discussion on Reddit has centered around the pending merger between Tilray and Aphria.
The cannabis companies have also gotten a boost from the Democratic party's intentions to legalize the plant at the federal level.
CNBC
U.S. stock futures rose Thursday as the Dow and S&P 500 looked to add to their three-session winning streaks. The Nasdaq on Wednesday dipped after two straight days of strong advances. The Dow and S&P 500 eked out gains Wednesday following rallies Monday and Tuesday as the Reddit-fueled retail trading frenzy dissipated. (CNBC)
* Thursday's biggest analyst calls: Best Buy, Qualcomm, PayPal & more (CNBC Pro)
GameStop (GME) was once again volatile, finishing up nearly 2.7% at $92.41 per share Wednesday but still down 71% from Friday's close of $325. In last week's 400% surge, shares reached an all-time intraday high of $483 each. GameStop rose modestly in Thursday's premarket. (CNBC)
* Wall Street worries about regulatory fallout from the GameStop saga (CNBC)
Cryptocurrency Dogecoin surged Thursday after Elon Musk tweeted his support for it, two days after he said he was to take a break from Twitter "for a while." The Tesla chief's tweets about certain companies and cryptocurrencies have sent their prices soaring in recent weeks. (Reuters)
The Labor Department on Thursday morning reported 779,000 new filings for unemployment benefits for the week ending Jan. 30. That was lower than estimates and the lowest tally in two months. The previous week's level was revised down by 35,000 to 812,000. The government reports its January employment report Friday. (CNBC)
* U.S. is worst among developed nations for worker benefits (CNBC)
Merck Chairman and CEO Ken Frazier is retiring. He will be succeeded as CEO on June 30 by CFO Robert Davis. Frazier, 66, will become executive chairman for an undetermined "transition period." Frazier, one of the few Black corporate leaders in the U.S., has served as Merck's CEO since January 2011. (CNBC)
Frazier's retirement was announced shortly before Merck reported fourth-quarter earnings and revenue that fell short of estimates. Per-share profit was $1.32 on $12.5 billion in revenue. Merck forecast full-year 2021 earnings between $6.48 to $6.68 per share, which were higher than analyst expectations. (CNBC)
* Quest says high demand for Covid testing drove record revenues (CNBC)
* Yum Brands earnings top estimates, despite blow from Covid restrictions (CNBC)
* Tapestry holiday sales fall 7%, sees 2021 revenue up high-single digits (CNBC)
* Kohl's sees holiday-quarter sales falling 10%, says sales strengthened toward end (CNBC)
IN THE NEWS TODAY
Apple (AAPL) shares rose in Thursday's premarket, the morning after CNBC reported that the tech giant is close to finalizing a deal with Hyundai-Kia to manufacture an Apple-branded autonomous electric vehicle at the Kia assembly plant in West Point, Georgia. (CNBC)
* Amazon using AI-equipped cameras in delivery vans; some drivers are concerned (CNBC)
Sen. Amy Klobuchar, D-Minn., unveiled a sweeping antitrust reform bill, setting a tough tone in her new role as chair of the Senate Judiciary subcommittee on antitrust. If enacted, it would bring significantly more risk to companies like Facebook and Alphabet-owned Google, which are already facing federal lawsuits, and to any dominant firm seeking to acquire another company. (CNBC)
President Joe Biden encouraged Democratic lawmakers to "act fast" on his $1.9 trillion coronavirus rescue plan but also signaled flexibility. Changes he indicated he would consider include limiting proposed $1,400 direct payments to Americans with lower income levels, which could draw support from Republicans who want a much smaller package. (AP)
* Poll: More than two-thirds of Americans support Biden's $1.9 trillion Covid relief plan (CNBC)
John Matze said he's fired as CEO of Parler, which was among social media services used to plan the Jan. 6 attack on the U.S. Capitol by supporters of then-President Donald Trump. Matze's announcement Wednesday followed Amazon's Jan. 11 decision to remove Parler from its web-hosting service. (AP)
American Airlines (AAL) said it will send furlough notices this week to about 13,000 employees as a second round of federal payroll aid is set to expire next month and travel demand remains in tatters due to the pandemic. (CNBC)
British scientists are starting a study Thursday to find out if it's OK to mix and match COVID-19 vaccines. The vaccines being rolled out now require two doses, and people are supposed to get two shots of the same kind, weeks apart. (AP)
Consumer genetics company 23andMe is going public via a merger with Richard Branson's special purpose acquisition corporation VG Acquisition Corporation. (VGAC), in a deal with an enterprise value of about $3.5 billion. (MarketWatch)
Consulting firm McKinsey & Co has agreed to pay at least $573 million to resolve claims by 40-plus U.S. states related to its role in the opioid epidemic and advice it gave to OxyContin maker Purdue Pharma, according to a person familiar with the matter. (Reuters)
STOCKS TO WATCH
Canada Goose (GOOS): canada Goose shares surged more than 15% in the premarket after the outerwear maker beat estimates on both the top and bottom lines. Results were helped by strong growth in China sales as well as a surge in online buying.
EBay (EBAY): EBay shares jumped 10% in premarket trading, following an earnings beat and strong guidance. The online marketplace operator beat estimates by 3 cents a share, with quarterly earnings of 86 cents per share. Revenue came in above estimates as well and EBay increased its quarterly dividend by 13% and added $4 billion to its stock buyback program.
PayPal (PYPL): PayPal reported quarterly earnings of $1.08 per share, 8 cents a share above consensus. The digital payment service's revenue also topped Wall Street forecasts. The pandemic-induced growth in online shopping helped drive record payment volume for both the quarter and the full year.
Becton Dickinson (BDX): The medical products maker earned $4.55 per share for its latest quarter, well above the consensus estimate of $3.11 a share. Revenue beat estimates as well, boosted by strong demand for its Covid-19 tests. The company also raised its full-year forecast.
Clorox (CLX): The household products maker reported quarterly earnings of $2.03 per share, 25 cents a share above estimates. Revenue also came in above analysts' forecasts and Clorox raised its full-year revenue forecast on continued elevated sales of cleaning and disinfectant products.
Costco (COST): The warehouse retailer reported a 15.9% jump in January comparable sales, beating the consensus StreetAccount estimate of 11.7%. E-commerce sales more than doubled from a year earlier.
UnitedHealth (UNH) : David Wichmann has stepped down as the health insurer's CEO, to be replaced by Sir Andrew Witty. Witty has been CEO of the company's Optum unit.
Qualcomm (QCOM): Qualcomm came in 7 cents ahead of estimates, with quarterly earnings of $2.17 per share. The chip maker's revenue beat estimates as well, however its shares fell more than 6% in the premarket after Qualcomm said that chip supply constraints will hold back sales growth during the first half of 2021.
GrubHub (GRUB): GrubHub lost 41 cents per share for its latest quarter, wider than the 5 cents a share profit that analysts had predicted for the food delivery company. Revenue missed estimates as well, hurt by increased costs for marketing as well as promotional support for restaurants.
Align Technology (ALGN): Align Technology earned $2.61 per share for the fourth quarter, beating the $2.14 a share consensus estimate. Revenue beat forecasts as well. The maker of the Invisalign dental brace system saw fourth-quarter sales jump 28% from a year earlier.
Alibaba (BABA): The China-based e-commerce company set initial prices for a planned $5 billion U.S. debt offering. According to a term sheet seen by Reuters, 10-year debt will be priced at 130 basis points over the 10-year Treasury note, and 20-year debt will be priced at 140 basis points over the 20-year Treasury bond.
e.l.f. Beauty (ELF): e.l.f. Beauty missed estimates by 2 cents a share, with quarterly earnings of 22 cents per share. The discount cosmetics seller's revenue beat forecasts. The bottom line took a hit from increased selling and administrative expenses.
CONTRIBUTORS
Matthew J. Belvedere
@Matt_Belvedere
Peter Schacknow
@peterschack
Apple & Kia making a car...
Good news.
Thanks!
Lizzy, I've pounding the table for peeps to get KMPH since $5.25.
$6.76 now and still in infancy
Check out the chart https://stockcharts.com/h-sc/ui?s=KMPH
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=160787543
MG
And my pot stock...CGC. TLRY too, but I’m not in that one.
Ahhh, that's going too, is it. nice!
I hope no one got hurt too bad.
I broke even on my 80 put.
Followers
|
714
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
376163
|
Created
|
03/21/05
|
Type
|
Free
|
Moderator iconoclassic | |||
Assistants hamvestor downtimepg dc_350 MWM |
PURPOSE: The purpose of this board is to post breaking news releases on NASDAQ, AMEX, and NYSE issues. We are looking for news that has the potential to move the particular stock in either direction. Please post a link for verification when possible.
FORMAT: For the initial post, please begin your post with the ticker, current SP, news, comments and your entry if you wish.
PRIMARY FOCUS: The primary focus will be news releases, which, of course, includes earnings plays, and can encompass run-ups as well as aftershocks to the news releases.
SECONDARY FOCUS: Your actual trades, share structure, charts, technical analysis, fundamental analysis, due diligence; all are very welcome topics for discussion.
STYLE: Long or Short, you are welcome here. We do intraday, short term, swing trades, continuation, and long term plays. Option trades and strategies are welcome. No limits, really.
Do not post OTCBB, PINKIES, or GREY SHEET ISSUES, they will be deleted. There will be no exceptions to this. No spamming or pumping will be tolerated.
GAPPER/TANKER DISCUSSION STARTS ANYTIME, NO OTCBB OR PINKIES
For fun, each afternoon, we like to each pick a stock that we believe has the potential to gap up or tank down the next day. Feel free to participate. No prizes offered, just a bit of friendly competition, and, who knows, we might all profit from it, as well. At least, that's the plan. Enjoy.
1. All entries MUST be in between 12:00:00am and 3:50:59pm IHUB time on the preceding trading day.
2. Each participant may enter one ticker symbol in each contest, but that player may NOT put the same stock in both contests.
3. The entry post MUST begin with the word 'Gapper'; or the word 'Tanker'. Please post your picks either in separate posts OR put them both on the same line.
4. The entry post should contain a brief explanation of the reasoning behind the pick.
5. Once a Gapper or a Tanker is chosen, it may not be changed. (Please, no editing once posted.)
6. In the case of duplications, the earlier post is the holder of that Gapper or Tanker pick.
7. All listed stocks and ETF's are eligible, except leveraged ETF's, and stocks under $1.
8. A duplication error can be remedied with an alternate pick (follow the usual protocol).
Winners of the GAPPER or TANKER contests will be determined by the actual gap on that day, i.e., today's opening price minus the previous day's closing price, converted to a percentage. The gap must be at least 3% to be considered as a winning entry.
Links to past daily contest results:
2012
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=82936477
2011
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=70416259
2010
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=58312402
2009
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=45046090
Links to past Hall of Fame/Shame results:
2012
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=82936515
2011
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=70416280
2010
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=58312388
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=58312394
==========================================================================
MARKET CLOSURES FOR 2014:
The 2014 holiday schedule for NASDAQ is as follows:
Coming soon....
MARKET SCHEDULE http://www.nasdaq.com/about/schedule.stm
SECTOR LINKS (COURTESY OF MADROSE1:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=66467590
HOW TO POST A CHART USING A TEMPLATE
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=45870564
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=58712235
Posts Today
|
0
|
Posts (Total)
|
376163
|
Posters
|
|
Moderator
|
|
Assistants
|
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |