U.S. stock futures fell Wednesday after this week's second major inflation report showed consumer prices soaring last month. The broader market Tuesday saw the Dow Jones Industrial Average, the S&P 500 and the Nasdaq all drop from record high closes in the previous session. (CNBC)
Shares of Tesla (TSLA) fell in premarket trading after a three-session losing streak that included Tuesday's nearly 12% nosedive. The stock, which has soared 45% in 2021, has been under pressure since the weekend, when CEO Elon Musk proposed selling 10% of his shares in the electric vehicle maker.
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Rivian Automotive, the electric vehicle company backed by Amazon and Ford, is set to begin trading Wednesday. The EV maker Tuesday evening priced its initial public offering at $78 per share, above the increased expected range, for a value $66.5 billion. Rivian is worth almost as much as Ford and GM, even before it starts generating real revenue. (CNBC)
* Rivian prepares to go public, but traders bet on two traditional automakers (CNBC)
Coinbase (COIN) shares dropped roughly 10% in Wednesday's premarket, the morning after the nation's largest crypto exchange reported lower-than-expected revenue of $1.31 billion in the third quarter. Coinbase earned $1.62 per share. (CNBC)
Coinbase said monthly transacting users and trading volume fell from the prior period. Much of the company's success hinges on the performance of digital assets like bitcoin, which had a rough summer. On Monday, it reached a new all-time high above $68,000. Today, bitcoin was 1% lower. (CNBC)
* Decision time looms for first spot bitcoin ETF, but OK seems unlikely (CNBC)
The EU's second-highest court ruled Wednesday that the European Commission was right to fine Google $2.8 billion for an antirust breach in what represents a landmark moment for European Union policy that could impact the business models of major tech players. The verdict can be appealed and taken to the EU's highest court. (CNBC)
* Facebook allows stolen content to flourish, its own researchers warned (WSJ)
American Airlines (AAL) pilots' union has rejected the carrier's offer of as much as double pay for working trips around the holidays, a measure aimed at avoiding a repeat of recent mass flight cancellations. The union, in the middle of contract negotiations with the airline, said it wants more permanent changes to how the airline builds its schedules. (CNBC)
At the Port of Baltimore, Biden plans Wednesday to lay out the benefits of the $1 trillion infrastructure package that Congress passed last week. The president intends to emphasize how the spending can strengthen global supply chains to help lower prices, reduce shortages and add union jobs, according to a White House official. (AP)
STOCKS TO WATCH
Poshmark (POSH) plunged more than 31% in early morning trading after the online marketplace reported quarterly financial results. The company posted a loss of 9 cents per share on revenue of $79.7 million. Analysts surveyed by Wall Street expected a loss of 7 cents per share versus $82.7 million. Poshmark also forecasted weaker-than-expected holiday-quarter revenue.
DoorDash (DASH) surged more than 15% before the bell as the food delivery platform announced it will acquire international delivery platform Wolt in a transaction valued at $8.1 billion, its biggest acquisition to date. The company also reported a wider quarterly loss than analysts expected, but topped revenue estimates.
FuboTV (FUBO) fell roughly 8% in the premarket after the sports live television streaming platform reported weaker-than-expected financial results. The company posted a loss of 74 cents per share and revenue of $156.7 million for the third quarter. Analysts expected a loss of 63 cents per share on revenue of $143.6 million.
Wendy's (WEN) gained more than 1% in early morning trading after the fast-food chain posted quarterly financial results above expectations. Wendy's posted earnings of 19 cents per share on revenue of $470.3 million, versus the expected 18 cents per share on revenue of $470.2 million, according to Refinitiv.
Palantir (PLTR) fell more than 2% before the bell after RBC downgraded the stock to underperform from sector perform and cut its price target on the stock to $19 per share from $25 per share. RBC in its call cited Palantir's slowing revenue growth.