Good morning traders and investors of the r/stocks sub! Welcome to the new trading day and a fresh start! Here are your pre-market stock movers & news on this Wednesday, April the 26th, 2023-
Stock futures rise after Microsoft, Alphabet post earnings beats: Live updates
U.S. stock futures rose Wednesday as Big Tech earnings began to roll out, led by Microsoft.
Futures tied to the Dow Jones Industrial Average were up 5 points, while S&P 500 futures added 0.2%, and Nasdaq-100 futures gained 1%.
Microsoft beat Wall Street’s expectations on the top and bottom lines in its latest quarter. The company also posted a big jump in revenue from its Intelligent Cloud business segment. Shares gained 8% in the premarket. Google-parent Alphabet posted better-than-anticipated earnings, however the stock dipped slightly as revenue grew by just 3% year over year.
“We’re still early in this season, but it seems like Wall Street generally underestimated corporate America once again,” said Callie Cox, an analyst at investment company eToro. “Company-level information could be easing investors’ fears on how corporate America is handling slowing growth and rising costs, especially given the focus on the job market.”
“There are a lot of eyes on how well tech holds up given it’s powered the market recently,” she added. “Big Tech has been through a lot of scrutiny, and expectations are already quite low for the sector. We expect Big Tech companies to focus on profitability and cost-cutting measures in their earnings commentary.”
Boeing, Hilton Worldwide and Spirit Airlines are scheduled to report their earnings results before the bell Wednesday. After the close, Meta Platforms, eBay and Mattel are due to report.
Traders are coming off a losing session, with the Dow falling about 344 points Tuesday. The S&P 500 finished 1.6% lower and the Nasdaq Composite dropped nearly 2%.
First Republic Bank said late Monday that its deposits dropped 40% to $104.5 billion in the first quarter. This reignited concerns about the broader banking sector and pressured the major averages Tuesday. Cox called the instance “an exception.”
“I’ve felt encouraged by how well margins have held up,” she told CNBC. “That’s a function of both sales and cost management, but it shows us that investors may have not factored in how much businesses are benefiting from cooling labor and goods costs.”
Elsewhere, investors are monitoring durable goods and mortgage purchase data Wednesday morning, before getting the latest GDP update Thursday and the big Personal Consumption Expenditures Price Index – the Fed’s favored inflation gauge – on Friday.
STOCK FUTURES CURRENTLY:
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YESTERDAY'S MARKET MAP:
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TODAY'S MARKET MAP:
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YESTERDAY'S S&P SECTORS:
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TODAY'S S&P SECTORS:
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TODAY'S ECONOMIC CALENDAR:
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THIS WEEK'S ECONOMIC CALENDAR:
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THIS WEEK'S UPCOMING IPO'S:
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THIS WEEK'S EARNINGS CALENDAR:
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THIS MORNING'S PRE-MARKET EARNINGS CALENDAR:
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EARNINGS RELEASES BEFORE THE OPEN TODAY:
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THIS AFTERNOON'S AFTER-HOURS EARNINGS CALENDAR:
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EARNINGS RELEASES AFTER THE CLOSE TODAY:
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YESTERDAY'S ANALYST UPGRADES/DOWNGRADES:
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YESTERDAY'S INSIDER TRADING FILINGS:
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TODAY'S DIVIDEND CALENDAR:
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THIS MORNING'S STOCK NEWS MOVERS:
(source: cnbc.com)
Enphase Energy — The solar inverter company slid 16% after reporting disappointing revenue guidance for the second quarter. The company said Tuesday its upcoming quarterly revenue will range from $700 to $750 million, compared to the expected $765.2 million from analysts surveyed by StreetAccount. Enphase reported adjusted earnings of $1.37 per share on $726 million in revenue, beating StreetAccount forecasts of earnings of $1.21 per share on $724.4 in revenue. Shares of rival Solaredge Technologies dropped 5.8%.
STOCK SYMBOL: ENPH
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Boeing — Boeing shares rose 3.7% in premarket trading after the company posted its latest quarterly results and said it would increase production of 737 Max planes later this year despite a production issue. The company reported an adjusted loss of $1.27 per share and $17.92 billion in revenue. Analysts polled by Refinitiv anticipated a loss per share of $1.07 on $17.57 billion in revenue.
STOCK SYMBOL: BA
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Activision Blizzard — Activision Blizzard shares dropped about 10.4% in the premarket after a UK regulator blocked Microsoft’s purchase of the video game publisher. “The final decision to prevent the deal comes after Microsoft’s proposed solution failed to effectively address the concerns in the cloud gaming sector,” wrote the UK’s Competition and Markets Authority.
STOCK SYMBOL: ATVI
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First Republic Bank — The battered regional bank stock dropped 10% before the bell, with the potential to again weigh on the broader banking sector. First Republic on Monday reported that its deposits dropped 40% to $104.5 billion in the first quarter, and the stock lost nearly half its value Tuesday.
STOCK SYMBOL: FRC
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PacWest Bancorp — Shares jumped 14% in early morning trading after PacWest said it has seen deposit inflows over the past month. The regional bank said deposits fell more than 16% during the first quarter to roughly $28.2 billion, but that it has added about $1.8 billion in deposits since March 20, when it last updated investors. It saw $700 million in deposits in April. On Tuesday, PacWest also reported a net loss of $1.21 billion for the quarter, due largely to a goodwill impairment charge. Regional bank Western Alliance Bancorp also rose Wednesday before the bell.
STOCK SYMBOL: PACW
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Microsoft — Shares advanced 8% after Microsoft reported fiscal third-quarter results and issued quarterly guidance that topped expectations. The tech firm reported earnings of $2.45 per share on revenue of $52.86 billion. Analysts polled by Refinitiv forecasted per-share earnings of $2.23 on revenue of $51.02 billion. Additionally, Microsoft finance chief Amy Hood issued fourth-quarter guidance of $54.85 billion to $55.85 billion in revenue. The middle of the range is greater than the $54.84 billion consensus estimate. Separately, the UK’s Competition and Markets Authority on Wednesday blocked Microsoft’s acquisition of video game firm Activision Blizzard, weighing on the tech stock.
STOCK SYMBOL: MSFT
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Alphabet — Alphabet shares were flat before the bell even after the Google parent beat both earnings and revenue expectations for the recent quarter and announced a $70 billion share buyback plan. Ad revenue beat estimates but fell from a year ago.
STOCK SYMBOL: GOOGL
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Chipotle Mexican Grill — Shares of Chipotle Mexican Grill gained more than 7% in premarket trading after the burrito chain posted a top and bottom line beat for the most recent quarter. The company benefited during the period from strong same-store sales growth and said traffic grew despite a hike in menu prices.
STOCK SYMBOL: CMG
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ServiceNow — The digital workflow company’s shares gained 3.1% after falling more than 6% during Tuesday’s session, when Infosys announced its collaboration with ServiceNow. ServiceNow will be announcing its quarterly earnings Wednesday after the bell.
STOCK SYMBOL: NOW
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Amazon — The e-commerce giant saw its stock climb 2.8% in premarket trading. The gain came after fellow tech-related giant Microsoft reported quarterly earnings that exceeded expectations, boosting sentiment for Amazon. The company reports numbers Thursday after the bell.
STOCK SYMBOL: AMZN
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Thermo Fisher Scientific — Shares fell 3.9% after Thermo Fisher Scientific reported first-quarter earnings that came in line with expectations. The Massachusetts-based supplier of scientific instruments reported adjusted per-share earnings of $5.03, in line with a StreetAccount estimate. Thermo Fisher Scientific did beat revenue expectations, reporting revenue of $10.71 billion, greater than the $10.65 billion estimate.
STOCK SYMBOL: TMO
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Coinbase — The cryptocurrency exchange added 5% in the premarket alongside a jump in cryptocurrency prices, including Bitcoins 5% rise. H.C. Wainwright also initiated coverage of Coinbase with a buy rating and $75 price target, which implies 34% upside from Tuesday’s close.
STOCK SYMBOL: COIN
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FULL DISCLOSURE:
/u/bigbear0083 has no positions in any stocks mentioned. Reddit, moderators, and the author do not advise making investment decisions based on discussion in these posts. Analysis is not subject to validation and users take action at their own risk.
DISCUSS!
What's on everyone's radar for today's trading day ahead here at r/stocks?
I hope you all have an excellent trading day ahead today on this Wednesday, April 26th, 2023! :)
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