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 Tuesday, May the 9th, 2023-
Stock futures fall as investors await closely followed inflation data: Live updates
Stock futures were under pressure Tuesday, with regional bank shares retreating, as investors readied for key inflation reports due later in the week.
Futures tied to the Dow Jones Industrial Average lost 121 points, or 0.4%. S&P 500 futures dipped 0.4% along with Nasdaq-100 futures.
PacWest shares fell more than 8% in the premarket after a volatile session in which the regional bank rose more than 3%. The SPDR S&P Regional Banking ETF (KRE) dipped 0.8%, as investors continued to fret over the state of the U.S. banking system.
Lucid, PayPal and Skyworks were all down after their quarterly reports were released. Meanwhile, Palantir jumped 20% on a strong earnings report and upbeat guidance.
The moves follow a lukewarm session that left the three major indexes modestly changed. The S&P 500 finished 0.05% higher, while the Nasdaq Composite ended with a gain of nearly 0.2%. The Dow was the underperformer of the session, closing almost 0.2% lower.
“If we look across markets today, the price action is relatively muted,” said Charlie Ripley, senior investment strategist at Allianz Investment Management. “There’s somewhat of a sigh of relief that the report wasn’t worse than expected.”
Traders are also looking ahead to April’s consumer price index report slated for Wednesday and the producer price index on Thursday for the newest data on the path of inflation.
Elsewhere, Treasury Secretary Janet Yellen said on CNBC Monday afternoon that failing to raise the debt ceiling would be an “economic catastrophe” and that regulators are not close to any policies that would limit short-selling regional bank stocks.
Investors will watch Tuesday for morning data from the National Federation of Independent Business. Fed Governor Philip Jefferson and New York Fed President John Williams are both slated to speak at events over the course of the day.
Fox Corp. and Nikola are among companies set to report quarterly earnings before the bell, followed by Airbnb and Rivian after the market closes. Earnings season is beginning to wind down with more than 85% of the stocks in the S&P 500 done reporting.
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)
Palantir Technologies — Shares of Palantir rose nearly 20% after the enterprise computing firm best known for its data mining platforms released first-quarter results that beat analyst estimates. The company also issued guidance for full-year profitability. CEO Alex Karp said demand for the company’s artificial intelligence platform is “without precedent.”
STOCK SYMBOL: PLTR
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3D Systems — 3D Systems dropped 9.8% after posting disappointing first-quarter results. The maker of 3D printers reported an adjusted loss of 9 per share on revenue of $121 million. Analysts had forecasted a per-share loss of 7 cents on revenue of $128 million, per Refinitiv. Additionally, the firm cut 6% of its workforce. It also reaffirmed full-year revenue guidance, though it raised its full-year adjusted EBITDA forecast. Jeffrey Graves, president and CEO of 3D Systems, said the results are due to “continued softness in our dental orthodontic market, which we attribute to reported sluggishness in consumer discretionary spending.”
STOCK SYMBOL: DDD
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Skyworks Solutions — Skyworks Solutions shed more than 9% after issuing weaker-than-expected fiscal third-quarter guidance. The semiconductor firm forecasts non-GAAP per-share earnings of around $1.67, lower than consensus estimates of $2.06, according to StreetAccount. It also expects revenue of $1.05 billion and $1.09 billion, while analysts were expecting guidance to come in at $1.15 billion. Otherwise, the firm reported second-quarter earnings that were in line with expectations, while revenue beat, according to StreetAccount.
STOCK SYMBOL: SWKS
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Under Armour — Shares of the apparel company fell nearly 5% in premarket trading despite Under Armour’s fiscal-fourth quarter results beating expectations on the top and bottom lines, according to Refinitiv. The company’s full-year outlook for revenue and earnings per share came up short of expectations, however. Under Armour projected earnings between 47 cents per share and 51 cents per share over the next year, compared to 61 cents expected by analysts, according to StreetAccount.
STOCK SYMBOL: UAA
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Fisker — Fisker slid 12.5% in the premarket after first-quarter earnings missed estimates. The automotive company reported a greater-than-expected loss of 38 cents per share, while analysts estimated a loss of 30 cents per share, according to Refinitiv.
STOCK SYMBOL: FSR
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Western Digital — The chip stock rose about 2% in premarket after the company reported a revenue beat in the latest quarter. Investor appeared to shrug off wider-than-expected quarterly loss. Wedbush reiterated its outperform rating Tuesday after the earnings report, on optimism about its earnings potential as well as its belief that investors like Elliott and Apollo will eventually drive a strategic outcome for the stock.
STOCK SYMBOL: WDC
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PayPal Holdings — Shares of the payments company fell more than 5%, hit by weak current-quarter earnings guidance in an otherwise positive report. Earnings guidance for the full year was more upbeat and the company posted better-than-expected earnings and revenue, according to Refinitiv.
STOCK SYMBOL: PYPL
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Lucid Group — The electric vehicle maker fell nearly 11% in premarket trading after reporting a larger than expected quarterly loss. The company reported revenue of $149.4 million against Refinitiv analyst expectations of $209.9 million.
STOCK SYMBOL: LCID
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Trex Company — Trex Company popped 4.8% in premarket trading after exceeding analysts’ expectations on the top and bottom lines in the first quarter and issuing better-than-expected second-quarter revenue guidance. The maker of wood-alternative decking and railing expects second-quarter revenue between $310 and 320 million, while analysts forecasted guidance of $309.0 million, according to FactSet.
STOCK SYMBOL: TREX
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McKesson — McKesson rose 4.6% after posting better-than-expected quarterly results. The company reported adjusted earnings of $7.19 per share, just topping a StreetAccount forecast of $7.18 per share. It issued revenue of $68.91 billion, greater than estimates of $68.08 billion.
STOCK SYMBOL: MCK
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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 Tuesday, May 9th, 2023! :)
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