Good morning traders and investors of the r/stocks sub! Happy Wednesday to all! Here are your pre-market movers and news this AM-
- S&P 500 futures turned higher this morning, coming back from overnight lows of more than 1.6% after Iran retaliated for the U.S. killing of a top Iranian general. International oil prices initially surged 4%. But like stocks, crude steadied as the Iranian attacks were less than feared. (CNBC)
- The direction of the Dow, which closed lower Tuesday on concerns about rising U.S.-Iranian tensions before the airstrikes, could be swayed by the ADP’s December report on private sector employment this morning. The government issues its monthly employment report on Friday. (CNBC)
- Weekly mortgage applications fell in final weeks of 2019, but homebuyers were out shopping (CNBC)
- Constellation Brands (STZ), Lennar (LEN), and Dow stock Walgreens Boots Alliance (WBA) are out with quarterly earnings this morning. Bed Bath & Beyond (BBBY) and Helen of Troy (HELE) are among the companies releasing numbers after today’s closing bell. (CNBC)
- There are no reports of any U.S. service members being hurt after Iran last night launched more than a dozen ballistic missiles against multiple bases housing U.S. troops in Iraq. President Donald Trump tweeted: “All is well!” He plans to make a statement this morning. (CNBC)
- Iran supreme leader says missile attack was a ‘slap on the face’ for US but it ‘wasn’t enough’ (CNBC)
- World leaders call for calm after Iranian attack on US forces (CNBC)
- Saudi Aramco shares hit lowest point since market debut as US-Iran hostilities escalate (CNBC)
- Airlines avoid Iranian airspace, cancel flights as Mideast tensions spike (CNBC)
- A Boeing (BA) 737-800 passenger jet, not the grounded Max, operated by a Ukrainian airline crashed minutes after take-off from Tehran on Wednesday morning. There were no survivors. Ukraine International Airlines Flight 752 had 167 passengers and nine crew members on board. (CNBC)
- United Airlines (UAL) will take a $90 million charge against fourth-quarter earnings, due to Hong Kong disruptions from ongoing anti-government protests. United said the protests have reduced demand for travel to Hong Kong. (Reuters)
- Fugitive ex-Nissan chief Carlos Ghosn’s lawyers attacked the auto maker this morning, before he was scheduled to hold a highly-anticipated news conference, accusing Nissan of using a “flawed, biased” internal probe to engineer his arrest. (Reuters)
- Senate Majority Leader Mitch McConnell said Senate Republicans are prepared to move forward on a Trump impeachment trial without agreeing first to rules about witnesses and without any Democratic votes. (CNBC)
- Facebook (FB) and eBay (EBAY) have removed hundreds of groups and accounts engaged in trading fake reviews, after the U.K. antitrust regulator flagged concerns over them in June. (CNBC)
- Apple’s (AAPL) App Store platform grossed around $50 billion in 2019, according to analysis by CNBC. But growth is slowing. However, at $50 billion in annual sales App Store alone would be No. 64 on the Fortune 500, ahead of Cisco and behind Morgan Stanley.
- Baked goods, candies or other cannabis-infused edibles may not be as safe as people think, especially for first-time users, children and the elderly, according to a new paper in the Canadian Medical Association Journal. (CNBC)
- US cancer death rate drops by largest amount on record (WSJ)
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Constellation Brands – The beer and spirits producer reported adjusted quarterly profit of $2.21 per share, beating the $2.04 a share consensus estimate. Revenue also topped Wall Street forecasts.
STOCK SYMBOL: STZ
Walgreens Boots Alliance (WBA) – The drug store operator missed estimates by 4 cents a share, with adjusted quarterly earnings of $1.37 per share. Revenue came in below estimates as well. Walgreens said it is maintaining its prior earnings outlook for the year despite the soft first quarter.
STOCK SYMBOL: WBA
Lennar (LEN) – The homebuilder reported quarterly profit of $2.13 per share, beating the consensus estimate of $1.90 a share. Revenue also topped Street forecasts. New orders were up 23% on both a dollar and volume basis compared with a year ago.
STOCK SYMBOL: LEN
Macy’s (M) – Macy’s has cut more than 70 workers at its Bloomingdale’s chain and plans to announce larger layoffs in February, according to a report in Women’s Wear Daily. The moves are said to be part of the retailer’s restructuring plan. Separately, Macy’s reported comparable sales for November and December fell 0.6%, with the retailer noting positive momentum compared to the prior quarter.
STOCK SYMBOL: M
Boeing (BA) – Boeing is under pressure once again following the crash of a Ukraine International Airlines 737-800 shortly after takeoff in Tehran. Officials are pointing to engine failure as the likely cause and say the crash was not related to terrorism.
STOCK SYMBOL: BA
Luckin Coffee (LK) – Luckin announced a follow-on offering of 7.2 million American depositary shares. Additionally, a selling shareholder of the China-based coffee chain is offering 4.8 million American depositary shares for sale. The announcement came as Luckin announced it is expanding into vending machines to increase its share of the China market.
STOCK SYMBOL: LK
Apple (AAPL) – Apple said customers spent a record $368 million in its App Store on Jan. 1, up 20% from the same day last year. App Store spending was up 16% between Christmas Eve and New Year’s Eve.
STOCK SYMBOL: AAPL
United Airlines (UAL) – United Airlines will take a $90 million charge against fourth-quarter earnings, due to Hong Kong disruptions stemming from ongoing anti-government protests. United said the protests have reduced demand for travel to Hong Kong.
STOCK SYMBOL: UAL
Alibaba (BABA) – Alibaba is undercutting Amazon.com (AMZN) in Europe by offering lower fees for sellers, according to sources who spoke to Reuters. The sources say the move by the China-based online retailer has had mixed results.
STOCK SYMBOL: BABA
Becton Dickinson (BDX) – Becton Dickinson was downgraded to “equal weight” from “overweight” at Barclays, which cites valuation. The medical products maker has seen its stock rise more than 22 percent over the past 12 months.
STOCK SYMBOL: BDX
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, January 8th, 2020! 🙂