Good morning traders and investors of the r/StockMarket sub. Welcome to Wednesday! Here are your pre-market movers and news this AM-
- U.S. stock index futures pointed to a higher open on Wednesday as the market continues to bounce back from a steep sell-off that was sparked by worries over a new strain of coronavirus. The Dow on Tuesday jumped 407 points, or 1.4%. The S&P 500 gained 1.5% to end the day. The Nasdaq advanced 2.1% to a record close. Stocks surged for a second day, making up even more ground from last week’s steep drop. (CNBC)
- Short sellers are propelling the stock market higher, Jim Cramer says (CNBC)
- On the data front, ADP private payrolls numbers for January are due at 8:15 a.m. ET, before December international trade at 8:30 a.m. ET. The final January services purchasing managers’ Index reading is out at 9:45 a.m. ET, followed by ISM nonmanufacturing at 10 a.m. ET. (CNBC)
- General Motors (GM), GlaxoSmithKline (GSK), and Dow stock Merck (MRK) are among those reporting earnings before the opening bell on Wednesday, while Qualcomm (QCOM) and Fox (FOXA) are report after the bell. (CNBC)
- Merck says it plans to spin off its slow-growth products into a new company (CNBC)
- Disney (DIS) reported fiscal first-quarter earnings that beat on both the top and bottom lines. Shares fluctuated after hours, but were mostly within 1% of the stock’s price at close. Disney said in its report that its new streaming service, Disney+, had 26.5 million paying subscribers during the quarter. (CNBC)
- Disney expects coronavirus outbreak to deal its theme parks a $175 million blow (CNBC)
- Shares of Tesla (TSLA) were off about 4% in the premarket after surging another 13.7% on Tuesday. Canaccord on Wednesday downgraded the stock, which has doubled this year. Investors should wait for a better opportunity to buy after Tesla’s “electrifying” run, said Canaccord. On Monday, Tesla shares soared nearly 20%. (CNBC)
- Ford (F) shares were sliding about 8% in the premarket after the carmaker posted a fourth-quarter loss and disappointing 2020 guidance, warning of coronavirus-related manufacturing shutdowns. (CNBC)
- GM unveils new tech-savvy Cadillac Escalade SUV (CNBC)
- Ex-Mayor Pete Buttigieg and Sen. Bernie Sanders lead the pack in the 2020 Iowa Democratic caucuses, according to partial results released by the Iowa Democratic Party. The former South Bend, Indiana, mayor has about 27% of state delegate equivalents, narrowly topping Sanders on 25%. The data only included 71% of precincts. (CNBC)
- Rhode Island governor backs Michael Bloomberg for president (AP)
- Video shows Iowa caucus voter pulling support for Pete Buttigieg after learning he’s married to a man (CNBC)
- Rosy polls but few yard signs: How Joe Biden stumbled in Iowa (Reuters)
- Four months after Democrats in the House of Representatives launched a formal impeachment inquiry into President Donald Trump’s dealings with Ukraine, the Senate is poised today to acquit him on charges of abuse of power and obstruction of Congress. Trump faces a 4 p.m. ET vote that will determine whether he can complete his term as president. (Reuters)
- Trump delivered his third State of the Union last night before a joint session of Congress. The ceremonial address resembled a campaign speech, with the president boasting of his record on jobs, pledging to protect Social Security and warning against Democratic policy proposals. (CNBC)
- Trump touts killings of ISIS leader, Iranian general (CNBC)
- Pelosi rips up Trump State of the Union speech, right on the podium (AP)
- Trump awards Rush Limbaugh, who recently revealed his cancer, awarded Medal of Freedom (The Hill)
- China said that as of Tuesday night, a total of 24,324 coronavirus cases have been confirmed and 490 people have died in the country. A second, 1,600-bed hospital for coronavirus patients in Wuhan is set to be completed today as the virus spreads. Hong Kong leader Carrie Lam has said those coming from mainland China will be put into compulsory quarantine for 14 days. (CNBC)
- 5 charts show why the global economy is more vulnerable now than during SARS (CNBC)
- Nike says the coronavirus epidemic will have ‘material impact’ on China operations (CNBC)
- Princess Cruises said it has placed 3,700 passengers and crew under mandatory quarantine for two weeks after 10 passengers aboard a cruise ship in Japan tested positive for the new coronavirus. One of the 10 passengers is from the U.S., while the others include two Australian guests, three Japanese guests, three guests from Hong Kong and one Filipino crewmember. (CNBC)
- Macy’s (M) said it plans to shut 125 stores over the next three years and slash about 2,000 corporate jobs, as it closes its Cincinnati headquarters and tech offices in San Francisco. Macy’s said it plans to exit weaker shopping malls, and instead shift its focus toward opening smaller-format stores in strip centers. (CNBC)
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Disney (DIS) — Disney shares dipped 0.8% after the media giant failed to update the guidance for its online streaming service, Disney+. The company had previously forecast subscriber growth between 60 million and 90 million by fiscal 2024. The subscriber growth overshadowed better-than-expected earnings and revenue for the company.
STOCK SYMBOL: DIS
Snap (SNAP) — Shares of the social media company dropped more than 9% on the back of disappointing quarterly revenue. Snap reported sales of $561 million for the previous quarter. Analysts polled by Refinitiv expected revenue of $563 million. The company’s average revenue per user (ARPU) — a key metric for social media companies — also missed analysts’ expectations.
STOCK SYMBOL: SNAP
Chipotle Mexican Grill (CMG) — The fast-casual food chain posted earnings for the previous quarter that beat analysts’ expectations, sending the stock up more than 1%. Chipotle reported an adjusted profit of $2.86 per share, topping a Refinitiv estimate of $2.75 per share. The burrito chain also had same-store sales growth — a key metric for restaurant chains — that beat estimates.
STOCK SYMBOL: CMG
Ford Motor (F) — Ford dropped more than 7% in the premarket after reporting a loss of $1.7 billion for the fourth quarter and issuing disappointing guidance for 2020. The company’s quarterly loss was driven in part by higher pension contributions and increasing labor and warranty costs.
STOCK SYMBOL: F
Gilead Sciences (GILD) — Gilead reported earnings per share of $1.30, missing a Refinitiv estimate of $1.67 per share. The biotechnology company also issued full-year earnings guidance ranging between $6.05 per share and $6.45 per share — that’s below a Refinitiv estimate of $7.01 per share. Gilead shares were down 0.7% in the premarket.
STOCK SYMBOL: GILD
Humana (HUM) — Humana shares traded 2.1% higher in the premarket on the back of better-than-expected quarterly results. The managed care company earned $2.28 per share on revenue of $16.295 billion. Analysts polled by Refinitiv expected earnings of $2.20 per share on sales of $16.19 billion. Humana also issued better-than-expected earnings guidance for 2020.
STOCK SYMBOL: HUM
Merck (MRK) — Merck reported a weaker-than-expected revenue for the previous quarter and announced it will spin off its women’s health business to focus on oncology, vaccines, hospitals and animal health. The company posted sales of $11.868 billion for the previous quarter, missing a Refinitiv estimate of $11.982 billion.
STOCK SYMBOL: MRK
Tesla (TSLA) — An analyst at Canaccord downgraded the high-flying electric car maker to hold from buy. The analyst said investors will “likely get a more attractive entry point” in the future after the stock’s recent run higher.
STOCK SYMBOL: TSLA
Pinterest (PINS) — A Loop Capital analyst initiated Pinterest with a buy rating and a price target of $29 per share. The target implies a 29% upside from Tuesday’s close of $22.46 per share. The analyst cited a “great potential as an advertising and eCommerce platform” for Pinterest.
STOCK SYMBOL: PINS
/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. /u/bigbear0083 is an admin at the financial forums Stockaholics.net where this content was originally posted.
What's on everyone's radar for today's trading day ahead here at r/StockMarket?
I hope you all have an excellent trading day ahead today on this Wednesday, February 5th, 2020! 🙂