Toplines Before US Market Open on Wednesday

Tiger Newspress2021-04-28

U.S. stock futures fell across the board Wednesday, the Dow Futures fell 0.26%,Nasdaq 100 Futures fell 0.23%,S&P 500 Futuresfell 0.03%.As investors digest earnings from mega-cap tech companies ahead of the latest Federal Reserve meeting and a key speech from President Joe Biden.

*Source From Tiger Trade, EST 08:10

The U.S. central bank is not expected to change its ultra-easy monetary policies, with thedecisiondue at 2 PM ET (1900 GMT). A lot of the focus will be comments from Chairman Jerome Powell, who has been consistent of late in indicating that policymakers won't be withdrawing support anytime soon.

Also of interest will be a speech by PresidentJoe Bidenbefore a joint session of Congress, where he is expected to call on U.S. policymakers to pass a $1.8 trillion package aimed toward children and families and the tax increases needed to pay for it.

Take a look at some of the biggest movers in the premarket:

Alphabet(GOOGL) – Alphabet reported record profit for the second consecutive quarter, earnings of $26.29 per share compared to a consensus estimate of $15.82 a share. Revenue beat forecasts, and the Google parent also announced a $50 billion share buyback. Shares jumped 5.1% premarket.

Spotify(SPOT) – The music streaming service logged a smaller-than-expected loss for its latest quarter, as well as beating revenue estimates and reporting a 24% increase in monthly active users. Its projected range for the current quarter's operating loss falls largely below analyst forecasts, however, and the shares skidded 7.8% in the premarket.

Pinterest(PINS) – Pinterest shares tanked 11.9% in the premarket, despite beating estimates on both the top and bottom lines for its latest quarter. Investors are focusing on a slowdown in user growth for the image-sharing company.

Shopify(SHOP) – The e-commerce platform provider’s stock rallied 5.5% in the premarket after reporting better-than-expected earnings and revenue for its latest quarter. Shopify continues to benefit from the boom in online shopping.

Boeing(BA) – Boeinglost $1.53 per share, compared to a consensus forecast for a loss of $1.15 per share. Revenue was better than expected, although the jet maker said the global pandemic continues to challenge the overall market environment. Boeing fell 1.2% in premarket trading.

Stanley Black & Decker(SWK) – The tool company beat estimates on the top and bottom lines for its latest quarter. The company also raised its fiscal year forecast and boosted its stock buyback plans by 20 million shares. Stanley Black & Decker saw particularly strong growth for tools and storage products.

Humana(HUM) – The health insurer earned $7.67 per share for its latest quarter, better than the $7.08 a share consensus estimate. Revenue beat forecasts as well, helped by strength in sales of its Medicare Advantage plans.

General Dynamics(GD) – The defense contractor’s shares added 2.2% in premarket action after it beat top and bottom line estimates for its latest quarter, helped by strength in its aerospace unit.

Garmin(GRMN) – Garmin earned $1.18 per share for the first quarter, beating the 89 cents a share consensus estimates. Revenue exceeded estimates by a wide margin amid double-digit growth for its fitness, outdoor, marine and auto segments.

Brinker International(EAT) – The parent of Chili’s and other restaurant chains missed estimates on the top and bottom lines for its latest quarter, but it gave a better-than-expected outlook. Shares rose 2.7% premarket.

Starbucks(SBUX) – Starbucks beat estimates by 9 cents a share, with quarterly earnings of 62 cents per share. Revenue came in short of forecasts, however, due to weak international sales. The coffee chain said U.S. sales have recovered to pre-pandemic levels. Starbucks shares slid 1.6% in premarket trading.

Microsoft(MSFT) – Microsoft fell 2.5% in the premarket despite earning $1.95 per share for its latest quarter, beating the $1.78 a share consensus estimate. Revenue came in above forecasts as well, boosted by an expanding presence in cloud computing and business services.

Mondelez(MDLZ) – Mondelez came in 8 cents a share above estimates, with quarterly profit of 77 cents per share. The snack maker’s revenue also came in above Wall Street projections. Mondelez continues to benefit from consumers stocking up on snacks amid the pandemic, especially in international markets where lockdowns are still prevalent. Mondelez shares added 2.5% in premarket action.

Visa(V) – Visa reported quarterly profit of $1.38 per share, 11 cents a share above estimates. The payment network operator also posted better-than-expected revenue, boosted by the ongoing surge in online shopping. Shares gained 1.6% in premarket action.

Sony(SONY) – Sony reported better-than-expected profit and revenue for its latest quarter, driven by an ongoing jump in gaming demand as well as the popularity of the PlayStation 5 gaming console. Sony gained 3.6% in premarket trading.

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