Toplines Before US Market Open on Thursday

Tiger Newspress2021-11-04

The S&P 500 and Nasdaq futures were at record highs on Thursday, propped up by a slew of stellar earnings reports and as investors shrugged off the Federal Reserve's first steps to begin paring its pandemic-era support.

At 8:00 a.m. ET, Dow e-minis were down 17 points, or 0.05%, S&P 500 e-minis were up 5.25 points, or 0.11%, and Nasdaq 100 e-minis were up 60.5 points, or 0.38%.

Tesla Inc added 1.9% and was set for a record open, while other mega-cap technology titans Microsoft Corp, Google-owner Alphabet Inc, Amazon.com and Meta Platforms also edged higher.

The U.S. unemployment picture improved again last week, with initial filings for unemployment insurance falling to another pandemic-era low.First-time claims dropped to 269,000 for the week ended Oct. 30, down 14,000 from the previous period and better than the Dow Jones estimate for 275,000, the Labor Department reported Thursday.

Continuing state jobless claims fall 134,000 to 2.1million;U.S. productivity sinks 5% in third quarter;U.S. trade gap widens to record $80.9 billion in September from revised $72.8 billion in prior month;U.S. output rises 1.7% in third quarter, hours worked jump 7%;U.S. unit-labor costs surge 8.3% in the third quarter.

Stocks making the biggest moves premarket:

Moderna(MRNA) – Moderna tumbled 11.5% in premarket action, following quarterly shortfalls in both earnings and revenue as well as a cut in the drug maker’s full-year earnings outlook. Moderna earned $7.70 per share for its latest quarter versus the $9.05 consensus estimate.

Merck(MRK) – Britain became the first country to approve Merck & Co’s Covid-19 antiviral pill, with the nation’s drug regulator describing the treatment as safe and effective.Merck shares rose 3.2% in premarket U.S. trading.

Roku(ROKU) – Roku shares slid 7.4% in premarket trading despite an earnings beat. The video-streaming device maker earned 48 cents per share for its latest quarter, well above the 6-cent consensus estimate, but revenue fell short of forecasts and the company issued a lower-than-expected revenue forecast for the holiday quarter.

Qualcomm(QCOM) – Qualcomm beat estimates by 29 cents with adjusted quarterly earnings of $2.55 per share, and the chip maker’s revenue also beat forecasts. Qualcomm also forecasts strong growth, driven by demands for 5G smartphone technology. Shares jumped 9.6% in premarket trading.

Electronic Arts(EA) – Electronic Arts reported an adjusted quarterly profit of $1.49 per share, compared with a consensus estimate of $1.17. The video game maker also beat on the top line. EA also raised its full-year outlook amid strength in its sports-themed games. Electronic Arts added 2.9% in the premarket.

Take-Two Interactive(TTWO) – Take-Two had a quarter that mirrored rival Electronic Arts, beating on both the top and bottom lines, and raising its outlook. Take-Two reported adjusted earnings of $1.63 a share, beating the consensus estimate of $1.34, and its stock added 3.1% in premarket action.

Etsy(ETSY) – The online crafts marketplace issued weaker-than-expected current-quarter revenue guidance although it did beat forecasts for its most recent quarter, coming in 8 cents above estimates with earnings of 62 cents per share.Etsy shares fell 1% in premarket trading.

MGM Resorts(MGM) – MGM rallied 2.4% in the premarket after announcing plans to sell the operations of its Mirage casino in Las Vegas to another operator. MGM said no sales agreement has been reached, however, and it did not disclose the name of any potential buyers.

Regeneron Pharmaceuticals(REGN) – The drug maker’s shares rallied 2.7% in the premarket after it reported a significant beat on both the top and bottom lines for its latest quarter. Regeneron earned an adjusted $15.37 per share, well above the $10.10 consensus estimate, on strong sales of its Covid-19 antibody cocktail as well as other treatments.

Planet Fitness(PLNT) – The fitness center operator’s stock surged 4.9% in premarket action after beating on the top and bottom lines and raising its full-year revenue forecast. Planet Fitness earned an adjusted 25 cents per share for its latest quarter, 7 cents above estimates.

ViacomCBS(VIAC) – ViacomCBS rose 0.7% in premarket trading after its quarterly earnings matched estimates and revenue came in better than expected. Results got a boost from strength in the company’s streaming and TV businesses.

Wayfair(W) – The online home goods seller slid 4.5% in the premarket after it reported an unexpected quarterly profit but saw revenue fall below analyst forecasts. Wayfair noted that spending has started to transition toward brick-and-mortar stores post-pandemic and it may take a few quarters for its growth to return to normal levels.

Booking Holdings(BKNG) – Booking Holdings rallied 4.6% in the premarket after the travel company reported better-than-expected profit and revenue for its latest quarter. The Priceline parent earned an adjusted $37.70 per share, compared with the $32.90 consensus estimate, and investors so far are shrugging off the company’s cautionary comments about a Covid-19 resurgence in Europe.

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