Toplines Before US Market Open on Wednesday

Tiger Newspress2021-11-03

U.S. stock index futures were largely steady on Wednesday as investors refrained from making big bets ahead of the conclusion of the Federal Reserve's meeting, where policymakers are widely expected to signal the withdrawal of the pandemic-era support.

At 8:00 a.m. ET, Dow e-minis were down 45 points, or 0.13%, S&P 500 e-minis were down 2.75 points, or 0.06%, and Nasdaq 100 e-minis were up 20.5 points, or 0.13%.

U.S. private job creation popped higher in October thanks to a burst in hiring in the hospitality sector, payroll processing firm ADP reported Wednesday.

Companies added 571,000 for the month, beating the 395,000 Dow Jones estimate and just ahead of September’s downwardly revised 523,000. It was the best month for jobs since June.

Leisure and hospitality, a category that includes bars, restaurants, hotels and the like, saw a gain of 185,000 for a sector that remains well below its pre-pandemic employment level. The sector is seen as a proxy for an economic recovery that stalled over the summer due to a rise in the delta Covid variant and a massive clog in supply lines.

The U.S. central bank will likely announce the tapering of its $120 billion-a-month asset purchase program in its policy statement due at 2 p.m. ET (1800 GMT).

The statement will be followed by Chair Jerome Powell's news conference, which market participants will be closely watching for views on inflation and interest rate hikes.

Stocks making the biggest moves premarket:

Bed Bath & Beyond(BBBY) – Bed Bath & Beyond rocketed 55% higher in premarket action after announcing an in-store partnership with Kroger (KR) and said its share buyback program was proceeding ahead of schedule. The buying spree was spurred by that positive news, combined with the fact that the housewares retailer’s stock is one of the most heavily shorted on Wall Street.

Activision Blizzard(ATVI) – Activision Blizzard saw its shares tank 12.6% in the premarket after it announced a delay in the launch of two games as well as issuing a weaker-than-expected outlook for the holiday quarter. The videogame maker did beat bottom-line forecasts for its latest quarter, coming in 2 cents ahead of estimates with an adjusted quarterly profit of 72 cents per share.

Lyft(LYFT) – Lyft shares surged 13.1% in premarket trading, after reporting earnings of an adjusted 5 cents per share for its latest quarter, compared to an expected loss of 3 cents per share. The ride-hailing service’s revenue also topped Wall Street forecasts, with Lyft benefitting from rising rider demand as well as higher prices.

Zillow Group(ZG) – Zillow is exiting its home-flipping business, saying its algorithm designed to profitably buy and sell homes doesn’t work as intended. The real estate firm also announced an unexpected quarterly loss and lower than expected revenue for its latest quarter. Zillow shares tumbled 17.5% in premarket trading.

T-Mobile US(TMUS) – T-Mobile came in 2 cents ahead of estimates with quarterly earnings of 55 cents per share, although the mobile service provider’s revenue missed Street forecasts. T-Mobile added 673,000 subscribers during the quarter, beating analyst forecasts but short of the numbers achieved by rivals like AT&T(T). T-Mobile shares gained 2.8% in premarket action.

Norwegian Cruise Line(NCLH) – The cruise line operator’s stock slid 2.9% in the premarket after it reported a wider-than-expected loss and revenue that fell short of analyst estimates. Norwegian said it expects positive cash flow in the first quarter of 2022 and expects to be profitable in the second half of the year.

New York Times(NYT) – The newspaper publisher’s shares jumped 4.4% in the premarket after it beat estimates by 3 cents with an adjusted quarterly profit of 23 cents per share. Revenue also beat estimates amid rising advertising and digital sales.

CVS Health(CVS) – The drug store operator and pharmacy benefits manager beat estimates by 19 cents with adjusted quarterly earnings of $1.97 per share and revenue topping Wall Street forecasts as well. Results got a boost from increased demand for Covid testing and vaccinations.The shares fell 1% in premarket trading.

Humana(HUM) – The health insurer reported adjusted quarterly earnings of $4.83 per share, beating the consensus estimate of $4.66, while revenue beat Street forecasts on strength in Humana’s Medicare Advantage business.The shares slid 8.1% in premarket trading.

Capri Holdings(CPRI) – The company behind the Michael Kors and Versace brands saw its stock surge 9.9% in premarket trading, after beating earnings and revenue estimates for its latest quarter. Capri earned an adjusted $1.53 per share, well above the consensus estimate of 95 cents, and also raised its full-year outlook.

Tupperware(TUP) – Tupperware plummeted 16.1% in the premarket, as sales for the food storage products company came in well below Wall Street forecasts. The company points to persistent negative impact from the pandemic, among other factors.

Mondelez International(MDLZ) – Mondelez beat estimates by a penny with adjusted quarterly earnings of 70 cents per share, with the snack maker’s revenue beating forecasts as well. The company also said it would raise prices on snacks like Oreo cookies as it tries to keep up with rising commodity and labor costs. Mondelez rose 2.3% in the premarket.

Camping World(CWH) – The recreational vehicle retailer’s stock rallied 7.6% in the premarket after it reported quarterly earnings of $1.98 per share, well above the 55 cent consensus estimate, with revenue also well above Street forecasts.

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