U.S. stock index futures rose on Tuesday after a strong October on Wall Street, as investors clung to hopes that the Federal Reserve will signal a slower pace of future interest rate hikes as economic growth slows.
Market Snapshot
At 7:50 a.m. ET, Dow e-minis were up 197 points, or 0.6%, S&P 500 e-minis were up 35.75 points, or 0.92%, and Nasdaq 100 e-minis were up 131.5 points, or 1.15%.
Pre-Market Movers
Abiomed – Abiomed stock soared 51.6% in premarket trading after agreeing to be acquired byJohnson & Johnson(JNJ) in a nearly $16.6 billion deal. J&J will pay $380 per share for the maker of heart, lung and kidney treatments, and will add a contingent value right worth up to $35 per share if certain milestones are achieved. J&J shares fell 0.7%.
Uber Technologies – Uber rallied 8.8% in the premarket after it reportedbetter-than-expected quarterly revenueas gross bookings surged compared to a year ago. Uber did report a quarterly loss, but that was largely due to unrealized losses on equity investments such as its stake in Didi Global.
SoFi Technologies – SoFi surged 14.3% in premarket trading, following a smaller-than-expected quarterly loss and revenue that exceeded analysts’ forecasts. The fintech company also lifted its outlook after adding nearly 424,000 new members during the quarter, bringing its total to more than 4.7 million.
Pfizer – Pfizer jumped 4% in premarket trading followinga better-than-expected quarterand an improved financial outlook. Strong demand for Pfizer’s older drugs helped offset a drop in sales of its Covid-19-related products.
Goodyear Tire – Goodyear tumbled 8.3% in the premarket following a third-quarter earnings miss. The tire maker said its results were impacted by higher costs and a stronger U.S. dollar, although that was partially offset by higher prices.
Eli Lilly – Eli Lilly beat top and bottom line estimates for its latest quarter, but the drugmaker’s stock fell 2.2% in the premarket as it cut its full-year forecast. Lilly is seeing a negative impact from a stronger dollar, increased cancer drug competition and lower insulin prices.
Hologic – Hologic rallied 7.6% in the premarket after the medical equipment maker reported better-than-expected quarterly profit and issued an upbeat outlook. Hologic said it saw “unprecedented strength” across its core businesses.
Stryker – Stryker lost 4.9% in premarket action after the surgical equipment and medical device maker cut its financial outlook, citing the impact of inflation and a stronger U.S. dollar.
Avis Budget – Avis Budget shares gained 3.7% in the premarket following better-than-expected quarterly earnings from the rental car giant amid continued strong travel demand.
Trex – Trex shares tumbled 7.5% in premarket trading after the maker of decking and railing materials missed both top and bottom line estimates for its latest quarter. Trex said it reduced production levels and implemented layoffs during the quarter as it adjusted to falling sales.
Market News
Tesla Plans Mass Production Start for Cybertruck at End of 2023
Tesla aims to start mass production of its Cybertruck at the end of 2023, two years after the initial target for the long-awaited pickup truck Chief Executive Elon Musk unveiled in 2019.
Tesla said last month that it was working on readying its Austin, Texas plant to build the new model with “early production” set to start in the middle of 2023. “We’re in the final lap for Cybertruck,” Musk told a conference call with financial analysts.
NIO Delivered 10,059 Vehicles in October 2022, up 174.3% Year-Over-Year
NIO delivered 10,059 vehicles in October 2022, representing an increase of 174.3% year-over-year.
The deliveries consisted of 5,979 premium smart electric SUVs including 2,814 ES7s, and 4,080 premium smart electric sedans including 3,050 ET7s and 1,030 ET5s. The vehicle production and delivery were constrained by operation challenges in our plants as well as supply chain volatilities due to the COVID-19 situations in certain regions in China. Cumulative deliveries of NIO vehicles reached 259,563 as of October 31, 2022.
SoFi Stock Climbs After Record Q3 Revenue, Adjusted EBITDA
SoFi Technologies stock surged 13% in Tuesday premarket trading after the app for borrowing, saving, spending and investing money posted record adjusted net revenue and adjusted EBITDA for its third quarter and boosted its guidance for the year.
The fintech company increased its full-year adjusted net revenue guidance to $1.517B-$1.522B vs. $1.50B consensus; from $1.508B-$1.513B. Guidance for adjusted EBITDA is revised to $115M-$120M, vs. $105M Visible Alpha consensus, from $104M-$109M.
BP Smashes Forecasts With $8.2 Billion Profit
BP reported on Tuesday a third quarter profit of $8.15 billion, which easily beat expectations, boosted by very strong natural gas trading as the company announced another $2.5 billion in share repurchases
BP's third-quarter underlying replacement cost profit, the company's definition of net income, compared with forecasts of a $6 billion loss in a company-provided survey of analysts.
Eli Lilly Earnings Beat estimates, Cuts FY22 Outlook
Eli Lilly and Co on Tuesday cut its annual profit forecast for the third time, as a stronger dollar piled more pressure on the drugmaker struggling with lower insulin prices and generic competition for its cancer drug.
The company now expects adjusted full-year earnings of $7.70 to $7.85 per share, compared to its prior forecast of $7.90 to $8.05.
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