Pre-Bell|Dow Futures Gained Over 200 Points; This Internet Service Stock Surged 16%

Tiger Newspress2022-09-09

U.S. stock futures rose Friday following a choppy trading session as traders considered Federal Reserve Chair Jerome Powell’s latest comments on inflation.

Market Snapshot

At 7:50 a.m. ET, Dow e-minis were up 210 points, or 0.66%, S&P 500 e-minis were up 29.25 points, or 0.73%, and Nasdaq 100 e-minis were up 118.5 points, or 0.96%.

Pre-Market Movers

Docusign— Shares of the electronic signature company surged 16.4% after its quarterly numbers beat Wall Street expectations. DocuSign also shared revenue guidance for the third quarter above expectations and an outlook for the full year that fell in line with estimates.

Zscaler Inc.— Zscaler soared 14.1% after posting strong results for the recent quarter. The cloud security company reported adjusted earnings of 25 cents a share on $318 million in revenue. Analysts surveyed by Refinitiv had anticipated earnings of 20 cents a share on revenues of $305 million.

Restoration Hardware— The luxury home furnishing retailer’s stock fell 1% on the back of disappointing revenue guidance. RH expects third-quarter revenue to decline between 15% and 18%, more than a StreetAccount forecast for a 10.7% drop.

Virgin Galactic— Shares of the space tourism company slipped 1.9% after Bernstein downgraded the stock to underperform, citing declining confidence in Virgin Galactic’s business as it burns through cash and delays flights.

Tesla Motors— Tesla shares rose 1.3% in the premarket following news that the electric vehicle maker is considering building a lithium refinery for EV battery production in Texas this year, according to an application filed with the Texas Comptroller’s Office.

Navient— Shares slipped 2.1% after Barclays downgraded the student loan servicer’s stockto equal weight. The firm said President Joe Biden’s debt forgiveness plan could hurt Navient’s earnings going forward.

Regeneron Pharmaceuticals— Regeneron’s stock moved about 1% higher in the premarket after Morgan Stanley upgraded shares to overweight following positive results from its eye drug trial. It comes a day after the stock soared nearly 19% on the back of those results.

Zumiez— Shares of the clothing store company fell 13% in the premarket on the back of disappointing quarterly results. Zumiez earned 16 cents per share, below a StreetAccount estimate of 47 cents per share. The company’s gross margin was also below expectations.

Market News

Queen Elizabeth, Britain's longest-reigning monarch, the nation's figurehead and a towering presence on the world stage for seven decades, died peacefully at her home in Scotland on Thursday aged 96.

Alphabet’s Google pays billions of dollars each year to Apple Inc., Samsung Electronics Co. and other telecom giants to illegally maintain its spot as the No. 1 search engine, the US Justice Department told a federal judge Thursday.

Tesla Motors has told the state it is considering constructing a “battery-grade lithium hydroxide refining facility,” in Nueces County, which it has pitched as “the first of its kind in North America,” according to a newly-public application for tax breaks filed with the Texas Comptroller’s Office.

Twitter agreed in June to pay roughly $7 million to the whistleblower whose allegations will be part of Elon Musk's case against the company, according to people familiar with the matter. The settlement was completed days before Peiter Zatko filed his whistleblower complaint in July.

Docusign’s Fiscal second-quarter revenue increased 22% to $622.2 million, and it boosted its forecast for full-year billings to as high as $2.57 billion from $2.54 billion. Analysts, on average, projected $2.53 billion.

T-Mobile US on Thursday announced a $14 billion share buyback program that will run till September next year, as it seeks to reward shareholders after faring better than rivals.

Digital World Acquisition Corp, the blank-check company set to merge with former President Donald Trump’s social media firm, is reportedly giving itself three more months of life after failing to win a 12-month extension from shareholders to complete the deal.

Intel has broken ground on two advanced chipmaking facilities in Ohio. It also announced the first phase of funding for its Ohio Semiconductor Education and Research Program. The first phase will provide $17.7M in funding to eight leading over three years as part of Intel's $50M commitment to Ohio higher education institutions over the next decade.

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