Pre-Bell|Nasdaq Futures Turned to Rise 0.09%; Zillow Surged 13.2%

Tiger Newspress2022-02-11

U.S. stock futures pointed to a fresh round of selling on Friday, sparked by growing expectations of quicker interest rate hikes from the Federal Reserve following data that showed soaring inflation.

Market Snapshot

At 08:37 a.m. ET, Dow e-minis were up 5 points, or 0.01%, S&P 500 e-minis were up 2.25 points, or 0.05%, and Nasdaq 100 e-minis were up 13.5 points, or 0.09%.

Pre-Market Movers

Under Armour (UAA) – The athletic apparel maker reported an adjusted quarterly profit of 14 cents per share, doubling consensus estimates, with better-than-expected revenue. Under Armour saw strong demand for its athletic wear and was also helped by higher prices implemented to counter increased costs. However, Under Armour said its gross margins would fall by 200 basis points for the current quarter due to supply chain challenges, and the stock slid 2.6% in premarket action.

Newell Brands (NWL) – The household products maker’s stock added 1.2% in premarket trading after reporting better-than-expected profit and revenue. it also issued an upbeat profit forecast. The company behind brands like Mr. Coffee, Crock-Pot and Sunbeam earned an adjusted 42 cents per share for its latest quarter, 10 cents above estimates.

Zillow Group (ZG) – Zillow posted an adjusted quarterly loss of 42 cents per share, compared with a projected loss of $1.07. The real estate website operator also reported better-than-expected revenue. Those results came despite an $881 million loss on its now-shuttered home-flipping business. Zillow shares surged 13.2% in the premarket.

Expedia (EXPE) – Expedia earned an adjusted $1.06 per share for its latest quarter, beating the 69-cent consensus estimate, though the travel services company’s revenue was just shy of analyst forecasts. Expedia said the Covid-related impact on travel bookings was significant, but less severe and for a shorter duration than prior Covid waves. Expedia rallied 4.6% in premarket trading.

Aurora Cannabis (ACB) – Aurora Cannabis reported better-than-expected cannabis sales during its latest quarter, the first time it’s been able to exceed analyst estimates in more than a year. Aurora reported a quarterly loss of $59 million, substantially less than a year earlier. The stock slid 4.6% in premarket action.

Zendesk (ZEN) – Zendesk rejected a takeover bid of $127 to $132 per share from a group of private equity firms. The software development company said it would push ahead with its proposed acquisition of SurveyMonkey parent Momentive Global (MNTV), despite pressure from activist investor Jana Partners to abandon the deal. Zendesk rose 2.7% in the premarket, while Momentive Global jumped 7.9%.

GoDaddy (GDDY) – GoDaddy beat estimates by 11 cents with adjusted quarterly earnings of 52 cents per share and better-than-expected revenue. The cloud computing company also announced a $3 billion share repurchase program. GoDaddy leaped 5.8% in the premarket.

Yelp (YELP) – Yelp more than doubled the 14-cent consensus estimate in reporting a quarterly profit of 30 cents per share. The online review site operator also reported better-than-expected revenue amid strength in its advertising business. Yelp jumped 4.5% in premarket action.

Affirm Holdings (AFRM) – The financial technology company — best known for its buy-now-pay-later plans — tumbled 10.4% in the premarket after plummeting 21.4% in Thursday trading. Affirm stock first plunged after the company inadvertently released its quarterly report earlier than intended. The pressure continued amid projections of higher transaction volume but lower-than-expected revenue.

Cedar Fair (FUN) – The theme park operator’s stock gained 2.8% in premarket trading following a Bloomberg report that private equity firm Centerbridge Partners acquired a 5% stake. Cedar Fair is currently in the process of reviewing a $3.4 billion takeover bid from SeaWorld Entertainment (SEAS).

Market News

Goldman Sachs Group Inc. sees the Federal Reserve raising interest rates seven times this year to contain hotter-than-expected U.S. inflation, rather than the five it had expected earlier.

Zendesk Inc, the software company under activist shareholder pressure to abandon its $3.9 billion all-stock acquisition of the parent of online survey portal SurveyMonkey, said on Thursday it had rejected an acquisition offer from a consortium of private equity firms for as much $16 billion.

U.S. electric carmaker Tesla plans to place its China design centre in Beijing, a government document issued by the Chinese capital said.

Tencent Holdings Ltd. said it hasn’t bought shares in Didi Global Inc. since it went public, after a U.S. regulatory filing showing an increased stake sent shares of the Chinese ride-hailing company soaring almost 9%.

Novavax says its COVID-19 vaccine is proving safe and effective for kids as young as 12. The Maryland-based company makes a protein-based vaccine that's been cleared for use in adults in parts of the world including Britain and Europe, and is under review in the U.S.

NIO has launched the development of a sub-brand model for the mass market in Hefei, central China's Anhui province, according to a report by local media Auto-time on Wednesday. The model will be positioned below NIO's existing SUV and sedan models and is slated for an annual production capacity of 60,000 units.

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Comments

  • HelloKitty55
    2022-02-13
    HelloKitty55
    Ok
  • shoude
    2022-02-13
    shoude
    Like and comment
    • JeremyKok
      hi. please like and comment back. thank you.
    • MIe
      Volatile market
    • shoude
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  • Mindthink
    2022-02-12
    Mindthink
    Ok
  • BKT
    2022-02-12
    BKT
    good. pls like thanks.
  • Sysy
    2022-02-11
    Sysy
    Like
  • Mr. T
    2022-02-11
    Mr. T
    Wow
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