U.S. stock futures were little changed Tuesday after the Dow Jones Industrial Average registered its longest winning streak since February 2017.
Market Snapshot
At 08:20 a.m. ET, Dow e-minis were down 4 points, or 0.01%, S&P 500 e-minis were up 3.25 points, or 0.07%, and Nasdaq 100 e-minis were up 48.5 points, or 0.31%.
Pre-Market Movers
General Motors — Shares of General Motors rose more than 1% after the automaker raised its full-year guidance and reported second-quarter results that rose on a year-over-year basis.
3M – Shares of the chemical manufacturer rose about 2% in premarket trading following the company’s latest earnings report. 3M posted $7.99 billion in revenue, beating analysts’ estimates of $7.87 billion, according to Refinitiv. The company also raised its full-year earnings guidance and reaffirmed its revenue guidance.
General Electric Co — Shares of the industrial giant jumped more than 4% in premarket trading after the company posted stronger-than-expected earnings for the second quarter. GE also boosted its full-year profit guidance on the back of strong demand from aerospace and record orders in its renewable energy business.
Spotify Technology S.A. — The music streaming platform dropped 6.1% after presenting a weak quarterly report and guidance. Spotify reported revenue of €3.18 billion, below a Refinitiv forecast of €3.21 billion. Full-year revenue guidance was also worse than analysts expected. The report follows Spotify’s announcement that it will raise prices for premium subscription plans.
Alaska Air — Shares of the airline fell more than 4% even after Alaska beat estimates on the top and bottom lines for the second quarter. Alaska reported $3 in adjusted earnings per share on $2.84 billion in revenue. Analysts surveyed by Refinitiv were expecting $2.70 in earnings per share on $2.77 billion in revenue. The airline’s full-year earnings guidance of $5.50 to $7.50 per share was roughly in-line with the average analyst estimates of $6.65, according to FactSet.
Raytheon Technologies Corporation — Shares of the company formerly known as Raytheon slipped 3% despite a strong quarterly report. RTX ported $1.29 in earnings per share, excluding items, on $18.32 billion in revenue. Analysts polled by Refinitiv forecasted $1.18 per share and $17.68 billion. The company also raised its full-year expectations for both lines.
Verizon — The telecommunications giant traded 2.6% higher after reaffirming its full-year guidance. That came despite a mixed second quarter, with Verizon posting $1.21 in earnings per share, excluding items, on $32.6 billion in revenue. Analysts polled by Refinitiv estimated $1.17 earnings per share and revenue of $33.24 billion.
AMC Entertainment; AMC Entertainment Preferred - The former crashed over 7% after surging 32.95% yesterday, while the latter gained over 4% after staying flat yesterday. A judge blocked the theater chain's stock conversion plan that risked diluting investors' holdings in the company. Meanwhile, the company said it has filed a revised stock plan.
Market News
China named Pan Gongsheng as governor of the central bank, strengthening his position as head of the institution tasked with boosting the world’s second-largest economy.
Apple on Tuesday found itself the target of a 785-million-pound ($1 billion) class action lawsuit brought by more than 1,500 apps developers in the UK over its App Store fees.
Indonesia is finalising a new set of incentives to attract investment from manufacturers of electric vehicles (EVs), a senior minister said on Tuesday, adding the government is still in talks with major companies like Tesla Motors and BYD Co., Ltd..
Driven by a surge in demand for artificial intelligence, Taiwan Semiconductor Manufacturing plans to invest nearly T$90 billion ($2.87 billion) in an advanced packaging facility in northern Taiwan, the company said on Tuesday.
Pfizer said over 30 drugs, including injections of painkiller fentanyl and anesthetic lidocaine, may see supply disruption after a tornado destroyed a warehouse at its Rocky Mount, North Carolina, plant last week.
Adobe's $20 billion bid for cloud-based designer platform Figma will face a full-scale EU antitrust investigation following EU regulators' preliminary review, people familiar with the matter said on Monday.
UBS Group AG agreed to pay U.S. and U.K. regulators approximately $387 million fines related to the investment firm Archegos Capital Management, whose collapse hammered Credit Suisse, a rival it acquired earlier this year.
NIO Inc. will add a single-motor option to the first model of the sub-brand codenamed Alps, and the decision was made just recently, Alps will primarily target the market priced at RMB 200,000 ($27,980) - RMB 300,000.
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