U.S. stock futures jumped after key inflation report. The consumer price index rose 0.5% for the month, which translated to an annual gain of 6.4%. Economists surveyed by Dow Jones had been looking for respective increases of 0.4% and 6.2%.
Market Snapshot
At 8:34 a.m. ET, Dow e-minis were up 186 points, or 0.54%, S&P 500 e-minis were up 9 points, or 0.22%, and Nasdaq 100 e-minis were up 39.75 points, or 0.32%.
Pre-Market Movers
Palantir Technologies (ticker: PLTR) was rising 18.5% in premarket trading after the data-analytics software company reported better-than-expected fourth-quarter profit. It was the company’s first-ever profitable quarter on a GAAP basis. Palantir said it expects it will be profitable on a GAAP basis in 2023.
Ford (F) said it would cut 3,800 jobs in Europe over the next three years as the auto maker shifts more toward electric vehicles. The cuts would come primarily from Ford‘s European product-development staff. Ford shares were rising 0.2% in premarket trading.
SolarEdge Technologies (SEDG), the maker of solar components, was down 4.5% even after reporting fourth-quarter earnings and revenue that topped estimates.
First Solar (FSLR) fell 2.4%. Shares of the country’s biggest manufacturer of solar modules were downgraded to In Line from Outperform by analysts at Evercore ISI.
Coca-Cola(KO) rose 0.7% after the beverage giant reported adjusted fourth-quarter earnings that aligned with expectations.
Cadence Design Systems (CDNS) gained 4.9% in premarket trading. The company issued guidance for the first quarter and for fiscal 2023 higher than analysts’ estimates.
Cleveland-Cliffs(CLF), the steel maker, reported fourth-quarter revenue that missed analysts’ forecasts. Shares of the mining company declined 3.5%.
Zoetis(ZTS) rose 2.4% in premarket trading after the animal health provider reported adjusted fourth-quarter earnings above expectations.
Marriott International(MAR) shares were up 1.4% after the lodging giant reported adjusted fourth-quarter earnings that beat consensus.
iRobot(IRBT) was falling 0.8% in premarket trading after the maker of Roomba vacuums said it would lay off about 7% of its workforce.
Arista Networks(ANET) was up 0.7% after the networking-infrastructure provider posted adjusted fourth-quarter earnings and sales that beat Wall Street estimates.
Market News
GlobalFoundries Q4 Adj. EPS $1.44 Beats $1.18 Estimate, Sales $2.10B Beat $2.08B Estimate
GlobalFoundries (NASDAQ:GFS) reported quarterly earnings of $1.44 per share which beat the analyst consensus estimate of $1.18 by 22.03 percent.
This is a 700 percent increase over earnings of $0.18 per share from the same period last year.
Coca-Cola Beats Q4 Top and Bottom Line Estimates; Initiates FY23 Outlook
Coca-Cola Q4 Non-GAAP EPS of $0.45 in-line. Revenue of $10.1B (+6.3% Y/Y)beats by $180M. Global Unit Case Volume Declined 1% for the Quarter.
The company expects to deliver organic revenue (non-GAAP) growth of 7% to 8% vs. estimated growth of 3.59% Y/Y. Forcomparable net revenues (non-GAAP), the company expects a 2% to 3% currency headwind based on the current rates and including the impact of hedged positions, in addition to an approximate 1% headwind from acquisitions, divestitures and structural changes.
Ford to Cut 3,800 Engineering, Administration Jobs in Europe
Ford plans to cut 3,800 product development and administration jobs in Europe in the next three years, the company said on Tuesday, citing rising costs and the need for a leaner structure as it pivots production to electric vehicles.
Around 2,300 jobs will go at the carmaker's Cologne and Aachen sites in Germany, 1,300 in the UK and 200 in the rest of Europe, the company said, adding that it intends to achieve the reductions through voluntary separation programmes.
Tesla Cuts Model 3 and Increases Model Y Prices Again in the U.S.
Tesla has cut pricing on a Model 3 configuration but has raised prices on two Model Y configurations for the second time in as many days.
Tesla cut Model 3 Rear-Wheel-Drive prices by $500, bringing the vehicle down to $42,990 from $43,490. This trim, in particular, offers 272 miles of range and a 140 MPH top speed.
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