U.S. stock futures traded lower in early pre-market trade after the Dow Jones dipped more than 1,000 points in the previous session.
Market Snapshot
At 08:03 a.m. ET, Dow e-minis were down 117 points, or 0.36%, S&P 500 e-minis were down 19.75 points, or 0.48%, and Nasdaq 100 e-minis were down 81.25 points, or 0.63%.
Pre-Market Movers
Under Armour(UAA) – The athletic apparel maker posted an adjusted first-quarter loss of 1 cent per share, compared with a profit estimate of 6 cents per share. Under Armour also issued a weaker-than-expected outlook for its full-year profit as it absorbs the impact of higher costs and supply chain disruptions. Under Armour plunged 12.5% in premarket trading.
Cigna(CI) – The insurance company reported an adjusted quarterly profit of $6.01 per share, compared with a $5.18 consensus estimate, and revenue was also above analyst forecasts. Cigna’s results were boosted by strong growth in its pharmacy benefits management business, among other factors.
DraftKings(DKNG) – DraftKings rallied 9.8% in premarket action following its quarterly results. The sports betting firm reported a loss for the quarter but revenue was better than expected with increases in monthly unique paying customers and average revenue per customer. DraftKings also raised its full-year revenue guidance.
Shake Shack(SHAK) – Shake Shack fell 2.8% in premarket trading despite a narrower-than-expected quarterly loss and revenue that beat Wall Street forecasts. The restaurant chain issued a lighter-than-expected outlook as it deals with rising costs for beef, chicken and other commodities.
Block(SQ) – Block surged 5% in the premarket, despite both profit and revenue missing analyst estimates. The fintech firm’s operating earnings exceeded forecasts, and it said it had not seen any deterioration in consumer spending.
Virgin Galactic(SPCE) – Virgin Galactic slid 4.9% in premarket trading after the company said it would delay the launch of its commercial space flight service until the first quarter of 2023, blaming labor and supply chain issues. Analysts are also concerned about Virgin Galactic’s cash burn levels.
DoorDash(DASH) – DoorDash posted a wider-than-expected quarterly loss, but the food delivery service’s revenue exceeded analyst estimates with total orders topping the 400 million mark for the first time. The stock surged 6% in the premarket.
Peloton(PTON) – Peloton is exploring the sale of a sizable minority stake in the fitness equipment maker, according to people familiar with the matter who spoke to The Wall Street Journal. The stake being discussed is said to be around 15% to 20%, although there is no guarantee a deal will be finalized. Peloton fell 1.8% in premarket trading.
Johnson & Johnson(JNJ) – Johnson & Johnson shares fell 1% in the premarket after the FDA limited the use of the company’s Covid-19 vaccine, following a study of blood clots in some recipients. The shot will now only be allowed for patients who are not medically eligible for other vaccines or where there are no alternatives available.
Zillow Group(ZG) – The real estate website operator’s shares tumbled 13.9% in the premarket after issuing a weaker-than-expected forecast, citing an uncertain real estate environment. Zillow reported better-than-expected profit and revenue for its latest quarter.
Live Nation(LYV) – The parent of Ticketmaster and other entertainment operations reported a smaller-than-expected loss for its latest quarter, with strong demand from customers and advertisers. Live Nation added 2.2% in the premarket.
Market News
Boeing Plans to Move Headquarters to Washington, D.C., Area From Chicago
Boeing Co.said it planned to move its global headquarters to Arlington, Va., from Chicago, a shift that would bring the aerospace giant's leadership closer to top federal officials after a challenging period for the plane maker.
EV Startup Lucid to Raise Vehicle Prices, Even as Losses Narrow
Electric car makerLucid Group Inc.reported narrower losses in the first quarter of 2022, and said it would increase vehicle prices starting in June, citing a changing environment from when it first set pricing in September 2020.
Virgin Galactic Delays Launch of Commercial Space Flight Service
Virgin Galactic Holdings Inc will delay the launch of its commercial space flight service to the first quarter of 2023, the space tourism company said on Thursday, citing supply chain crisis and labor constraints.
FDA Restricts Johnson & Johnson's COVID-19 Vaccine Due to Blood Clot Risk
U.S. regulators on Thursday strictly limited who can receive Johnson & Johnson’s COVID-19 vaccine due to a rare but serious risk of blood clots.
The Food and Drug Administration said the shot should only be given to adults who cannot receive a different vaccine or specifically request J&J’s JNJ, -1.91% vaccine. U.S. authorities for months have recommended that Americans starting their COVID-19 vaccinations use the Pfizer PFE, -2.44% or Moderna MRNA, -8.40% shots instead.
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