U.S. stock index futures eased on Wednesday with retail sales data and minutes of the Federal Reserve's last meeting on investors' radar, while Western skepticism over Russian claims of a pullback of some troops near Ukraine kept caution in the air.
Market Snapshot
At 8 a.m. ET, Dow e-minis were down 86 points, or 0.25%, S&P 500 e-minis were down 11 points, or 0.25%, and Nasdaq 100 e-minis were down 30.5 points, or 0.21%.
Pre-Market Movers
Generac (GNRC) – The maker of generators and power equipment saw its stock rise 2.6% in the premarket after beating top and bottom-line estimates for the fourth quarter. Generac earned an adjusted $2.51 per share, 11 cents above estimates, as both commercial and residential sales increased more than 40%.
Shopify (SHOP) – Shopify fell 4% in premarket action despite reporting better-than-expected quarterly profit and revenue. The e-commerce platform operator said revenue growth for 2022 would be slower than the 57% it achieved in 2021.
The Kraft Heinz Company (KHC) – The food maker’s stock was up 1.3% in the premarket after reporting its adjusted quarterly profit of 79 cents per share beat estimates by 16 cents. Revenue was also above Wall Street forecasts.
La-Z-Boy (LZB) – La-Z-Boy tumbled 12.5% in premarket trading after the furniture company reported a quarterly profit of 65 cents per share, well below the 89-cent consensus estimate. The company best known for its signature recliners noted multiple production issues related to Covid-19, leaving it unable to fully satisfy demand.
Wynn (WYNN) – Wynn Resorts reported a quarterly loss of $1.37 per share, wider than the $1.25 per share loss expected by Wall Street analysts, although the casino operator’s revenue beat estimates. A nearly 28% drop in Wynn’s Macau revenue weighed on overall results. Wynn fell 2.3% in the premarket.
Trade Desk Inc. (TTD) – The stock surged 10.5% in the premarket after the programmatic ad company reported adjusted quarterly earnings of 42 cents per share, 14 cents above estimates, with revenue also topping Wall Street forecasts.
Hilton (HLT) – The hotel operator missed estimates by 2 cents with adjusted quarterly earnings of 74 cents per share. Revenue was slightly above estimates as it more than doubled from a year earlier amid a travel recovery.
Viacom CBS (VIAC) – ViacomCBS announced it will change its corporate name to Paramount Global, effective Thursday, in an effort to emphasize its Paramount+ streaming service and to take advantage of Paramount’s brand recognition. Separately, the media company reported an adjusted quarterly profit of 26 cents per share, missing the 43-cent consensus estimate. Shares slumped 11.3% in premarket trading.
Airbnb, Inc. (ABNB) – Airbnb reported record revenue for 2021, better-than-expected fourth-quarter results, and issued an upbeat current-quarter forecast. The home rental company benefited from consumer preferences shifting away from hotels during the pandemic and said current-quarter bookings are likely to exceed pre-pandemic levels for the first time. Airbnb shares rallied 3.5% in the premarket.
Roblox Corporation (RBLX) – Roblox stock plummeted 15.2% in premarket action after reporting a loss of 25 cents per share for its latest quarter, nearly double the 13-cent loss analysts had anticipated. The social gaming platform operator also saw lower-than-expected revenue amid flat daily active user metrics and engaged gaming hours that fell short of forecasts.
Cedar Fair LP (FUN) – Cedar Fair rejected a takeover bid from rival theme park operator SeaWorld Entertainment(SEAS), according to a statement by SeaWorld which confirmed earlier reports of an offer but did not acknowledge the reported $3.4 billion price. Separately, Cedar Fair reported better-than-expected quarterly revenue with record in-park spending by visitors. Cedar Fair stock slid 12.3% in the premarket, while SeaWorld fell 4.2%.
Market News
Mark Zuckerberg unveiled a list of principles for work at Meta Platforms Inc. in which he calls its employees “Metamates.”Meta’s chief executive officer said it is now “a distributed company” and gave a nod to its international nature by saying “we will continue hiring around the world.”
Vaccine maker Moderna on Tuesday (Feb 15) announced plans to set up a new subsidiary in Singapore, as well as three others in Malaysia, Taiwan and Hong Kong.The new subsidiary will provide local presence to support the delivery of mRNA vaccines and therapeutics in Singapore, the company said in a press release.
The Singapore Exchange has approved the delisting application for Roxy-Pacific Holdings, as the residential property managing company's free float has fallen below the 10 per cent threshold.
Barrick Gold Corp. exceeded earnings estimates, raised dividends and unveiled a share buyback program as the world’s second-largest bullion supplier brings down costs and lifts production.