U.S. equity futures advanced in pre-market trading Thursday after stocks retreated from a mini-comeback to resume losses in the previous session as investors continued to juggle a number of risks, including the Federal Reserve’s inflation flight and Russia’s war in Ukraine.
Market Snapshot
At 7:50 a.m. ET, Dow e-minis were up 162 points, or 0.47%, S&P 500 e-minis were up 29 points, or 0.65%, and Nasdaq 100 e-minis were up 114.75 points, or 0.79%.
Pre-Market Movers
Darden Restaurants – The parent of Olive Garden and other restaurant chains reported quarterly earnings of $1.93 per share, missing the $2.10 consensus estimate, with revenue and comparable-store sales also below analyst forecasts. Darden said the omicron variant significantly impacted guest demand, staffing levels and costs in January, but the environment subsequently improved. Darden fell 1.7% in the premarket.
KB Home – KB Home missed estimates by 9 cents with quarterly earnings of $1.47 per share, and the home builder’s revenue also missed Wall Street forecasts. KB Home said it was dealing with supply and labor issues that hampered its ability to complete home construction. KB Home shares lost 3.6% in premarket trading.
Spotify Technology S.A. – Spotify shares jumped 3.7% in the premarket after it reached an agreement with Alphabet’s (GOOGL) Google that lets subscribers sign up for the service directly through the Google Play store. Dating services operatorMatch Group(MTCH) – another company that has sparred with Google over app store fees – rallied 3.4% following the Spotify news.
Nikola Corporation – Nikola soared 18.2% in premarket action after announcing electric truck production began at its Coolidge, Arizona, factory last week, meeting a goal that had been articulated during its most recent quarterly earnings report last month.
GameStop – GameStop remains on watch after the videogame retailer’s stock surged 14.5% Wednesday, marking a seventh straight day of gains after Chairman Ryan Cohen bought 100,000 more shares and raised his stake to 11.9%. GameStop slid 5.2% in premarket trading.
FactSet Research – The financial information provider reported an adjusted quarterly profit of $3.27 per share, compared with a consensus estimate of $2.98. Revenue also topped Wall Street predictions and FactSet issued an upbeat forecast.
Trip.com Group Limited – Trip.com jumped 6.2% in the premarket after the China-based travel services provider reported an unexpected profit for its latest quarter and revenue that exceeded analyst forecasts.
H.B. Fuller – The industrial adhesives and specialty chemicals maker rallied 5.7% in the premarket after reporting better-than-expected profit and revenue for the quarter, and raising its full-year forecast. Fuller said it implemented price increases to deal with higher raw materials and logistics costs and is prepared to do so again, if necessary.
Steelcase – The office furniture maker reported an unexpected loss for its latest quarter, although revenue exceeded analyst estimates. Steelcase said its results were impacted by supply chain disruptions and inflationary pressures. It also issued a weaker-than-expected forecast, and its shares fell 5.4% in premarket trading.
Logitech International SA – The maker of keyboards, mice and other computer peripherals added 3.5% in the premarket after Bank of America Securities began coverage with a “buy” rating. BofA said the stock is at an attractive entry point given Logitech’s growth prospects and strong record of execution.
Market News
Russian stocks surged upon their reopening for the first time in a month, demonstrating the impact of new restrictions that effectively isolate international investors from participating in setting prices.
Alphabet on Wednesday said it would allow Spotify Technology S.A. to use its own payment system in its Android app as part of a new pilot aimed at countering appmakers' concerns about high fees and allegedly anticompetitive behavior.
U.S. securities regulators have asked a federal judge to let Tesla Motors CEO Elon Musk's usage of his Twitter handle to continue to be monitored. Musk, on the other hand, believes that this is harassment.
Pfizer announced on Thursday that the U.S. Food and Drug Administration (FDA) awarded the agency’s Breakthrough Therapy Designation for PF-06928316 (RSVpreF), a vaccine candidate targeted at respiratory syncytial virus (RSV)
LG Energy Solution, which counts Tesla Motors and Lucid Group Inc as customers, is reportedly investing $7.2 billion to build new battery plants in North America including two in the U.S. and one in Canada.
Nikola Corporation late Wednesday confirmed it started production of its electric commercial truck, the Tre, last week at its Coolidge, Ariz., factory.It had aimed for that when it reported fourth-quarter earnings last month "We are laser-focused on delivering vehicles and generating revenue as the global leader in zero-emission transportation and energy infrastructure solutions," a spokesperson said.
Toshiba Corp. shareholders on Thursday voted against its plan to spin off its devices unit, but a separate motion backed by activist shareholders that called for the conglomerate to solicit buyout offers also failed to gain sufficient support.
For the fourth quarter of 2021, Trip.com Group Limited reported net revenue of RMB4.7 billion (US$735 million), representing a 6% decrease from the same period in 2020.Net loss attributable to Trip.com Group's shareholders for the fourth quarter of 2021 was RMB834 million (US$131 million).