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Pre-Bell|U.S. Futures Flat Ahead of Fed Minutes; Tesla Shares Shine

Tiger Newspress2022-11-23

U.S. stock index futures were flat on Wednesday as investors focused on the minutes of the Federal Reserve's November meeting for a clearer picture of its monetary tightening policy.

Traders are now placing their bets on a 50 basis-point increase in the central bank's next meeting in December.

Market Snapshot

At 7:52 a.m. ET, Dow e-minis were up 21 points, or 0.06%, S&P 500 e-minis were up 5.75 points, or 0.14%, and Nasdaq 100 e-minis were up 26.5 points, or 0.23%.

Pre-Market Movers

Tesla (TSLA) – Tesla added 2.9% in the premarket after Citi upgraded the stock to neutral from sell, citing valuation. Tesla has lost about 50% of its value this year.

Deere (DE) – The heavy equipment maker reported better-than-expected profit and revenue for its latest quarter and issued an upbeat outlook. Deere said it benefited from positive farm fundamentals and increased infrastructure investment. Its stock jumped 3.7% in premarket trading.

HP Inc. (HPQ) – HP rose 3.1% in the premarket after announcing it will cut up to 10% of its 61,000-person workforce over the next three years due to an extended slump in personal computer demand. The computer maker also reported better-than-expected profit and revenue for its latest quarter.

Nordstrom (JWN) – Nordstrom beat top and bottom line estimates for its latest quarter, but its stock slumped 7.8% after the retailer said sales have slowed over the past few months. Nordstrom also cut its profit outlook for the fiscal year ending in January.

Manchester United (MANU) – Manchester United rallied another 9.2% in the premarket, following yesterday’s 14.7% jump, after the soccer club said it was considering strategic alternatives including a possible sale.

Autodesk (ADSK) – Autodesk matched top and bottom line estimates in its latest quarterly report, but the maker of design software issued weaker-than-expected guidance for the current quarter. Autodesk noted a challenging economic environment and said customers were more reluctant to sign longer-term contracts. The stock tumbled 9.6% in premarket trading.

Guess (GES) – Guess lost 7.5% in the premarket after reporting weaker-than-expected quarterly earnings and a reduced outlook. The apparel company pointed to a challenging retail environment and the impact of a stronger U.S. dollar, although it said it is well-positioned for the holiday season.

Credit Suisse (CS) – The Swiss bank’s stock fell 2.2% in premarket action after it warned of a $1.6 billion quarterly loss as customers pull their money from Credit Suisse on concerns about its financial health. Credit Suisse shareholders approved a $4.2 billion capital raise intended to shore up the company’s finances.

Market News

EU Considers Imposing Price Cap of $65-$70 on Russian Oil

The European Union, in coordination with the Group of Seven nations, is discussing capping the price of Russian crude oil at between $65 and $70 a barrel, according to people familiar with the matter.

EU ambassadors are meeting on Wednesday with the aim of approving the cap mechanism and a proposed price level. If they do, the EU and G-7 could announce the price cap level later Wednesday, the people said.

Tesla’s Stock Slump Has Gone Too Far, Morgan Stanley Says

After losing nearly $300 billion in market value in two months, a growing chorus of Tesla Inc. analysts say the share-price decline has gone far enough.

Morgan Stanley analyst Adam Jonas said on Wednesday that Tesla is approaching his “bear case” price target of $150, presenting an opportunity for investors to buy at a bargain price. Citi analysts upgraded the shares to neutral from sell, saying that a more than 50% slump this year “has balanced out the near-term risk/reward.”

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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Comment15

  • Kong06
    ·2022-11-24
    Ok
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  • Moonshot
    ·2022-11-23
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    ·2022-11-23
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      2022-11-23
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      2022-11-23
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    ·2022-11-23
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    ·2022-11-23
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    ·2022-11-23
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    ·2022-11-23
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    ·2022-11-23
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      good
      2022-11-23
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    ·2022-11-23
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    ·2022-11-23
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      2022-11-23
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    ·2022-11-23
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    ·2022-11-23
    bullish! 
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      ~
      2022-11-23
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  • ykhoo
    ·2022-11-23
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      2022-11-23
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  • Kong06
    ·2022-11-23
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