U.S. stock futures were slightly higher Tuesday following a winning day for markets as investors looked ahead to U.S. midterm elections.
Market Snapshot
At 7:45 a.m. ET, Dow e-minis were up 50 points, or 0.15%, S&P 500 e-minis were up 7.25 points, or 0.19%, and Nasdaq 100 e-minis were up 56.5 points, or 0.51%.
Pre-Market Movers
Take-Two – Take-Two tanked 17.4% in the premarket after the videogame publisher cut its bookings outlook for the year. Take-Two has been impacted by weaker mobile and in-game sales, although CEO Strauss Zelnick said the situation should improve within the next three to six months.
Lyft, Inc. – Lyft sank 17.3% in premarket action after its latest quarterly report showed slowing revenue growth and ridership levels that remain below pre-pandemic levels. The ride-hailing service did, however, report better-than-expected earnings for its latest quarter.
TripAdvisor – TripAdvisor shares plummeted 20.8% in premarket trading after the travel website operator’s quarterly earnings came in below Wall Street forecasts. TripAdvisor said currency fluctuations had a meaningful negative impact on revenue and that travel demand remains strong.
Lordstown Motors Corp. – Lordstown shares rallied 14.6% in the premarket following news that contract manufacturer Foxconn will invest up to $170 million in the electric vehicle maker and become its largest shareholder.
DuPont de Nemours Inc – DuPont rallied 3.7% in the premarket after the industrial materials maker beat top and bottom line estimates for the third quarter. DuPont’s upbeat results came despite higher costs for raw materials and energy.
Coty – The cosmetics company reported earnings that matched Wall Street estimates, with revenue slightly above analysts’ forecasts. Demand for Coty’s products held up despite higher prices, although it did take a hit from a stronger U.S. dollar. Coty rallied 3.2% in premarket trading.
Planet Fitness – The fitness center operator’s stock surged 7.1% in the premarket after its quarterly revenue and profit beat Wall Street estimates and it raised its full-year forecast. Its membership reached record highs during the quarter, with members visiting more frequently.
Perrigo Co PLC – The over-the-counter drug and health products maker fell short on both the top and bottom lines for its latest quarter, and it also lowered its full-year forecast. Labor shortages and a stronger U.S. dollar were among the factors weighing on Perrigo’s results. Its stock slid 3.2% in premarket trading.
Qiagen NV – Qiagen gained 3.4% in premarket trading after the biotech company raised its full-year outlook, pointing to particular strength in its non-Covid product portfolio.
Medtronic PLC – Medtronic fell 5.5% in premarket action following the release of study results involving a device aimed at tough-to-treat hypertension. The device did reduce blood pressure in patients, but only slightly more than medications to treat the ailment.
Market News
Donald Trump said on the eve of US midterm elections that he would be making a “big announcement” next week, all but confirming his widely anticipated third White House bid that he’s been teasing for weeks.
Tesla Motors said it has raised insurance incentives for car orders in China placed before Nov. 30, but reduced them for orders made next month, a move to urge consumers to place orders earlier.
NVIDIA Corp is offering a new advanced chip in China that meets recent export control rules aimed at keeping cutting-edge technology out of China's hands, the company confirmed on Monday.
Elon Musk, Twitter's new owner, urged Americans to elect a Republican Congress in U.S. midterms on Tuesday to counterbalance President Joe Biden's Democrats, the first time a major social media CEO explicitly took a side.
Activision Blizzard reported net bookings fell 2.6% to $1.83 billion, its mobile platform net bookings grew 20% in the period from a year earlier to about $1 billion. Microsoft Corp. is in the process of acquiring it for $69 billion, although regulators are heavily scrutinizing the deal.
Lyft, Inc.'s active riders rose 7.2% to 20.3 million in the third quarter, the smallest quarterly growth recorded so far this year, revenue per active rider increased 13.7% to $51.88.For the fourth quarter, the company expects revenue between $1.15 billion and $1.17 billion, while analysts expect $1.17 billion.
BYD Co., Ltd. said on Tuesday that it would launch a new premium brand in the first quarter of 2023. It said vehicles produced under the new brand will be priced above 1 million yuan ($138,096.75), without further elaboration.
Gap has agreed to sell its Greater China businesses to Baozun Inc, the e-commerce service provider said on Tuesday, as headwinds persists for global consumer brands in the world's second-largest economy.