U.S. stock futures rose Thursday as investors took in more big corporate earnings reports, investors have been watching earnings season closely for insight on how companies have fared amid high inflation and clues on how they’re managing going forward. However, this earnings season has been lackluster.
Market Snapshot
At 7:45 a.m. ET, Dow e-minis were up 192 points, or 0.56%, S&P 500 e-minis were up 28.5 points, or 0.69%, and Nasdaq 100 e-minis were up 134 points, or 1.07%.
Pre-Market Movers
Walt Disney -- It gained 6.26% after the entertainment giant said it planned to cut 7,000 jobs. The company's restructuring plan would lead to cost savings of $5.5 billion. Disney also said it was reinstating its dividend after fiscal first-quarter earnings beat analysts' estimates.
Affirm Holdings, Inc. -- It would cut 19% of its staff after the buy-now-pay-later company reported a wider-than-expected quarterly loss and issued an outlook shy of forecasts. The stock slumped 18.23%.
AppLovin Corporation -- It reported better-than-expected fourth-quarter revenue and said it expects the mobile ad market to remain "relatively stable" in the first quarter. The stock was soaring 30.76%.
Sonos Inc -- It surged 15.17% after posting record revenue in its fiscal first quarter and beating analysts' earnings expectations.
Mattel -- It was down 10.34% after fourth-quarter profit and sales at the toymaker missed analysts' estimates. The company also guided for flat sales in 2023.
MGM Resorts International -- It rose 6.42%. The casino company reported fourth-quarter revenue that topped expectations and announced a stock buyback program of $2 billion.
Pepsi --It posted modestly better-than-expected fourth-quarter earnings today, while boosting its annual dividend, but sales suggested that consumers are starting to feel the impact of relentless price hikes. Stocks rose nearly 2% in premarket trading.
Cardiovascular -- It soared nearly 50% in premarket trading as Abbott late Wednesday would pay $20 a share for it, a 50% premium to Wednesday's closing price of $13.31.
Market News
Apple is hiring its first chief people officer and shifting human resources duties from its head of retail, overhauling the way the tech giant hires and supports employees.
Britain placed another hurdle in the way of Microsoft's $69-billion mega purchase of "Call of Duty" maker Activision Blizzard, saying it could harm gamers by weakening the rivalry between Xbox and Sony's PlayStation.
Tesla Motors Chief Executive Elon Musk will reveal the third part of the electric vehicle (EV) maker's "Master Plan" when the company holds its first investor day on March 1.
Walt Disney Chief Executive Officer Bob Iger announced plans for a dramatic restructuring of the world’s largest entertainment company that includes cutting 7,000 jobs and $5.5 billion in cost savings.
Netflix on Wednesday laid out plans to crack down on password sharing for accounts on its streaming platform, including setting up primary location and paying a couple of dollars for an extra member.
Dan Loeb's Third Point LLC has a stake in Salesforce.com, according to people familiar with the matter, the fifth known activist shareholder with a position in the software company's shares.
Some Twitter users were unable to tweet on Wednesday, prematurely encountering a message that said "You are over the daily limit for sending Tweets."
Li Auto unveiled an extended-range electrified sport utility vehicle it wants to rival cars like Tesla Inc.’s Model Y. The L7, introduced during an online event Wednesday, has a starting price of 319,800 yuan ($47,100) and a maximum driving range of 1,315 kilometers (817 miles).