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Toplines Before US Market Open on Wednesday

Tiger Newspress2021-06-30

  • Futures tick lower
  • Chinese ride-hailing giant Didi Global is set to make its trading debut on the New York Stock Exchange on Wednesday

U.S. stock index futures edged lower on Wednesday, a day after the S&P 500 and the Nasdaq closed at record levels, as investors awaited private payrolls data for clues on the health of the labor market and subsequent policy support.

At 8:07 a.m. ET, Dow e-minis were down 16 points, or 0.05%, S&P 500 e-minis were down 1.75 points, or 0.04%, and Nasdaq 100 e-minis were down 2.25 points, or 0.02%.

Private payrolls increased by 692,000 in June, well above the 550,000 Dow Jones estimate though it fell short of May’s 886,000, according to ADP.

Shares of Micron Technology, which is expected to post quarterly results after markets close, rose 1.0% as they headed for their fourth straight monthly decline.

Stocks making the biggest moves in the premarket:

Virgin Galactic (SPCE) – The space transportation company’s stock dropped 5% in premarket trading, after Bank of America Securities double-downgraded the stock to “underperform” from “buy.” BofA notes the recent spike in the stock after the company received approval to carry passengers into space, and said the premium earned by Virgin Galactic’s leading position is already reflected in the stock price.

Bed Bath & Beyond (BBBY) – The housewares retailer reported quarterly profit of 5 cents per share, missing consensus estimates by 3 cents a share. Revenue came in above analysts’ forecasts. Bed Bath & Beyond predicted better-than-expected current-quarter comparable sales, and raised its full-year revenue outlook.  The stock once surged 7.9% in the premarket.

Xpeng (XPEV) – Xpeng will raise $1.8 billion in its Hong Kong initial public offering, according to people with direct knowledge of the matter who spoke to Reuters. The Chinese electric vehicle maker’s U.S. shares fell 1.7% in premarket trading.

MongoDB (MDB) – MongoDB said it would sell 2.5 million class A common shares, seeking to raise $889 million. The database platform provider plans to use the proceeds for general corporate purposes. MongoDB stock lost 4.5% in premarket trading.

Constellation Brands (STZ) – The spirits and beer maker reported quarterly profit of $2.33 per share, matching Wall Street forecasts. Revenue came in slightly above estimates.

General Mills (GIS) – The food producer beat analysts’ estimates by 6 cents a share, with quarterly earnings of 91 cents per share. Revenue was above estimates as well. Organic net sales fell by 6% from a year ago, however, a reflection of the surge in at-home demand as the pandemic was taking hold.

Twitter (TWTR) – Twitter appointed its vice president of global solutions Sarah Personette as chief customer officer. She replaces Matt Derella, who is leaving Twitter after nine years at the company.

Las Vegas Sands (LVS) – Las Vegas Sands rose 1.7% in the premarket following reports that border restrictions between Hong Kong and Macau will loosen in mid-July. Currently, any traveler from Hong Kong to Macau is required to quarantine for 14 days.

Seagate Technology (STX) – Seagate Technology was upgraded to “equal weight” from “underweight” at Barclays. The firm cites an improving market for the hard disk drive maker, particularly in mobile computing.

WideOpenWest (WOW) – The broadband provider’s shares rallied 4.4% in the premarket after it announced a deal to sell five of its service areas in two separate deals for a total of about $1.8 billion.

DR Horton (DHI) – The home builder was named a “top pick” by Goldman Sachs. Goldman notes that stocks in the sector are down about 15% from May highs and feels that DR Horton is best positioned to execute against industry headwinds.

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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  • nameless927
    ·2021-06-30
    Thanks 
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  • Xiang15
    ·2021-06-30
    GOOD
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  • Newnew
    ·2021-06-30
    Thank 
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  • Phyblesseth
    ·2021-06-30
    Well noted 
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  • OO_898
    ·2021-06-30
    Like 
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  • 星行者
    ·2021-06-30
    Give me T
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  • Yimong
    ·2021-06-30
    XPeng is like my neighbour XiaoMing’s brother - XiaoPeng ?
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  • Darrenhung
    ·2021-06-30
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  • kawa86
    ·2021-06-30
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    ·2021-06-30
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    ·2021-06-30
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    ·2021-06-30
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    ·2021-06-30
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      2021-06-30
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    ·2021-06-30
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      2021-07-03
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      2021-07-01
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      2021-07-01
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    ·2021-06-30
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      2021-06-30
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    ·2021-06-30
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      2021-06-30
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    ·2021-06-30
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