• 126
  • 5
  • Favorite

Pre-Bell|Futures Wave After U.S. Data; Tesla Rallies; AMC Drops 6%; APE Soars 45%

Tiger Newspress2022-12-23

U.S. stock futures swung between losses and gains in volatile year-end trading after a key part of an inflation gauge showed price growth easing less than anticipated in November, while consumer spending stagnated.

The U.S. core personal-consumption expenditures price index, or PCE deflator, was up 0.2% in November and 4.7% from a year ago, in line with what economists had forecasted. That compares with a 5% year-over-year rise in October. The index is the Federal Reserve’s preferred gauge of inflation.

The headline PCE deflator increased 0.1% in November and 5.5% year over year, matching expectations and slowing from 6.1% in the year through October.

Market Snapshot

At 8:38 a.m. ET, Dow e-minis were down 7 points, or 0.02%, S&P 500 e-minis were down 5.5 points, or 0.14%, and Nasdaq 100 e-minis were down 25.5 points, or 0.23%.

Pre-Market Movers

Tesla (TSLA) – Tesla CEO Elon Musk said he would refrain from selling any more Tesla stock for 18 to 24 months. Musk has sold about $39 billion in stock over the past year, amid his $44 billion deal to buy Twitter. Tesla gained 1.2% in the premarket.

AMC, APE – AMC shares continued to dropped 6.2% while APE soared 45% in premarket trading as AMC Entertainment announced $110 million equity capital raise, a $100 million debt for equity exchange, and a proposed vote to convert AMC Preferred Equity (“APE”) units into AMC common shares and implement a reverse stock split.

Nutanix (NTNX) – Nutanix tumbled 14.5% in the premarket following a report that Hewlett Packard Enterprise (HPE) has ended talks to acquire the cloud computing company.

Meta Platforms (META) – Meta and users of its Facebook platform settled a privacy class action lawsuit, with Meta agreeing to pay $725 million. The suit stemmed from the 2018 revelation that data firm Cambridge Analytica had collected information from tens of millions of Facebook users.

Mission Produce (AVO) – The avocado producer reported lower-than-expected profit and revenue as the rise in volume was not enough to offset a plunge in avocado prices. Mission Produce slumped 14% in premarket trading.

3M (MMM) – 3M was barred by a judge from shifting liability to a subsidiary in a case involving combat earplugs. The case stems from injuries suffered by members of the military who used the allegedly defective earplugs.

Toro (TTC) – The lawn care and outdoor products company was upgraded to outperform from market perform at Raymond James, which set a price target of $130 compared with yesterday’s close of $111.15 per share. Toro also reported better-than-expected quarterly earnings earlier this week. The stock added 3.3% in premarket action.

Biogen (BIIB) – Biogen’s Japanese partner Eisai has confirmed to Reuters reports of a third death in a trial of their experimental Alzheimer’s treatment and said the cause is being investigated.

Oilfield services stocks – Halliburton (HAL) gained 1% in the premarket, with Schlumberger (SLB) up 1.4% and Baker Hughes (BKR) rising 0.6%. The gains come as the price for crude rises more than 2% in early trading.

Market News

Elon Musk Says He Will Not Sell More Tesla Stock for About Two Years

Tesla Chief Executive Officer Elon Musk said on Thursday he will not sell any more Tesla stock for about two years.

While speaking in a Twitter Spaces audio chat, Musk said he foresees the economy will be in a "serious recession" in 2023 and demand for big-ticket items will be lower.

His comments came after a Tesla stock sell-off deepened on Thursday over worries about softening demand for electric cars and Musk's distraction with Twitter and his stock sales.

Facebook Parent Meta to Settle Cambridge Analytica Case for $725 Million

Facebook owner Meta Platforms Inc has agreed to pay $725 million to resolve a class-action lawsuit accusing the social media giant of allowing third parties, including Cambridge Analytica, to access users' personal information.

The proposed settlement, which was disclosed in a court filing late on Thursday, would resolve a long-running lawsuit prompted by revelations in 2018 that Facebook had allowed the British political consulting firm Cambridge Analytica to access data of as many as 87 million users.

FTX's Bankman-Fried, Charged With "Epic" Fraud, Released on $250 Million Bond

Sam Bankman-Fried was released on a $250 million bond package on Thursday while he awaits trial over the collapse of the FTX crypto exchange, which a U.S. prosecutor called a "fraud of epic proportions."

Federal prosecutors in Manhattan have accused the FTX founder of stealing billions of dollars in customer funds to plug losses at his hedge fund, Alameda Research.

Bankman-Fried was not asked to enter a plea on Thursday. He has previously acknowledged risk-management failures at FTX, but has said he does not believe he has criminal liability. His defense lawyer, Mark Cohen, declined to comment after the hearing in Manhattan federal court.

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.

Report

Comment5

  • Susan88888
    ·2022-12-23
    Ok
    Reply
    Report
    Fold Replies
  • Chris68
    ·2022-12-23
    👌 
    Reply
    Report
    Fold Replies
    • Chris68
      Ok
      2022-12-23
      Reply
      Report
  • cream12
    ·2022-12-23
    Ok
    Reply
    Report
    Fold Replies
    • cream12
      ok
      2022-12-23
      Reply
      Report
  • EdwardKarchi
    ·2022-12-23
    Wow
    Reply
    Report
  • V.lye
    ·2022-12-23
    Ok
    Reply
    Report
    Fold Replies
 
 
 
 

Most Discussed

 
 
 
 
 

7x24

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Company: TTMF Limited. Tech supported by Xiangshang Yixin.

Email:uservice@ttm.financial