Pre-Bell｜Nasdaq Futures Rebounded 0.5%; Coinbase Continued to Slide Nearly 5%
U.S. stock futures rose Tuesday, as the market tried to claw back some of Monday’s steep declines that pushed the S&P 500 back into bear market territory. Traders also looked ahead to a key monetary policy announcement from the Federal Reserve later in the week.
Market Snapshot
At 7:50 a.m. ET, Dow e-minis were up 41 points, or 0.13%, S&P 500 e-minis were up 9 points, or 0.24%, and Nasdaq 100 e-minis were up 56.75 points, or 0.5%.
Pre-Market Movers
Continental Resources(CLR) – The oil and natural gas producer’s stock rallied 7.4% in the premarket after receivinga $70 per share “take private” bidfrom Chairman Harold Hamm and his family. The company’s board will establish an independent committee to evaluate the proposal.
Oracle(ORCL) – Oracle surged 12% in premarket trading after reporting better-than-expected profit and revenue for its latest quarter. Oracle is seeing strong demand for its cloud software as more businesses transition to a hybrid workplace.
National Vision(EYE) – The optical products retailer’s stock soared 14.3% in the premarket following news that it will be added to the S&P SmallCap 600 index. The change will be effective prior to the opening of trading on Thursday.
Twitter(TWTR) – Twitter shares rose 2.7% in premarket action following news that Elon Musk would attend an all-hands employee meeting on Thursday. Musk agreed in April to buy Twitter for $44 billion but has since threatened to back out of the deal.
Best Buy(BBY) – Best Buy fell 1.3% in premarket trading after Bank of America Securities downgraded the electronics retailer’s stock to “neutral” from “buy.” BofA points to increasing uncertainty about Best Buy’s 2023 earnings prospects.
Nokia(NOK) – Nokia was upgraded to “buy” from “neutral” at Citi, which cites improving fundamentals for the networking hardware and software maker. Citi points to particular strength for Nokia in the mobile infrastructure market. The stock added 2.8% in premarket action.
Coinbase(COIN) – The cryptocurrency exchange operator’s stock slid 4.8% in the premarket after J.P. Morgan Securities downgraded it to “neutral” from “overweight.” J.P. Morgan said the extreme 2022 decline in the crypto markets, plus Coinbase’s increased investments, make it difficult to foresee profitability in the near future.
Coty(COTY) – Coty rose 1% in premarket trading after the cosmetics company reaffirmed its financial outlook for both the current quarter and the full year. Coty is set to present at Deutsche Bank’s Global Consumer Conference today.
Philip Morris(PM) – The tobacco company said it now expects a better performance from its core business than previously anticipated, and that it continues to see growth in its IQOS electronic cigarette business. The stock rose 1% in the premarket ahead of a company presentation at today’s Deutsche Bank conference.
Market News
Tesla CEO Elon Musk will have his first all-hands meeting with Twitter’s employees on Thursday. Twitter CEO Parag Agrawal told employees on Monday over an email that they could submit questions for the billionaire entrepreneur in advance.
Bitcoin briefly fell below $21,000 on Tuesday in Asia before bouncing back slightly, continuing its plunge as investorssold off risk assets. Stocks with heavy exposure to the space were also bleeding in sympathy and so were shares of Coinbase (COIN), further adding to what has been a horror show in 2022 – shares are down by 80% on a year-to-date basis.
Tencent has bought a $264 million stake in Walmart Inc-owned Indian e-commerce firm Flipkart, Press Trust of India reported.The outlet citing official documents said the company bought shares from Indian internet entrepreneur Binny Bansal, Flipkart's co-founder, through its European subsidiary.
For the quarter ended May 31, Oracle posted earnings of $3.19 billion, or $1.16 a share, compared with $4.03 billion in earnings, or $1.37 a share, a year earlier. Adjusted for items such as stock-based compensation, Oracle said per-share earnings were $1.54, ahead of analysts' expectation of $1.37.
The delivery schedules of the R1S have been pushed back from anywhere between one month and nine months, Autoevolutionsaid, citing a letter Rivian sent to reservation holders and information shared among forum members.
Sea Group's e-commerce arm Shopee is laying off staff across multiple markets as it seeks to rationalize its e-commerce business, DealStreetAsia has learned.The layoffs have affected employees across several of the company's Southeast Asian markets including Indonesia, Thailand and Vietnam.
Amazon.com Inc.'s long-planned drone-delivery service will make its U.S. debut this year, joining other companies like Walmart Inc. and Alphabet Inc. that have begun shipping goods using unmanned aircraft.
Viacom18 has won streaming rights to cricket's Indian Premier League, according to people familiar with the situation, taking a valuable property away from Walt Disney Co. as competition in sports-streaming rights intensifies.
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