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Southwest, Tesla, Las Vegas Sands

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A Southwest Airlines Co. Boeing 737 passenger jet pushes back from a gate at Midway International Airport (MDW) in Chicago, Illinois.

Luke Sharrett | Bloomberg | Getty Images

Check out the companies making the biggest moves premarket:

Southwest — The airline dropped 2.1% after reporting a $220 million loss for the fourth quarter after the holiday meltdown cost the company millions in expenses and drove up expenses.

Comcast — The media company reported fourth-quarter earnings that beat Wall Street’s expectations, with earnings per share coming in at 82 cents, adjusted, versus the 77 cents expected from analysts surveyed by Refinitiv. Revenue was $30.55 billion compared to the $30.32 expected. Shares, however, were down less than 1% in the premarket.

Tesla — The electric-vehicle maker soared 7% after reporting record revenue and an earnings beat. CEO Elon Musk said Tesla might be able to produce 2 million cars this year.

Las Vegas Sands — Shares of the hotel and casino operator rose about 4% despite the company posting weaker-than-expected financial results for the most recent quarter. Wall Street analysts cited upbeat comments about its reopening in Macao on the company earnings call for their positive outlook on the stock.

Levi Strauss — Shares of the denim maker popped 6% premarket on a better-than-expected quarterly report. Levi Strauss topped analysts’ revenue estimates and beat earnings projections by 5 cents a share.

Blackstone — Blackstone shares dipped less than 1% after the asset manager reported mixed earnings results. Total segment revenues fell short of expectations, while distributable earnings beat estimates by 12 cents a share.

Chevron — The energy giant jumped more than 3% in premarket after the company announced a $75 billion stock buyback program and a dividend hike to $1.51 from $1.42 per share. The buyback program will become effective on April 1.

Dow — The chemicals giant posted fourth-quarter earnings, revenue and adjusted EBITDA that missed analyst expectations before the bell Thursday, sending the stock down more than 3% in premarket trading.

IBM — Shares of IBM shed 2.7% after the company reported quarterly results Wednesday that generally exceeded Wall Street’s expectations but included an announcement that the firm will cut 3,900 jobs. IBM reported adjusted earnings per share of $3.60 per share on $16.69 billion in revenue where analysts expected $3.60 per share and $16.4 billion in revenue, per Refinitiv.

American Airlines — The airline gained 1.5% after its fourth-quarter profits beat Wall Street’s expectations, thanks to strong holiday demand and high fares.

Seagate Technology — The data storage company jumped more than 8% in premarket trading after reporting earnings and revenue for the last quarter that beat expectations.

Pfizer — The pharma giant was downgraded by UBS on Thursday, which said Pfizer’s Covid franchise estimates need to come down and its pipeline is too premature. Pfizer was up less than 1% in the premarket.

— CNBC’s Carmen Reinicke, Yun Li, Samantha Subin, Tanaya Macheel and Michael Bloom contributed reporting.

Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.

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Business

Stock futures are little changed after Nasdaq’s third-straight winning day

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Stock futures were slightly higher early Wednesday as Wall Street looked to build on what has been a positive start to 2023 so far.

Futures tied to the Dow Jones Industrial Average ticked up 30 points, or 0.09%. S&P 500 futures and Nasdaq 100 futures were little changed.

The moves come after the Nasdaq Composite rose 1.01% on Tuesday to clinch its first three-day winning streak since November. The S&P 500 and Dow rose 0.70% and 0.56%, respectively, and all three averages are positive for the young year.

The moves have featured a relief rally for more risky areas of the market, such as tech, but many investors are still cautious ahead of earnings season and further expected rate hikes from the Federal Reserve.

“I think it is going to be a challenge to try to time when the Fed will ultimately start to cut rates. There is some evidence that when rates start to decline from the Federal Reserve, better markets are ahead. But whether that ends up being in 2024 or late 2023, at least at this point in time, sitting the middle of January, it’s just too difficult a situation,” said Matthew Palazzolo, senior investment strategist at Bernstein Private Wealth Management.

Wednesday features a light schedule for economic data, but investors will be gearing up for a key inflation report on Thursday and major bank earnings on Friday.

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Stock futures are up slightly following Thursday’s broad sell-off

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Stock futures were up slightly Thursday evening following a sharp sell-off that brought the S&P 500 to a new 2022 low.

Futures for the S&P 500 were up 0.26%. The Dow Jones Industrial Average futures were up 0.17%. Nasdaq 100 futures were up 0.14%.

The 2022 sell-off resumed in full force during regular trading on Thursday as investors weighed concerns over future rate-hiking decisions from the Federal Reserve and the impact on the market.

Apple led Thursday’s decline, closing down 4.9% as the tech giant has faced reports of declining demand for its new products, specifically the iPhone 14 series. Bank of America also downgraded the tech giant, which pressured shares.

At the end of regular trading on Thursday, the S&P 500 dropped 2.1% to 3,640.47. The Dow was down 1.54% to 29,225.61, while the Nasdaq Composite fell 2.84% to 10,737.51.

The major indexes are also on track to end the week — and September — sharply in the red. The S&P 500 is off 1.4% for the week, while the Dow and the Nasdaq are each down 1.2%. For September, the S&P 500 is down 7.9%, and the Dow is off 7.2%. The Nasdaq is on track for a loss of 9.1% for the month.

“The market stinks,” said Jamie Cox, managing partner of Harris Financial Group. “But that’s basically what the Fed wants: tighten financial conditions, and they believe that that will help bring down inflation to the levels that they find acceptable. And they’re using the transmission mechanism of the market to make that happen.”

Nike shares fell in after-hours trading after the company reported that sales increased, but supply chain and inventory issues hampered the bottom line in its fiscal first quarter. Meanwhile, Amylyx Pharmaceuticals’ shares spiked after the Food and Drug Administration approved its drug for Lou Gehrig’s disease.

On the economic data front, investors will watch for personal income and spending and consumer spending Friday morning. The Federal Reserve’s favorite measure of inflation, the PCE deflator, is also due for August.

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Stocks making biggest midday moves: Netflix, Bristol-Myers and more

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The Netflix logo is seen on a TV remote controller, in this illustration taken January 20, 2022.

Dado Ruvic | Reuters

Check out the companies making headlines in midday trading.

Catalent Inc. – Shares of pharmaceutical company Catalent fell 8% after earnings that disappointed Wall Street. While Catalent beat expectations for earnings, its revenue and full-year outlook were below estimates.

Dow – The chemical maker dropped 2% after KeyBanc downgraded it to underweight from sector weight. The bank said in a note that an economic slowdown, especially in Europe, could hurt demand for Dow and squeeze the company’s profit margins.

Honda Motor – Shares of Honda moved 1.3%  higher after it joined forces with LG Energy Solution to build a new battery production plant for electric vehicles in the U.S. The companies, who plan to invest $4.4 billion, aim to begin mass production of advanced lithium-ion battery cells by the end of 2025. 

Pinduoduo — Pinduoduo surged 18% after topping estimates in the recent quarter on the top and bottom lines. The China-based e-commerce giant said a recovery in consumer sentiment helped results.

Netflix — Shares of the streaming giant rose 1.1% after a Bloomberg report that its ad tier could cost between $7 and $9 a month.

Bristol-Myers Squibb — Shares of Bristol-Myers Squibb slumped 5.3% after reporting results from a mid-stage trial of its developing stroke treatment that failed to meet the main objective of the study.

Energy stocks — Energy stocks jumped in tandem with oil prices rose on news of a potential OPEC+ supply cut. Shares of Diamondback Energy, Marathon Oil, Occidental and Exxon Mobil rose from 3.3% to 4.3%.

Etsy — Etsy added 1.2% following news that it will require U.S. sellers on its platform to verify their bank accounts or provide their username and password to fintech platform Plaid.

— CNBC’s Jesse Pound, Michelle Fox and Carmen Reinicke contributed reporting

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Business

Winnebago, La-Z-Boy, Revlon and others

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Check out the companies making headlines before the bell:

Winnebago (WGO) – The recreational vehicle maker saw its stock jump 3.4% after it beat top and bottom-line estimates for its latest quarter. Winnebago earned an adjusted $4.13 per share, compared with a consensus estimate of $2.96, helped by higher prices and a jump in its gross profit margins.

La-Z-Boy (LZB) – La-Z-Boy rallied 8.2% in premarket trading after posting better-than-expected quarterly results that included record sales for the furniture maker. The company also said it is focusing efforts to reduce its backlog and shorten lead times.

Revlon (REV) – Revlon shares surged 32% in premarket trading, continuing a rally that began after the cosmetics maker filed for Chapter 11 bankruptcy protection last week. Revlon soared 91% Friday and jumped another 62% yesterday.

Korn Ferry (KFY) – The consulting firm reported an adjusted quarterly profit of $1.75 per share, beating consensus estimates by 20 cents, with revenue also topping Wall Street forecasts. Results were boosted by a 30% jump in fee revenue compared with a year earlier. Korn Ferry also announced a 25% dividend increase, and its stock rallied 3.1% in premarket trading.

Airbnb (ABNB) – Airbnb fell 2.4% in the premarket after JMP Securities downgraded it to “market perform” from “market outperform,” saying that the post-pandemic jump in travel demand is already reflected in Airbnb’s valuation.

Dow Inc. (DOW) – The chemical maker’s shares fell 4.2% in premarket action after Credit Suisse downgraded the stock to “underperform” from “neutral.” Credit Suisse said several pandemic-related factors that boosted Dow and its peers could be in the process of reversing.

PulteGroup (PHM) – PulteGroup slid 3.2% in premarket trading after RBC Capital Markets downgraded the home builder’s stock to “sector perform” from “outperform.” RBC also cut earnings estimates on the expectation that the housing market will further deteriorate as mortgage rates continue to rise.

Equity Residential (EQR) – Equity Residential was upgraded to “outperform” from “sector perform” at RBC Capital Markets. RBC feels the residential property REIT will benefit from its focus on affluent renters.

New Relic (NEWR) – The data analysis platform company’s stock jumped 3.4% in the premarket after Jana Partners disclosed a 5.4% stake. In an SEC filing, Jana said it believes the stock is undervalued and represents an attractive investment opportunity.

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Business

12 U.S. manufacturers investors should keep an eye on

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CNBC’s Jim Cramer on Thursday named 12 American manufacturers investors should keep an eye on to take advantage of what he calls the country’s “industrial renaissance.”

“The United States has been reclaiming its industrial preeminence in sector after sector after sector. It just was obscured by Wall Street’s now-defunct love affair with high-growth tech stocks. Now that we’ve fallen out of love with tech, the industrial renaissance has become the key to picking winners in this market,” the “Mad Money” host said.

“If you want leadership, if you want companies that make things and sell them at a profit while returning capital to shareholders, look no further than our great American manufacturers. Their stocks are fantastic places to be,” he added.

Cramer’s comments come after a tumultuous day in the market — the Dow Jones Industrial Average slid 1.05% on Thursday, while the S&P 500 dropped 1.48%. The tech-heavy Nasdaq Composite tumbled 2.07%.

Here is Cramer’s list of American manufacturers investors should have on their radar:

  1. Tesla
  2. Nucor
  3. Dow 
  4. Chevron
  5. Exxon
  6. GE
  7. Raytheon
  8. Caterpillar 
  9. Deere
  10. Johnson & Johnson
  11. Procter & Gamble
  12. Lam Research

Cramer acquiesced that the semiconductor sector in the U.S could be better.

“I don’t want to slight software, the crown jewel of American economy, but tech companies … they don’t make it here, with the exception of some semiconductor capital equipment plays like Lam Research,” he said. “Otherwise, it’s best to go to Taiwan Semi, where the actual chips are made.”

Disclosure: Cramer’s Charitable Trust owns shares of Chevron and Procter & Gamble.

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American Airlines, Blackstone, AT&T and more

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Check out the companies making headlines before the bell:

American Airlines (AAL) – American soared 10.5% in premarket trading after reporting a smaller-than-expected loss and predicting profitability for the current quarter.

United Airlines (UAL) – United lost an adjusted $4.24 per share for the first quarter, 2 cents more than expected, and the airline’s revenue was also slightly below forecasts. However, United said it expects a return to profitability this quarter as travel demand surges, and the stock rallied 8.3% in the premarket.

Blackstone (BX) – The private equity firm’s shares jumped 4% in the premarket after reporting better-than-expected profit and revenue for the first quarter, helped by strong results from its real estate and credit operations.

AT&T (T) – AT&T earned an adjusted 63 cents per share for the first quarter, 4 cents above estimates, and beat on the top line as well. Those numbers exclude the results of the now spun-off WarnerMedia unit, with AT&T benefiting from an increase in wireless revenue. AT&T added 1.4% in premarket action.

Tesla (TSLA) – Tesla surged 7.4% in premarket trading after reporting record quarterly profit and beating Wall Street’s top and bottom-line estimates. Tesla cautioned that production would be constrained for the remainder of the year due to shortages of computer chips and other parts, but it expects to increase deliveries.

Xerox (XRX) – Xerox tumbled 7.3% in the premarket after reporting an adjusted quarterly profit of 12 cents per share, 1 cent below consensus. The office equipment maker was hurt by inflation pressures and supply chain issues.

Dow Inc. (DOW) – The chemical maker’s stock added 2.1% in the premarket after beating estimates on both the top and bottom lines, helped by strong demand and higher prices.

Sleep Number (SNBR) – Sleep Number shares tanked 10.6% in premarket trading following a top and bottom-line miss for its latest quarter. The mattress company earned 9 cents per share, well short of the 33-cent consensus estimate, with supply chain issues impacting its results.

Carvana (CVNA) – Carvana lost $2.89 per share for its latest quarter, wider than the $1.44-per-share loss analysts were anticipating. Revenue beat estimates, but the online auto seller saw its first-ever quarterly sales decline. Carvana fell 5.1% in the premarket.

Lam Research (LRCX) – Lam Research fell 11 cents short of estimates with adjusted quarterly earnings of $7.40 per share, and the chipmaker’s revenue also fell short of Wall Street forecasts. Lam’s expenses increased as it spent more to deal with supply chain disruptions. Lam lost 1.3% in the premarket.

CSX (CSX) – CSX beat estimates by 2 cents with quarterly earnings of 39 cents per share, and the railroad operator’s revenue also topped forecasts. CSX handled fewer shipments, but that was more than offset by an increase in shipping rates. CSX rose 2.1% in premarket trading.

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Business

Some of the first quarter’s biggest losers could be the biggest steals, Jim Cramer says

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Investors should consider purchasing stock of the first quarter’s biggest losers if the market shows signs of recovering on its own, CNBC’s Jim Cramer said Monday.

“This market’s screaming that we’re headed for a [Federal Reserve]-mandated slowdown, that could possibly become a Fed-mandated recession,” the “Mad Money” host said. “If we get more signs that inflation is cooling on its own, like the pullback in oil, then some of the hardest hit stocks might end up looking pretty enticing.”

The first quarter of 2022 was marked by rampant volatility. Russia’s ongoing invasion of Ukraine in February sent commodities prices including oil skyrocketing, while in March the Fed took its first interest rate hike in three years in an attempt to tamp down rising prices. Global Covid outbreaks last month also caused supply chain snarls as factories in key areas like China were forced to shutter.

Fed Chair Jay Powell in late March vowed to take strong action against inflation as needed. 

Adding to the speculative market environment, a key part of the Treasury yield remained inverted on Monday after 2-year and 10-year Treasury yields shifted last week, heightening concerns about a possible recession coming. While inversions have historically preceded some economic recessions, they are not guaranteed indicators.

Cramer said that energy stocks performed the best during the first quarter due to soaring prices, while “recession-resistant” utility stocks also rallied. Cramer also listed the first quarter’s biggest winning and losing companies that are listed in the Dow Jones Industrial Average, S&P 500 and Nasdaq 100.

Here are the winners and losers:

Dow Jones Industrial Average

Winners

Losers

S&P 500

Winners

Losers

Nasdaq 100

Losers

Disclosure: Cramer’s Charitable Trust owns shares of Chevron, Salesforce, Halliburton, Meta

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Business

Stock futures open mostly flat ahead of the kickoff of earnings season

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Traders work on the floor of the New York Stock Exchange.

NYSE

Stock futures opened mostly flat late Sunday as earnings season kicks off this week.

Futures on the Dow Jones Industrial Average added 25 points, or 0.07%. S&P 500 futures edged 0.08% higher and Nasdaq 100 futures rose 0.17%.

The three major indexes closed at record highs on Friday after a sell-off Thursday as investors worried about a potential slowdown in U.S. economic growth. Friday’s rally brought the averages into the green for the week; the Dow added 0.24% week-to-date, while the S&P 500 and Nasdaq each rose about 0.4% in the same period.

Stocks tied to the economic recovery that fell during Thursday’s session logged gains on Friday. Financial names rebounded, with Bank of America and Goldman Sachs both jumping more than 3%. Travel-related stocks also rose; Royal Caribbean popped 3.6%, Wynn Resorts gained close to 2%, and American Airlines and United Airlines both added more than 2%.

The major averages’ record highs come ahead of the start of quarterly earnings reports. S&P 500 companies’ profits are expected to be up 65% from the same quarter a year ago, according to Refinitiv, bouncing back from the worst of the pandemic. The expected surge in profits would be the strongest earnings growth since the fourth quarter of 2009, as stocks recovered from the financial crisis.

“The second quarter could be as good as it gets for economic growth,” Callie Bost, senior investment strategist at Ally Invest, said. “Earnings growth may slow, but analysts still expect S&P profits to grow by double digits in the next two quarters. It’s crucial not to lose faith in the market just because the economy’s strongest growth may be behind us.”

JPMorgan Chase, Goldman Sachs and PepsiCo kick off earnings season with results due out before the bell on Tuesday. Bank of America, Citigroup, Wells Fargo, Delta Air Lines and BlackRock report on Wednesday, and Morgan Stanley, Truist and UnitedHealth post results on Thursday.

Investors also anticipate important data to be released this week, including key readings on inflation on Tuesday and Wednesday, and June retail sales on Friday.

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