Stock futures tick higher on Tuesday morning


Best Buy, Dicks Sporting Goods and more – biggest premarket stock moves

A number of stocks are moving in premarket trading due to gains and more.

Best Buy — Shares of the company rose after a profit decline and improved fiscal outlook for 2023.

Dick’s Sporting Goods — Equities initially rose on a sales and earnings swing, as well as better-than-expected sales in the third quarter and elevated expectations, but later fell.

Abercrombie & Fitch — Retail inventory rose nearly 13% on earnings.

Read more here.

—Carmen Reinicke

Wall Street Cuts Zoom Video Targets After Weak Guidance

Shares of Zoom video fell about 9% in premarket trading after weak Q4 outlook.

The videoconferencing company reported better-than-expected $1.07 in adjusted earnings per share for the third quarter, but that failed to convince Wall Street analysts. Several lowered their Zoom price targets last night and this morning.

“We struggle to find an upside catalyst in the near term as online activity is likely to be under pressure in the coming quarters, and our estimates imply further downside risk to street earnings from here,” wrote Deutsche Bank analyst Matthew Niknam. , which lowered its price target. on the stock to $75 per $95 share.

Piper Sandler, MoffettNathanson, Mizuho, ​​UBS and Wells Fargo also cut their price targets on Zoom Video.

MoffettNathanson analyst Sterling Auty said in cutting his price target from $85 to $80, Zoom’s “turn is still a quarter away.”

“Breadcrumbs are being laid to get a sense of when the company’s overall growth could turn around, and if all goes well, it’s still three-quarters into the future. However, it’s not entirely clear whether a deteriorating macro environment (fired) would extend the timeline into a turn, or simply result in a lower growth rate prior to the turn,” Auty said in a note to clients.

— Jesse Pond, Michael Bloom

Stock-picking opportunities are bullish for the market, Wilson says

One of Wall Street’s top strategists says the next stock boom cycle won’t look like the top-heavy period of the past decade, but will instead be a rich environment for stock pickers.

Mike Wilson, Morgan Stanley’s chief U.S. equity strategist, said Tuesday that while he expects the S&P 500 to fall from here before bottoming out in 2023, stocks are starting to separate ahead of the next sustained rally.

“Probably one of the most optimistic things we see going forward is that it won’t be a 10-stock exchange anymore. There will be more opportunities. It will become more democratic across the stock market,” Wilson said of “Squawk Box.” “

“That doesn’t mean it’s going to be easy as a stock picker, but there will be a lot more participants. The breadth is getting better. And that’s what we’re seeing,” he added.

Wilson announced his outlook for 2023 last week. Read more about his prediction on CNBC Pro.

— Jesse Pond

Best Buy jumps after raising its full-year forecast

Best Buy shares rose more than 7% in premarket after the electronics retailer raised its 2023 fiscal outlook.

“We are updating our FY23 outlook to keep our better-than-expected Q3 results flowing while our Q4 expectations remain unchanged,” said CFO Matt Bilunas. “We now expect comparable store sales to decline approximately 10% and our non-GAAP operating income to decline2 slightly higher than 4.0%.”

The company also posted fiscal third-quarter earnings and revenue that beat analyst expectations.

— Fred Imbert

Carvana gets another downgrade

Analysts continued Carvana, with Cowen being the latest company to cut its used car salesman. Cowen downgraded its stock to market performance rating from outperform and lowered its price target from $55 to $10.

“CVNA fell short of its ’22 earnings targets while carrying significant debt,” the company wrote, adding that it now estimates the company will not reach EBITDA profitability until 2024. “Overall, we are less confident in CVNA’s timeline for achieving positive free cash flow.”

Carvana shares are down 97% in 2022.

CNBC Pro subscribers can read more here.

—Sam Subin

European markets cautiously higher as investors assess economic fears

European markets were fractionally higher on Tuesday as investors in the region followed concerns from their US and Asia-Pacific counterparts about China’s tightening of Covid restrictions that continue to weigh on output.

The pan-European Stoxx 600 rose 0.3% in early trading. Oil and gas stocks rose 3.2% after Saudi Arabia denied a report that OPEC+ could boost oil production, while technology stocks fell 0.5%.

—Elliot Smith

CNBC Pro: Morgan Stanley’s Wilson says inflation will ease, but warns of a ‘new era’

Mike Wilson, Morgan Stanley’s Chief US Equity Strategist, said he expects a “quite sharp fall in inflation” and predicts when it could happen.

But he said there are two areas that are exceptions, where inflation could be “stickier.”

CNBC Pro subscribers can read more here.

— Weizhen Tan

CNBC Pro: Amazon is down 40% this year – is it time to buy? Market professionals give their opinion

Once a Wall Street treasure, Amazon has lost some of its luster this year. Shares of the e-commerce giant are down more than 40%, much less than the S&P 500which has fallen by about 15% over the same period.

Is it time for investors to get back in? Two market professionals faced off on CNBC’s “Street Signs Asia” Thursday to argue for and against buying the stock.

CNBC Pro subscribers can read more here.

— Zavier Ong

Oil hits lows not seen since January in Monday trading

Crude oil fell in trading on Monday to prices not seen since January.

West Texas Intermediate fell 0.4% to $79.73 a barrel after a low of $75.08. That hasn’t been reached since Jan. 3, when it traded just $74.27.

Brent lost 0.2% to finish at $87.45 after a low of $82.31. It was the lowest level since January 11.

Prices for both have fallen since the jump earlier this year with the Russian invasion of Ukraine.

Stocks make the biggest moves after hours

Here are the stocks that make the biggest moves after hours:

  • Zoom – The darling of the pandemic fell 4.4% on weak fourth-quarter outlook, despite surpassing expectations for earnings and revenue.
  • Dell – The tech company soared as much as 6% after beating expected revenue and earnings per share in the third quarter.
  • Urban Outfitters – Shares rose 2.6% after better-than-expected revenue growth in the last quarter, despite earnings per share coming in a penny lower than expected.

View the full list here.

—Alex Harring

Equity futures open almost flat

Stock futures opened almost flat on Monday night.

Dow futures fell 0.01%.

S&P 500 futures lost 0.01%, while Nasdaq 100 futures added 0.01%.

—Alex Harring

The Valley Voice
The Valley Voice
Christopher Brito is a social media producer and trending writer for The Valley Voice, with a focus on sports and stories related to race and culture.


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