Stock futures tick higher on Tuesday morning

Best Buy, Dick’s Sporting Goods and more – the biggest pre-market stock moves

Some stocks are moving in premarket trade due to earnings and more.

Best Buy – The company’s shares rose after an earnings beat and a boosted fiscal outlook for 2023.

Dick’s Sporting Goods — Revenue and profit per share initially rose, along with better-than-expected third-quarter sales and raised guidance, but later fell.

Abercrombie & Fitch – The retail stock jumped nearly 13% on its earnings beat.

Read more here.

-Carmen Reinicke

Wall Street cuts price targets for Zoom Video after weak guidance

Shares of Zoom video fell about 9% in premarket trade after delivering weak guidance for the fourth quarter.

The video conferencing company reported a better-than-expected $1.07 in adjusted earnings per share for the third quarter, but that didn’t beat Wall Street analysts. Several cut their price targets for Zoom last night and this morning.

“We are struggling to find a near-term upside catalyst, and the online business is likely to be under pressure in the coming quarters, and our estimates suggest lower risk to street revenue numbers from here,” wrote Deutsche Bank analyst Matthew Niknam, who lowered his price target. on the stock to $75 per share from $95.

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

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

“Breadcrumbs are being laid to understand when overall business growth might hit, and, if it goes well, that’s still three quarters in the future. However, it’s not entirely clear will a worsening macro environment (layoffs) extend the timeline to a turnaround, or will it be a direct result of a lower growth rate prior to the turnaround,” Auty said in a note to clients.

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— Jesse Pound, Michael Bloom

There are bullish stock-picking opportunities for the market, says Wilson

One of Wall Street’s top strategists says the next boom cycle for stocks won’t look like the last decade, but instead will be a rich environment for stock managers.

Morgan Stanley chief equity strategist Mike Wilson said on Tuesday that while he expects the S&P 500 to fall from here before the bottom in 2023, stocks are starting to separate in anticipation of the next sustained rally .

“Probably one of the most bullish things we see going forward is that it’s not going to be a 10-stock stock market anymore. There’s going to be more opportunity. It’s going to be more democratized across the stock market,” Wilson said. on “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 improving. And that’s what we’re seeing,” he said.

Wilson released his 2023 outlook last week. Read more about his forecast on CNBC Pro.

— Jesse’s bean

Best Buy jumps after raising full-year guidance

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

“We are updating our FY23 outlook to flow through our better-than-expected Q3 results and keeping our Q4 expectations unchanged,” said Chief Financial Officer Matt Bilunas. “We now expect comparable sales to decline approximately 10% and our non-GAAP operating income rate2 be slightly higher than 4.0%.”

The company posted fiscal third-quarter earnings and revenue that beat analysts’ expectations.

— Fred Imbert

Carvana gets another downgrade

The analysts followed suit Caravan, and Cowen is the latest firm to downgrade the used car dealer. Cowen lowered its rating on the stock’s performance to market from outperform and cut its price target to $10 from $55.

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“CVNA ’22 did not meet profit targets while carrying a significant debt load,” the firm wrote, adding that it now estimates the company will not achieve EBITDA profitability until 2024. “Overall, we are less confident in CVNA’s timeline regarding positive arrival. free cash flow.”

Carvana shares fell 97% in 2022.

CNBC Pro subscribers can read more here.

— Sam Subin

European markets are cautiously higher as investors assess economic fears

European markets were slightly higher on Tuesday as investors in the region tracked concerns among their counterparts in the United States and Asia-Pacific over the tightening of Covid restrictions in China, which continues to pressure output.

The pan-European Stoxx 600 up 0.3% in early trade. Oil and gas stocks added 3.2% after Saudi Arabia rejected a report that OPEC+ could increase oil output, while technology stocks fell 0.5%.

– Elliot Smith

CNBC Pro: Morgan Stanley’s Wilson says inflation poised to slide, but warns ‘new era’ ahead

Watch the full CNBC interview with Morgan Stanley's Mike Wilson

Morgan Stanley’s Chief Equity Strategist, Mike Wilson, said he expects “a sharp decline in inflation,” and is predicting when this could happen.

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

CNBC Pro subscribers can read more here.

— Weizhen Tan

CNBC Pro: Amazon is down 40% this year – is it time to buy? The advantages of the market bring their own

Once upon a time dear Wall Street, Amazon it has lost some of its luster this year. The e-commerce giant’s stock has fallen more than 40%, which is not performing well S&P 500which decreased by around 15% in the same period.

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Is it time for investors to pile back in? Two market pros addressed CNBC’s “Street Signs Asia” on Thursday to make the case for and against buying the stock.

CNBC Pro subscribers can read more here.

— Zavier Ong

Oil hits lows not seen since January in Monday’s trading

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

West Texas Intermediate it was down 0.4% to $79.73 a barrel after hitting a low of $75.08. That hasn’t been hit since Jan. 3, when it traded as low as $74.27.

Brent lost 0.2%, ending at $87.45 after moving as low as $82.31. It was the lowest level since January 11.

Prices for both have cooled since jumping earlier this year with Russia’s invasion of Ukraine.

Stocks making the biggest moves after hours

Here are the stocks making the biggest moves after hours:

  • Zoom – The pandemic stock slipped 4.4% after giving a weak outlook for the fourth quarter despite beating earnings and revenue expectations.
  • Dell – The technology company rose as much as 6% after beating revenue and earnings per share estimates in its third quarter.
  • Urban Furnishers – Shares rose 2.6% after reporting better-than-expected revenue growth in the latest quarter, despite earnings per share falling a penny short of estimates.

See the full list here.

— Alex Harring

Stock futures open near flat

Stock futures opened near flat on Monday night.

Futures for the Dow were down 0.01%.

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

— Alex Harring

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