Stock futures fall after back-to-back gains on Wall Street

Stock futures fall after back-to-back gains on Wall Street

Stocks make biggest pre-market moves

Here are some of the companies making the biggest pre-market moves:

Verizon — Verizon shares fell 1.51% after the company posted mixed results for the fourth quarter of 2022. While earnings met analyst predictions, future earnings missed the Refinitiv consensus estimate. .

bed bath and beyond — Stocks of memes gained 5.78%, building on its dramatic start to the year, even as the retailer warns of possible bankruptcy. So far this year, Bed Bath & Beyond shares are up 17.1%.

Lockheed-Martin — Lockheed Martin shares rose 1.52% after the company released its latest quarterly results. Revenue for the defense company came in at $18.99 billion, beating Refinitiv’s forecast of $18.27 billion. Lockheed’s earnings per share also beat expectations.

To see more great motors, check out our full list here.

—Hakyung Kim

Lyft gains 4% after KeyBanc update

Lyft It advanced more than 4% before the bell on the back of a KeyBanc update.

Analyst Justin Patterson upgraded Lyft to overweight from industry weight, saying cost-cutting measures and stabilizing demand should help shares. He also set a $24 price target, which would reflect a 55.7% upside from where the shares ended in Monday trading.

CNBC Pro subscribers can click here to read more about why Patterson anticipates stocks could rise.

Verizon falls on earnings outlook

Verizon shares fell more than 2% before the bell, even after it met analyst expectations for the latest quarter.

The telecom giant shared a disappointing full-year adjusted earnings outlook, saying it expects EPS to range between $4.55 and $4.85 excluding items. FactSet estimates called for EPS of $4.96.

Verizon also reported 41,000 net additions within its postpaid wireless retail business.

—Samantha Subin

3M falls on guidance cut, lost profit

3M shares fell more than 5% before the bell after the company shared disappointing full-year guidance and posted a loss of earnings.

The industrial conglomerate beats Wall Street revenue estimates for the latest quarter, though earnings missed expectations. The company reported earnings of $2.28 per share on revenue of $8.08 billion. Analysts had expected earnings of $2.36 per share on revenue of $8.04 billion, according to Refinitiv.

For 2023, 3M said it anticipates a 2% to 6% decline in sales and earnings of $8.50 to $9.00 per share.

3M also said it is cutting 2,500 global manufacturing jobs.

3M shares fall on guidance cut

GE shares rise on better-than-expected earnings

General Electric traded more than 2% higher before trading after the industrial giant posted quarterly results that beat analysts’ expectations.

GE earned $1.24 a share on revenue of $21.79 billion in the prior quarter. Analysts had expected earnings of $1.13 a share on revenue of $21.59 billion, according to Refinitiv.

“2022 ushered in a new era for GE. We successfully launched GE HealthCare, delivered strong financial performance, made significant operational progress, and continued our steadfast commitment to our customers. Thanks to the high-quality work of our team, GE completed year with strong revenue growth and margin expansion,” CEO Larry Culp said in a statement.

—Fred Imbert

AMD falls after Bernstein downgrade

AMD The shares fell more than 2% after Bernstein downgraded the semiconductor maker to outperforming the market. The firm cited worsening trends in the personal computer market for the downgrade.

“It must be said that the PC environment has deteriorated considerably since then,” Bernstein said in a note to client. “And our belief that AMD would be relatively more immune to channel degradation turned out to be sadly incorrect, and in recent months we’ve become more cautious about the potential dynamics of the PC.”

—Alex Harring

European markets stall as investors digest key PMIs

European markets were mixed on Tuesday as investors digested the latest data from the euro zone’s flash Purchasing Managers’ Index in January.

the paneuropean Stoxx 600 Index traded slightly above the flatline in early trading, with retail stocks adding 0.7% while oil and gas stocks fell 0.6%.

The S&P Global Eurozone Composite PMI came in at 50.2 in January, up from 49.3 in December and ahead of a consensus forecast of 49.8.

CNBC Pro: Goldman Sachs Asset Management Highlights a Corner of the US Market with ‘Great Opportunities’

A Goldman Sachs Asset Management strategist has named a segment of the market that could be poised for a comeback this year.

James Ashley, head of international market strategy at Goldman Sachs Asset Management, also pointed to research showing that these types of companies tend to outperform when inflation is high but falling.

CNBC Pro subscribers can read more here.

—Ganesh Rao

Zions shares fall after earnings

Actions of Bank of Zions fell more than 2% despite the regional bank beating earnings estimates for the fourth quarter. Zions reported $1.84 in earnings per share, above the $1.65 expected by analysts, according to StreetAccount. Net interest income also beat estimates.

However, non-interest income was lower than expected and deposits fell 13% year-over-year to $71.7 billion.

Zion shares gained 2.27% in regular trading on Monday before its earnings were released.

—Jesse Pound

Stocks need to reach this key level to be considered rising, says Dawson

Stocks rose on Monday, but are not high enough to be considered a true market rally, according to Cameron Dawson of NewEdge Wealth.

“We have to break above the most critical level of 4100,” Dawson said on CNBC’s “Closing Bell: Overtime” on Monday. That’s because 4100 is the 65-day high of the S&P 500.

The S&P 500 never reached the key move level in 2022 because it was trending down, Dawson said. If stocks break above this level, it may indicate that the rally has the potential to move into a new bull market cycle.

Technicalities and positioning can only get the stock so far, he added, before a fundamental change is needed to really propel the stock.

“We would need to see a change in fundamentals to really think that this rally will continue,” he said.

He warned that the rise in stocks will likely remain capped until the Federal Reserve fully turns around and stimulates the US economy again.

“It is unlikely that we will be able to return to pre-pandemic multiples without help from the Federal Reserve,” he said.

If stocks can rally and break the 65-day high, it would also likely reduce the likelihood that the S&P 500 will retest its October lows, Dawson said.

—Carmen Reinicke

Stock futures open little changed

Futures opened little changed Monday night after solid gains for the shares during regular trading hours. There were no large-cap earnings reports after the bell that triggered major moves in the futures market.

—Jesse Pound

Nasdaq, chip stocks led on Monday

Stocks enjoyed a broad rally on Monday. Here is a look at some of the key numbers from the trading session.

  • The Dow gained 254 points, or 0.76%, to close at 33,629.56.
  • The S&P 500 gained 47 points, or 1.19%, to close at 4,019.81.
  • The Nasdaq Composite gained 224 points, or 2.01%, to close at 11,364.41.
  • Nvidia had the biggest impact on the Nasdaq, adding 36 points.
  • The VanEck Semiconductor (SMH) ETF rose 4.72% in its best day since November 30.

—Jesse Libra, Christopher Hayes

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