Stock futures were muted in early trading on Thursday, as traders digested a sharp rally from the previous session.
Stock futures tied to the Dow Jones Industrial Averages fell 79 points or 0.23%. S&P 500 futures declined 0.25%, and Nasdaq 100 futures were 0.34% lower.
CarMax shares dropped more than 12% in the premarket after the used car retailer missed profit and revenue expectations. Micron Technology shares slipped 3% in the premarket on disappointing quarterly results. Under Armour shares shifted between gains and losses after the athletics apparel maker selected Marriott executive Stephanie Linnartz as its next CEO.
The moves followed another positive session for stocks. On Wednesday, the Dow gained 526.74 points, while the S&P 500 and Nasdaq Composite surged 1.49% and 1.54%, respectively.
All 11 S&P 500 sectors finished the day with gains, led to the upside by energy. Nike and FedEx shares rose on quarterly results, giving some investors hope that earnings are faring decently despite concerns of a downturn. Strong consumer sentiment data for December also gave markets a lift.
While better earnings results likely factored into the upbeat market sentiment Wednesday, oversold conditions may have contributed to the rally, according to Liz Ann Sonders, Charles Schwab’s chief investment strategist.
“I think there were a couple of earnings reports that came out that were marginally better than expected,” she said. “But I also think that the market has been in another corrective phase, and, on some technical measures, got a bit oversold. Buyers stepped in. The wiggles on a day-to-day basis are hard to put a direct finger on.”
Even with Wednesday’s gains, stocks are on pace to finish the month with losses. The Dow is down 3.51%, while the S&P 500 and Nasdaq have tumbled 4.94% and 6.62%, respectively. All three major averages are slated to break a 3-year win streak and post their worst yearly performance since 2008.
On Thursday, investors awaited jobless claims data.
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THIS MORNING’S STOCK NEWS MOVERS:
CarMax (KMX) – The auto retailer’s stock slumped 12.7% in the premarket after its quarterly profit and revenue fell well short of estimates. CarMax earned 24 cents per share, compared with a consensus estimate of 70 cents, and its comparable used-vehicle sales were down 22.4% versus FactSet’s consensus forecast of a 16.9% slide.
STOCK SYMBOL: KMX
Micron Technology (MU) – Micron shares fell 2.9% in premarket trading after the chip maker reported a wider-than-expected quarterly loss and revenue that fell short of Wall Street forecasts. Micron’s results were impacted by declining demand for electronics, and the company announced it will cut about 10% of its workforce.
STOCK SYMBOL: MU
Under Armour (UAA) – The athletic apparel maker named Marriott executive Stephanie Linnartz as its new CEO, effective on Feb. 27. Linnartz is currently president of Marriott’s international operations and has been with the hotel operator for 25 years.
STOCK SYMBOL: UAA
Tyson Foods (TSN) – Tyson is expected to lose hundreds of employees when it consolidates corporate offices in Arkansas next year, according to people familiar with the matter who spoke to the Wall Street Journal. The beef and poultry producer is closing two offices in Illinois and one in South Dakota. Tyson fell 1% in premarket action.
STOCK SYMBOL: TSN
MillerKnoll (MLKN) – MillerKnoll gained 2.9% in premarket trading after reporting better-than-expected profit and revenue for its latest quarter. The furniture maker was able to make up for a 13% decline in orders with higher prices.
STOCK SYMBOL: MLKN
TuSimple (TSP) – TuSimple plans to cut 25% of its workforce, a move that affects about 350 of the self-driving truck startup’s workers. Earlier reports had said the company could cut as many as 700 employees as it refocuses on research and development of self-driving trucking technology. TuSimple rallied 3.5% in the premarket.
STOCK SYMBOL: TSP
Global Business Travel Group (GBTG) – The American Express spin-off was rated outperform in new coverage at Evercore ISI, which expects the business travel platform to benefit from its leading position in the industry and from a rebound in business travel recovery. Global Business Travel Group rose 1.6% in premarket trading.
STOCK SYMBOL: GBTG
Mirati Therapeutics (MRTX) – The drug maker’s stock jumped 9.4% in the premarket after the FDA granted its colorectal cancer treatment a “breakthrough therapy” designation. That designation fast tracks the approval process for treatments that provide substantial improvement over existing therapies.
STOCK SYMBOL: MRTX
FULL DISCLOSURE:
/u/bigbear0083 has no positions in any stocks mentioned. Reddit, moderators, and the author do not advise making investment decisions based on discussion in these posts. Analysis is not subject to validation and users take action at their own risk.
DISCUSS!
What’s on everyone’s radar for today’s trading day ahead here at r/stocks?
I hope you all have an excellent trading day ahead today on this Thursday, December 22nd, 2022! 🙂
