| What to watch today: Dow set to drop on tech weakness, a day after strength in the sector | | |  | FRI, JAN 22, 2021 | | | | AS OF FRI, JAN 22, 2021 • 08:28 ET | | Dow Jones Fut | | 31,176.01 | | Current: | 30,846.00 | | Change: | -236.00 | | Impl. Open: | -230.01 | | | S&P 500 Fut | | 3,853.07 | | Current: | 3,819.25 | | Change: | -26.75 | | Impl. Open: | -26.32 | | | NASDAQ 100 Fut | | 13,404.99 | | Current: | 13,314.00 | | Change: | -81.50 | | Impl. Open: | -81.49 | | | Russell 2000 Mini | | 2,141.42 | | Current: | 2,115.30 | | Change: | -23.20 | | Impl. Open: | -19.42 | | | Bitcoin tumbled below $30,000 late Thursday as the world's biggest cryptocurrency continued its 2021 slide after quadrupling in value last year. Bitcoin has dropped more than 30% since peaking at an all-time high of $41,940 earlier this month. The latest plunge, which comes without any clear reason, underscores the volatility in the digital currency. (CNBC) | | | Shares of IBM (IBM) fell 7% in Friday's premarket, the morning after the company reported disappointing fourth-quarter revenue of $20.37 billion. Software sales declined as pandemic-induced uncertainty kept some customers from striking long-term deals. IBM's adjusted quarterly earnings of $2.07 per share did beat estimates. (CNBC)
Intel (INTC) said it released quarterly results earlier than expected, minutes before Thursday's market close, because an infographic got out. Intel shares closed the regular session nearly 6.5% higher after earnings and revenue beat estimates. But after hours, the stock fell about 4% after incoming CEO Pat Gelsinger said the majority of the chipmaker's 2023 products will be made in house rather than outsourced. (CNBC) | | | | On today's economic calendar, the National Association of Realtors is out with existing home sales for December at 10 a.m. ET, with forecasts calling for a 2% drop to an annual rate of 6.55 million units. Sales of previously owned homes fell 2.5% in November. (CNBC) | | EVgo Services has agreed to go public through a merger with a special purpose acquisition company, in a deal that values the electric vehicle charging station provider at $2.6 billion. The deal is the latest SPAC merger in the EV market, which has seen firms such as Nikola (NKLA) and Fisker (FSR) become publicly traded companies in similar fashion. (Reuters) | | | | Tesla (TSLA) and SpaceX CEO Elon Musk has announced that he's donating $100 million towards a prize for the best technology that can capture carbon dioxide. Musk, who overtook Amazon founder Jeff Bezos to become the world's richest person this month, made the announcement on Twitter late Thursday, saying he would share more details next week. (CNBC) | | Ford (F) is recalling 3 million vehicles for an airbag-related issue, including 2.7 million in the United States. The recall involves airbag inflators that could potentially rupture. The recall will cost Ford $610 million. | | | | Sierra Wireless (SWIR) CEO Kent Thexton plans to retire on June 30, with the IoT solutions company launching a search for his successor. Thexton became CEO of Sierra Wireless in May 2018. The stock gained nearly 10% in premarket trading. | | | | Schlumberger (SLB), the oilfield services firm, reported quarterly earnings of 22 cents a share, beating estimates by 5 cents a share. Revenue also came in above analysts' forecasts. Schlumberger's bottom line was helped by a rebound in demand as oil prices rose, as well as cost cuts. | | | | Intuitive Surgical (ISRG) reported quarterly earnings of $3.58 per share, compared to a consensus estimate of $3.12 a share. Revenue came in above estimates as well. The maker of robotic surgical systems saw a pickup in procedure volume, although it placed fewer of its systems in hospitals due to the pandemic. The shares fell nearly 2% in premarket trading as of 7:43 a.m. ET. | | | | CSX (CSX) came in 3 cents a share above estimates, with quarterly earnings of $1.04 per share. The railroad operator's revenue beat estimates as well, helped by a 4% increase in freight volume as the economy continued to rebound. | | | | Seagate Technology (STX) earned $1.29 per share for its fiscal second quarter, compared to a consensus estimate of $1.13 a share. The hard drive maker's revenue was above forecasts as well. Both gross and operating profit margins fell from a year ago, however. The stock dropped more than 3% in premarket trading. | | | | Liberty Media Acquisition Corp. (LMACU) will begin trading today on the Nasdaq after pricing its IPO at $10 per share and raising $500 million. Liberty Media Acquisition is a special purpose acquisition company backed by Liberty Media. | | | | MicroStrategy (MSTR) is under pressure in premarket trading, as its significant bitcoin holdings drop in value. The business analytics company made over $1 billion in bitcoin purchases during 2020. | | | | PPG Industries (PPG) beat estimates by a penny a share, with quarterly profit of $1.59 per share. The paint and coatings maker's revenue came in above forecasts as well. PPG said reduced levels of driving due to the pandemic continue to weigh on its car paint business. | | A lucky lottery player could claim the third-largest lottery prize in U.S. history when the next Mega Millions drawing takes place tonight. The lottery's jackpot has climbed for months without a winner, reaching $970 million for the upcoming drawing. The odds of winning that jackpot are one in 302.5 million, according to Mega Millions. (CNBC) | | CNBC's Jim Cramer offered investment strategies to the owner or owners of Wednesday's winning $731 million Powerball lottery ticket. "Don't invest in anything that has any risk for the vast majority of your newfound fortune. Who needs risk when you're already rich?" the "Mad Money" host said. "No need to hit the jackpot a second time," he added. (CNBC) | | |
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