| What to watch today: Stock futures turn lower after Fed chief Powell comments | | |  | THU, MAR 25, 2021 | | | | AS OF THU, MAR 25, 2021 • 08:35 ET | | Dow Jones Fut | | 32,420.06 | | Current: | 32,232.00 | | Change: | -87.00 | | Impl. Open: | -63.06 | | | S&P 500 Fut | | 3,889.14 | | Current: | 3,869.00 | | Change: | -11.75 | | Impl. Open: | -9.14 | | | NASDAQ 100 Fut | | 12,798.88 | | Current: | 12,742.25 | | Change: | -51.75 | | Impl. Open: | -42.63 | | | Russell 2000 Mini | | 2,134.27 | | Current: | 2,112.90 | | Change: | -17.30 | | Impl. Open: | -11.17 | | U.S. stock futures turned lower Thursday after Federal Reserve Chairman Jerome Powell told NPR's "Morning Edition" that Covid economic stimulus and vaccinations allowed the U.S. economy to recover faster than expected and that central bankers, at some point, may be able to pull back emergency support. (CNBC)
The Labor Department Thursday morning reported 684,000 new filings for unemployment benefits last week. That was much better than estimates for 735,000, and the first time initial weekly jobless claims was below 700,000 since the Covid pandemic began just over a year ago.(CNBC) | | | | Big Tech leaders Thursday are scheduled to testify at a virtual House panel hearing on efforts to prevent their platforms from spreading falsehoods and inciting violence. Facebook CEO Mark Zuckerberg, Twitter CEO Jack Dorsey and Alphabet CEO Sundar Pichai, whose company owns Google and YouTube, will face increased pressure following the insurrection at the Capitol and Covid vaccine misinformation (AP) | | | | Rite Aid (RAD) expects to report a loss for its just-concluded fiscal year, compared to analysts' forecasts of a $125 million profit. The drugstore chain was hit by a 37% drop in sales of cold, cough and flu-related products, as people suffered from these maladies far less due to pandemic-related lockdowns. Rite Aid shares plunged 18.6% in premarket action. | | | | Walgreens (WBA) shares fell 2% in the premarket, possibly in sympathy with Rite Aid. Deutsche Bank also labeled the stock a "catalyst call buy idea," noting short-term issues but saying the Covid vaccine could provide a positive opportunity for Walgreens in both the near and longer-term. | | | | ViacomCBS (VIAC) shares fell 5.5% in Thursday's premarket after a more than 30% tumble over the past two sessions. That followed the company's announcement that it would raise $3 billion through stock sales. | | | | Darden Restaurants (DRI), parent of Olive Garden and other restaurant chains, reported quarterly earnings of 98 cents per share, well above the consensus estimate of 69 cents a share. Revenue beat estimates as well, and although same-restaurant sales tumbled 26.7% from a year ago, that was a smaller drop than the 31.2% anticipated by analysts polled by FactSet. Darden shares rose 4.2% in premarket trading. | | | | Coherent (COHR), a provider of lasers and related technology, accepted a takeover proposal by optical components maker II-VI (IIVI), ending a long bidding battle between II-VI and optical fiber company Lumentum (LITE). II-VI tumbled 8% while Lumentum jumped 7.2% in the premarket. | | | | RH (RH) reported quarterly earnings of $5.07 per share, beating the consensus estimate of $4.76 a share. The Restoration Hardware parent also saw revenue beat analysts' forecasts. RH reported strong demand for its high-end furniture and other luxury products, and expects current-quarter revenue to grow by at least 50%. RH shares surged 8.4% in premarket action. | | | | KB Home (KBH) beat estimates by 10 cents a share, with quarterly profit of $1.02 per share. The home builder's revenue missed analysts' projections despite a 23% rise in net orders and a 4% increase in deliveries. KB Home shares dropped 1.9% in premarket trading. | | | | Nike (NKE) is the target of criticism on Chinese social media for a statement in which the athletic footwear and apparel maker said it was "concerned" about reports of forced labor in Xinjiang. Nike also said it does not source products from the region. The shares fell 4.5% in premarket trading. | | | | H.B. Fuller (FUL) reported quarterly profit of 66 cents per share, 19 cents a share above estimates. Revenue also topped Wall Street forecasts. The maker of adhesives, sealants and other industrial products saw particular strength in health and hygiene-related products, although it saw weakness in construction adhesives. Fuller shares surged 6.2% in premarket action. | | | | Royal Philips (PHG), a health technology company, struck a deal to sell its Domestic Appliances unit to investment firm Hillhouse Capital for about $4.4 billion. The transaction includes the right for Hillhouse to use the Philips brand name for 15 years, with the possibility of renewal. Philips shares added 1.6% in the premarket. | | |
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