| What to watch today: Stock futures drop, bond yields fall after weak jobs data | | |  | WED, AUG 04, 2021 | | | | AS OF WED, AUG 04, 2021 • 08:29 ET | | Dow Jones Fut | | 35,116.40 | | Current: | 34,873.00 | | Change: | -125.00 | | Impl. Open: | -127.40 | | | S&P 500 Fut | | 4,423.15 | | Current: | 4,401.25 | | Change: | -13.75 | | Impl. Open: | -14.40 | | | NASDAQ 100 Fut | | 15,061.42 | | Current: | 15,022.50 | | Change: | -23.75 | | Impl. Open: | -26.92 | | | Russell 2000 Mini | | 2,223.58 | | Current: | 2,198.80 | | Change: | -20.60 | | Impl. Open: | -22.28 | | | U.S. stock futures fell Wednesday after weaker-than-expected jobs data. The S&P 500 on Tuesday broke a two-session losing streak and closed at a record high as broad market strength outweighed travel stocks held back by Covid fears. The Dow Jones Industrial Average also rose Tuesday for the first time in three sessions and finished fractionally shy of last week's record close. The Nasdaq advanced Tuesday and ended about 0.5% away from last week's record close. | | | | Shares of Robinhood jumped about 16% in the premarket after surging more than 24% on Wednesday, blowing past last week's $38 initial public offering price. The wildly popular stock trading app fell 8% in its debut Thursday. It crept up Friday and Monday before rocketing higher Tuesday to $46.80 per share. Robinhood appears to be garnering attention from retail investors it serves. (CNBC) | | | | Shares of Zymergen (ZY) plunged more than 75% in Wednesday's premarket trading to below $9 after the synthetic biology company said it no longer expects product revenue in 2021 and described revenue next year as "immaterial." Josh Hoffman, who co-founded Zymergen in 2013, is stepping down as CEO. Zymergen went public at $31 per share in April and traded as high as $52. (CNBC) | | General Motors (GM) on Wednesday reported second-quarter earnings of $1.97 per share. CNBC's Phil LeBeau reported that it's unclear whether analyst estimates of $2.23 per share accounted for $1.3 billion of warranty costs. Revenue of $34.17 billion handily beat estimates. GM upped its full-year guidance. (CNBC) | | | | Biden called on Democratic New York Gov. Andrew Cuomo to resign, following Tuesday's release of a report that said Cuomo sexually harassed 11 women. "He should resign," Biden told reporters at the White House. Asked whether Cuomo should be removed from office if he refuses to resign, Biden said, "I understand the state legislature may decide to impeach, I do not know that for a fact." (CNBC) | | | | Kraft Heinz (KHC) beat estimates by 6 cents with adjusted quarterly earnings of 78 cents per share, while the food producer's revenue also exceeded estimates. Demand continued to be strong during the quarter for the company's snacks and packaged meals. Shares fell nearly 1% in the premarket. | | | | Tupperware (TUP) shares jumped 2.5% in the premarket, after beating on the top and bottom lines for the second quarter. The maker of household storage products earned an adjusted 95 cents per share, well above the 57 cent consensus estimate. | | | Activision Blizzard (ATVI) beat estimates by 15 cents with adjusted quarterly earnings of 91 cents per share and the videogame producer's revenue was slightly above Wall Street forecasts. It also gave an upbeat forecast, anticipating continued strong demand for popular franchises like "Candy Crush" and "Call of Duty". Shares rallied 5.6% in premarket trading.
* Blizzard president is leaving amid harassment lawsuit against the company | | | | Amgen (AMGN) earned an adjusted $4.38 per share for its latest quarter, compared with a consensus estimate of $4.09. The biotech giant's revenue topped analyst estimates as well, although it said visits and procedures remain below pre-pandemic levels. Amgen also said it is in a dispute with the IRS, fighting a claim that it owes $3.6 billion in back taxes. | | | | Lyft (LYFT) reported an adjusted quarterly loss of 5 cents per share, smaller than the 24 cent loss predicted by analysts, with the ride-hailing service coming in with better-than-expected revenue. Lyft saw strong ride-hailing demand and did reach profitability as measured by earnings before interest, taxes, depreciation and amortization, or EBITDA. Shares rose 1% in the premarket. | | | | Match Group (MTCH) fell 6 cents shy of estimates with quarterly earnings of 46 cents per share, although the operator of Tinder and other dating services did see revenue exceed forecasts. Revenue growth for Tinder is accelerating as vaccination rates rise, but Match said recovery is lagging in some important overseas markets. Shares fell 4% in premarket trading. | | | | Caesars Entertainment (CZR) earned 34 cents per share for its latest quarter, surprising analysts who had expected a loss of 18 cents per share. The casino operator's revenue exceeded estimates as well, thanks to a strong rebound in the Las Vegas market. Caesars added 2% in the premarket. | | | | Affirm Holdings (AFRM) added another 2.4% in the premarket, after jumping 3% yesterday. The payment service's shares are getting a boost from a Bloomberg report that it will partner with Apple (AAPL) to offer "buy now, pay later" services for Canadian purchases of Apple devices. | | | | Avis Budget (CAR) rose 1.9% in premarket trading after reporting what it called the best quarter in its history, with surging demand and higher rental prices leading to a tripling in sales. Adjusted earnings per share came to $5.90, compared to a consensus estimate of $1.21. | | | Live Nation (LYV) said sales for its latest quarter surged nearly eight-fold, as live events returned amid an increase in vaccinations. The live event promoter said concerts and other events were selling out quickly, and at ticket prices that were 10% above pre-pandemic levels. Live Nation gained 2.3% in the premarket.
* Live Nation CEO sees a roaring era for concerts and live events coming | | |
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