| What to watch today: Nasdaq futures jump as Google parent Alphabet surges | | |  | WED, FEB 02, 2022 | | | | AS OF WED, FEB 02, 2022 • 08:01 ET | | Dow Jones Fut | | 35,405.24 | | Current: | 35,352.00 | | Change: | 78.00 | | Impl. Open: | 68.76 | | | S&P 500 Fut | | 4,546.54 | | Current: | 4,576.25 | | Change: | 41.25 | | Impl. Open: | 38.11 | | | NASDAQ 100 Fut | | 15,019.68 | | Current: | 15,243.25 | | Change: | 248.50 | | Impl. Open: | 237.57 | | | Russell 2000 Mini | | 2,050.74 | | Current: | 2,053.90 | | Change: | 8.00 | | Impl. Open: | 5.56 | | U.S. stock futures rose Wednesday, with Google parent Alphabet's (GOOGL) 10.4% premarket surge on strong earnings pushing Nasdaq futures more than 1.5% higher as Wall Street looks to advance for the fourth straight session. Shares of Facebook parent Meta Platforms (FB) rose 3.8% in the premarket ahead of earnings out after the bell. (CNBC)
The late-January market rally continued into February, with the Dow Jones Industrial Average, the S&P 500 and the Nasdaq closing up roughly 0.7% each. The Nasdaq remained in correction territory heading into the new trading day. (CNBC) | | | If Alphabet's premarket advance were to hold at the open, the stock would top November's all-time high and go back above a $2 trillion market value. Late Tuesday, the tech giant reported better-than-expected earnings and revenue for the fourth quarter. (CNBC)
Alphabet announced a 20-for-1 stock split, pending shareholder approval, leading to speculation about whether the name could eventually be added to the Dow 30. It also repurchased a record $13.47 billion of stock in the quarter. (CNBC)
PayPal (PYPL) reported disappointing fourth-quarter results after the closing bell Tuesday, and the stock got pummeled, sinking roughly 17% in the premarket. The digital payments company slightly missed estimates for fourth-quarter earnings and slightly beat on revenue. But it was the forward guidance that really crushed the stock. (CNBC)
Advanced Micro Devices (AMD) shares jumped 12.5% in Wednesday's premarket, the morning after the chipmaker reported fourth-quarter earnings and revenue that beat estimates and delivered a strong full-year sales forecast. With the closing of the Xilinx acquisition on the horizon, AMD is poised to add more firepower to compete against Intel in the data center semiconductor market. (CNBC)
* Cramer's Investing Club's bottom line on GOOGL, AMD and PYPL (CNBC) | | | | General Motors (GM) shares rose 2.3% in the premarket after the automaker said late Tuesday that it expects to generate an operating profit this year of between $13 billion and $15 billion as a semiconductor shortage that marred vehicle production and sales for most of last year shows signs of improving. GM reported a mixed fourth quarter, beating estimates on earnings but slightly missing on revenue. (CNBC) | | | | Starbucks (SBUX) shares fell nearly 3% in premarket trading following the coffee giant saying after the bell Tuesday that higher costs are weighing on profits, leading the company to miss fiscal first-quarter earnings estimates and cut its full-year profit outlook. Starbucks did beat estimates on Q1 revenue. CEO Kevin Johnson said on the company's earnings call that he's anticipating higher inflation for the rest of the year. (CNBC) | | | | The national debt surpassed $30 trillion for the first time Tuesday, fueled in part by the pandemic and what economists describe as years of unsustainable government spending. The federal government now owes $23.5 trillion in debt to creditors and another $6.5 trillion to itself. (USA Today) | | |  | Capri Holdings (CPRI), the company behind Michael Kors and other luxury brands, reported better-than-expected earnings for its latest quarter and raised its profit forecast as demand for handbags and apparel remained strong. Capri earned an adjusted $2.22 per share for the quarter, beating the $1.69 consensus estimate, and the stock leaped 10.8% in the premarket. | | | | Boston Scientific (BSX) slumped 4.4% in premarket trading after the company reported a weaker-than-expected outlook. The medical device maker did beat top and bottom-line estimates for its latest quarter, earning an adjusted 45 cents per share compared with a 44-cent consensus estimate. | | | | Waste Management (WM) added 2.4% in the premarket, after announcing a planned dividend increase and projecting full-year revenue above current Wall Street forecasts. For its most recent quarter, Waste Management reported adjusted earnings of $1.26 per share, matching estimates. | | | | Brinker International (EAT), the parent of Chili's and other restaurant chains, saw its shares surge 8% in the premarket after reporting a bottom-line beat for its latest quarter. Brinker earned an adjusted 71 cents per share, 20 cents above estimates, although revenue was slightly below forecasts. | | | | D.R. Horton (DHI) rallied 4% in premarket trading after a top and bottom-line beat amid robust housing market conditions.The home builder earned $3.17 per share for its latest quarter, compared to a consensus estimate of $2.79. | | | | Match Group (MTCH) was under pressure after the operator of Tinder and other dating services issued a softer-than-expected full-year revenue forecast on the expectation that Covid will continue to hinder dating activity. Match Group fell 3.7% in premarket action. | | | | Gilead Sciences (GILD) fell 3% in the premarket after it reported a lower-than-expected quarterly profit amid declining sales of its Covid-19 treatment remdesivir. Separately, the drug maker agreed to pay $1.25 billion to GlaxoSmithKline (GSK) to settle a patent dispute involving HIV treatments. | | |
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