Stock futures tick higher Tuesday morning

Best Buy, Dicks Sporting Goods and more: the biggest pre-market stock moves

Several stocks are moving in pre-market trading due to gains and more.

Best Buy — The company’s shares rose after rising earnings and an improved fiscal 2023 outlook.

Dick’s Sporting Goods — Stocks initially soared on stronger-than-expected revenue and earnings pace, as well as better-than-expected third-quarter sales and improved guidance, but then fell.

Abercrombie & Fitch — Retail shares rose nearly 13% on their pace of earnings.

Read more here.

—Carmen Reinicke

Wall Street cuts Zoom Video price targets after weak guidance

Actions of enlarge video it fell about 9% in premarket trading after offering weak guidance for the fourth quarter.

The video conferencing company reported better-than-expected adjusted earnings per share of $1.07 for the third quarter, but that didn’t convince Wall Street analysts. Several cut their price targets for Zoom last night and this morning.

“We struggle to find a near-term bullish catalyst as online business will likely pressure the next few quarters, and our estimates imply further downside risk to street revenue figures from here,” the analyst wrote. from Deutsche Bank Matthew Niknam, who lowered his price target. in the stock at $75 per share from $95.

Piper Sandler, MoffettNathanson, Mizuho, ​​UBS and Wells Fargo also lowered their price targets on Zoom Video.

MoffettNathanson analyst Sterling Auty, lowering his price target to $80 from $85, said the “Zoom turnaround is still a few quarters away.”

“Breadcrumbs are being laid out to get an idea of ​​when overall business growth might play a role, and if all goes well, it’s still three-quarters of the way into the future. However, it’s not entirely clear whether a worsening macro environment ( layoffs) would extend the schedule to one shift, or simply result in a lower growth rate before the shift,” Auty said in a note to clients.

—Jesse Pound, Michael Bloom

Stock pick opportunities are bullish for the market, says Wilson

One of Wall Street’s top strategists says the next boom cycle for stocks won’t look like the most intense streak of the past decade, but will instead be a prosperous environment for stock pickers.

Morgan Stanley’s chief US equity strategist Mike Wilson said Tuesday that while he expects the S&P 500 to fall from here before bottoming out in 2023, stocks are beginning to break away from each other in a preview of the next rally. sustained.

“Probably one of the most bullish things that we see going forward is that it won’t be a 10-share stock market anymore. There will be more opportunity. It will be more democratic across the whole stock market,” Wilson said on “Squawk Box.”

“That doesn’t mean it will be easy as a stock picker, but there will be a lot more players. The breadth is getting better. And that’s what we’re seeing,” he added.

Wilson released his 2023 outlook last week. Read more about his forecast on CNBC Pro.

—Jesse Pound

Best Buy jumps after raising full-year guidance

Best Buy shares rose more than 7% pre-market after the electronics retailer raised its fiscal 2023 outlook.

“We are updating our FY23 outlook to flow through our better-than-expected third-quarter results while keeping our fourth-quarter expectations unchanged,” said Chief Financial Officer Matt Bilunas. “We now expect comparable sales to decline approximately 10% and our non-GAAP operating income ratetwo slightly higher than 4.0%”.

The company also posted fiscal third-quarter earnings and revenue that beat analysts’ expectations.

—Fred Imbert

Carvana gets another discount

Analysts continued to bail out caravan, with Cowen being the latest firm to downgrade the used car dealer. Cowen downgraded his rating on the stock’s performance in the Outperform Market and cut his price target to $10 from $55.

“CVNA has missed 22 earnings targets while carrying a significant debt load,” the firm wrote, adding that it now estimates the company will not achieve EBITDA profitability until 2024. “Overall, we have less confidence in CVNA’s schedule to achieve positive free cash flow results.”

Carvana shares have plunged 97% in 2022.

CNBC Pro subscribers can read more here.

—Sam Subin

European markets cautiously higher as investors assess economic fears

European markets rose slightly on Tuesday as investors in the region tracked concerns among their US and Asia-Pacific counterparts over China’s tightening of Covid-19 restrictions continuing to put pressure about production.

the paneuropean Stoxx 600 rose 0.3% in early trading. Oil and gas stocks rose 3.2% after Saudi Arabia denied a report that OPEC+ could boost oil production, while technology stocks fell 0.5%.

-Elliot Smith

CNBC Pro: Morgan Stanley’s Wilson says inflation will slow but warns of a ‘new era’ ahead

Watch the full CNBC interview with Morgan Stanley's Mike Wilson

Morgan Stanley’s chief US equity strategist Mike Wilson said he expects a “fairly steep decline in inflation” and predicts when it might happen.

But he said there are two areas that are exceptions, where inflation could be “stickier.”

CNBC Pro subscribers can read more here.

—Weizhen Tan

CNBC Pro: Amazon is down 40% this year. Is it time to buy? Market professionals give their opinion

Once a darling of Wall Street, Amazon It has lost some of its shine this year. Shares of the e-commerce giant have fallen more than 40%, well below the S&P 500which has decreased by around 15% in the same period.

Is it time for investors to gamble again? Two market professionals squared off Thursday on CNBC’s “Street Signs Asia” to make arguments for and against the stock purchase.

CNBC Pro subscribers can read more here.

—Zavier Ong

Oil hits lows not seen since January in Monday’s trading

Crude oil fell to prices not seen since January in trading on Monday.

West Texas Intermediate it was down 0.4% at $79.73 a barrel after hitting a low of $75.08. That hasn’t been beaten since January 3, when it traded as low as $74.27.

Brent it lost 0.2%, ending at $87.45 after moving as low as $82.31. It was the lowest level since January 11.

Prices for both have cooled since they jumped earlier this year with the Russian invasion of Ukraine.

Stocks make the biggest moves after hours

Here are the stocks making the biggest moves after hours:

  • Zoom: The pandemic darling fell 4.4% after offering a weak outlook for the fourth quarter despite beating earnings and revenue expectations.
  • Dell: The technology company jumped as much as 6% after beating expected revenue and earnings per share in its third quarter.
  • Urban Outfitters: Shares rose 2.6% after reporting better-than-expected revenue growth in its latest quarter, even though earnings per share fell a penny below estimates.

See the full list here.

—Alex Harring

Stock futures open nearly flat

Stock futures opened nearly flat on Monday night.

Dow Jones futures fell 0.01%.

S&P 500 futures lost 0.01%, while Nasdaq 100 futures rose 0.01%.

—Alex Harring

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