US stock futures fluctuated on Thursday, ahead of what is expected to be another weak batch of US weekly jobless data at 8:30am EST.
Economists expect the number of people filing for unemployment benefits to slow to 4.25 million in the week ended April 18; after more than 20 million Americans filed for benefits over the past four weeks.
Later today, the House of Representatives is expected to approve a nearly $500 billion aid measure for businesses. The latest aid package would bring the total cost of the bills from the coronavirus pandemic to nearly $2.5 trillion, according to the Congressional Budget Office.
Today's economic calendar also includes; PMI Composite Flash data for April at 9:45am EST and New Home Sales for March at 10am EST.
In corporate news; Intel (INTC), Domino's Pizza (DPZ), Capital One (COF), Eli Lilly (LLY), Freeport-McMoran (FCX), Citrix Systems (CTXS), Southwest Airlines (LUV), World Wrestling Entertainment (WWE), Union Pacific (UNP) are all expected to report their Q1 2020 earnings today.
TODAY'S TOP HEADLINES
Coronavirus: UK Plans Mass Tests; Cases Rise In Spain, Singapore. (Bloomberg)
Spain reported the greatest number of new coronavirus cases and fatalities in almost a week, while Singapore had more than 1,000 new infections for a fourth straight day. The UK will survey households to track the spread of the virus.
Today's Economical Announcements.
08:30AM - ★★★ - Weekly Jobless Claims (Previous: 5.25M)
09:45AM - ★★☆ - Manufacturing PMI (Apr) (Previous: 48.5)
09:45AM - ★★☆ - Services PMI (Apr) (Previous: 39.8)
10:00AM - ★★★ - New Home Sales (Mar) (Previous: 765K)
STOCKS IN THE SPOTLIGHT
Pre-Market Movers & News Related Stocks.
Las Vegas Sands (LVS): [EARNINGS] Reported a first-quarter loss, as the virus outbreak kept gamblers away from its casinos. The company expects a relatively quick recovery in its Asian markets, however.
Hershey (HSY): [EARNINGS] Missed estimates by 8 cents a share, with quarterly earnings of $1.63 per share. Revenue came in slightly below forecasts. Hershey declared its regular quarterly dividend and said it believes it has sufficient liquidity to meet its cash needs.
Blackstone (BX): [EARNINGS] Reported distributable earnings per share of 46 cents for the first quarter, 4 cents a share below estimates. It also reported an overall loss due to the write-down of its investment portfolio. It did see a 20% increase in fee-earning assets under management compared to a year ago.
Sleep Number (SNBR): [EARNINGS] Posted quarterly profit of $1.36 per share, well above the consensus estimate 72 cents a share. The mattress retailer’s revenue also topped forecasts. The company is not providing financial guidance due to uncertainties surrounding the virus outbreak, but said it expected to be able to meet its liquidity needs.
Netgear (NTGR): [EARNINGS] Earned 21 cents per share for its latest quarter, 5 cents a share above estimates. Revenue also beat analysts’ projections. Netgear has withdrawn prior financial targets due to supply and demand uncertainties stemming from Covid-19.
Discover Financial Services (DFS): [EARNINGS] Reported a quarterly loss of 25 cents per share, compared to an expected profit. The financial services company’s revenue matched Street forecasts. The loss stems largely from an increase in Discover’s provision for credit losses to $1.81 billion from $809 million a year earlier.
Target (TGT): [NEWS] Said digital sales increased nearly fourfold so far in April, with same-store sales up more than 5%. It added that its quarterly profit will be hurt by a shift toward lower-margin product purchases by consumers as well as increased labor costs.
PulteGroup (PHM): [EARNINGS] Bottom line came in 4 cents a share above estimates at 74 cents per share, with revenue essentially in line with expectations. PulteGroup said consumer traffic and sales slowed in mid-March and it is suspending guidance due to uncertainties related to the pandemic.
Gap (GPS): [NEWS] Has suspended rent payments due under its leases, and is negotiating with landlords to defer and abate rents as long as virus-related closures continue. Gap also warned existing cash may not be enough to fund operations.
O’Reilly Automotive (ORLY): [EARNINGS] Beat estimates by 6 cents a share, with quarterly profit of $4 per share. Revenue came in slightly above forecasts. O’Reilly said it began to see a significant negative impact in mid-March as the coronavirus outbreak took hold.
Marathon Petroleum (MRO): [NEWS] Warned it will take a roughly $7.8 billion charge for the first quarter due to the plunge in fuel demand, and expects to report a quarterly loss.
Lam Research (LRCX): [EARNINGS] Matched estimates with quarterly earnings of $3.98 per share, but the semiconductor equipment maker’s revenue missed forecasts. The company said customer demand for its equipment remains strong, even amid limited visibility on macroeconomic conditions.
La-Z-Boy (LZB): [NEWS] Plans to partially resume production at several US plants next week. The furniture maker and retailer is also slowly reopening stores, after temporarily closing them last month and furloughing 6,800 workers.
Tyson Foods (TSN): [NEWS] Will close its pork processing plant in Logansport, Indiana, as more than 2,200 workers are tested for the coronavirus. The meat processor had announced the shutdown of its Waterloo, Iowa pork plant on Wednesday.
Boeing (BA): [NEWS] Was sued for $336 million by a Kuwaiti leasing company, which accused the jet maker of refusing to return advance payments on a now-canceled order for 40 737 Max aircraft.
Eli Lilly (LLY): [EARNINGS] Reported quarterly earnings of $1.75 per share, beating the $1.48 a share consensus estimate. Revenue was also above Street forecasts. Lilly’s worldwide revenue was boosted by $250 million due to Covid-19, but the company said the virus could negatively impact results later in the year.
AstraZeneca (AZN): [NEWS] Began late-stage testing of its diabetes drug Farxiga as a possible treatment for Covid-19 patients. This particular trial is aimed at reducing the risk of complications in patients with existing heart and kidney problems.
Delta Air Lines (DAL): [NEWS] Plans to raise $3 billion through a debt offering and a new credit line. The airline is trying to mitigate the financial impact of the severe slowdown in travel demand due to the coronavirus outbreak.
GAINERS: SNAP, INO
DECLINERS: LB, AMN
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