US stock futures wobbled on Thursday, a day after the stock market recorded its worst session in two weeks, on worries that lockdowns measures will be reimposed amid a rise in global Covid-19 cases.
The S&P 500 lost -2.55% of its value yesterday, as investors struggled to overlook headlined fears that a hoped-for global economic recovery from the coronavirus pandemic could take longer than most expected.
Ahead, the effects that reimposed lockdowns might have on the US jobs market will be in focus of today's session, with the release of a Jobless Claims number scheduled to be published at 8:30am EST.
Today's economic calendar also includes; the third estimate for first-quarter GDP, Durable Goods Orders for May and International Trade data for May - all scheduled to be released at 8:30am EST.
Earnings reports are expected today from; Nike (NKE), Rite Aid (RAD), Accenture (ACN), Darden Restaurants (DRI) and McCormick (MKC).
TODAY'S TOP HEADLINES
Coronavirus: Pandemic Rages, Spurring Quarantine Orders. (Bloomberg)
The pandemic is tearing through the US heartland, setting records for hospitalizations and forcing businesses to rethink their plans to reopen as modeling predicts the virus will kill 180,000 Americans by October.
Today's Economical Announcements.
08:30AM - ★★★ - Weekly Jobless Claims (Previous: 1.508M)
08:30AM - ★★★ - GDP (Q1) (Previous: 2.1%)
08:30AM - ★★★ - C. Durable Goods (May) (Previous: -7.7%)
08:30AM - ★★☆ - Durable Goods (May) (Previous: -17.7%)
08:30AM - ★★☆ - Goods Trade Balance (May) (Previous: -70.73B)
STOCKS IN THE SPOTLIGHT
Pre-Market Movers & News Related Stocks.
KB Home (KBH): [EARNINGS] Beat estimates by 6 cents a share, with quarterly earnings of 55 cents per share. The home builder’s revenue missed Street forecasts. Sales were down 11% during the quarter, deliveries fell 10%, and net orders plunged 57%, as the coronavirus pandemic impacted business.
Rite Aid (RAD): [EARNINGS] Reported a quarterly loss of 4 cents per share, smaller than the 38 cents per share loss predicted by analysts. Revenue also beat expectations as same-store sales in the retail pharmacy segment rose 6.6%. Rite Aid withdrew its full-year forecast due to pandemic-related uncertainty.
Walt Disney (DIS): [NEWS] Postponed the planned July 17 reopening of its Disneyland resort in California, saying it was waiting for state officials to issue guidelines on theme park reopenings. Separately, The Wall Street Journal reports Disney is considering delaying the planned July 24 release of its “Mulan” movie, due to uncertainty surrounding the reopening of movie theaters.
BlackBerry (BB): [EARNINGS] Reported a quarterly profit of 2 cents per share, compared to consensus forecasts of a 2 cents per share loss. Revenue for the software maker was essentially in line with estimates, though demand for its automotive software was hurt by the Covid-19 pandemic.
Ally Financial (ALLY): [NEWS] Called off its proposed acquisition of subprime credit card and consumer finance lender CardWorks. The $2.65 billion deal was canceled by mutual consent, due to the impact of the Covid-19 pandemic on the global economy.
Darden Restaurants (DRI): [EARNINGS] Lost $1.24 per share for its latest quarter, smaller than the loss of $1.65 that analysts were predicting. Revenue was essentially in line with expectations, as was a same-restaurant sales decline of 47.7%. Darden said same-restaurant sales for the current quarter are down by 33.2%, with 91% of its dining rooms now open with at least limited capacity.
Accenture (ACN): [EARNINGS] Beat estimates by 5 cents a share, with quarterly earnings of $1.90 per share. Revenue also came in above Wall Street forecasts. Revenue was down about 1% from a year ago, but Accenture’s results were boosted by its growing digital and cloud services businesses.
Tesla (TSLA): [NEWS] Is planning a battery research and manufacturing facility in Fremont, California, according to city documents. Tesla already has what it calls a “small scale” battery-making operation in Fremont.
FactSet (FDS): [EARNINGS] Reported quarterly earnings of $2.86 per share, beating the consensus estimate of $2.43 a share. Revenue was slightly shy of forecasts. The company said the quarter was a strong one despite “challenging” circumstances.
McCormick (MKC): [EARNINGS] Beat estimates by 31 cents a share, with quarterly profit of $1.47 per share. Revenue also beat forecasts helped by the pandemic-related increase in the number of consumers cooking at home.
Blackstone (BX): [RATING] Rated “buy” in new coverage at UBS, which notes strong growth, “robust” inflows, and “untapped channels” which will drive the next leg of growth.
Alphabet (GOOGL): [NEWS] Agreed to pay some publishers in Australia, Brazil and Germany for certain content, and said it expects to sign similar deals with others.
Facebook (FB): [REVIEW] Baird Equity research raised its price target on Facebook to a Street-high $300 per share from $240 a share, based on an anticipated comeback in the digital ad market.
AbbVie (ABBV): [NEWS] Signed a drug discovery partnership with Japanese pharmaceutical company Sosei Group, initially focusing on inflammatory and autoimmune diseases.
GAINERS: VIR, LAKE, CVM, MAXR, INO
DECLINERS: REGI, CCL, MUR, WYNN, AAL
WE WILL SHOW YOU THE WAY!