US stock futures recovered some ground on Thursday, as oil prices surged, on hopes of an end to the Saudi Arabia-Russia oil price war following optimistic comments by President Donald Trump.
The President is set to meet with the heads of some of the largest US oil companies on Friday, to help the industry as it fights for survival.
“We don’t want to lose our great oil companies”, Trump told reporters.
The street, however, will be bracing for a potential second straight week of record high jobless claims numbers, as stay-at-home measures are enforced across the nation amid the virus pandemic.
Claims projections range from 1 million to as high as 6.5 million.
These developments come after yesterday's session, where S&P 500, Nasdaq and Dow each fell over -4% after the White House warned the US could see up to 240,000 deaths as Covid-19 spreads nationwide.
Ahead, in today's economic calendar, Thursday includes; Weekly Jobless Claims and International Trade for February at 8:30am EST, followed by Factory Orders for February at 10am EST.
Today's earnings calendar includes reports from; Walgreens Boots Alliance (WBA), Chewy (CHWY), Acuity (AYI) and CarMax (KMX).
TODAY'S TOP HEADLINES
Oil & Energy: Oil Leaps on Hopes for Saudi-Russia Truce. (The WSJ)
Crude prices jumped on hopes for a truce in the price war between Saudi Arabia and Russia and the possibility of action from the White House to mitigate the effects of last month’s vertiginous drops.
Coronavirus: Death Surge in Spain; Chinese Lock-Down. (Bloomberg)
Spain reported 950 more deaths from the coronavirus, the most in a single day, taking total fatalities in the country to more than 10,000. A county in China was locked down again after a flare-up in cases.
Today's Economical Announcements.
08:30AM - ★★☆ - Weekly Jobless Claims (Previous: 3,280,000)
08:30AM - ★★☆ - Exports (Previous: 208.60B)
08:30AM - ★★☆ - Imports (Previous: 253.90B)
10:00AM - ★★☆ - Factory Orders (Feb) (Previous: -0.5%)
STOCKS IN THE SPOTLIGHT
Pre-Market Movers & News Related Stocks.
CarMax (KMX): [EARNINGS] Reported quarterly earnings of $1.30 per share, 17 cents a share above estimates. Revenue also beat forecasts. CarMax said it has seen demand progressively deteriorate amid the spread of the coronavirus.
Walgreens (WBA): [EARNINGS] Came in 5 cents a share ahead of estimates, with quarterly profit of $1.52 per share. Revenue also came in above Wall Street projections, however the company said the financial impact of COVID-19 outbreak is still uncertain.
Boeing (BA): [NEWS] Is offering a voluntary layoff plan, allowing eligible employees to leave the jet maker with a pay and benefits package.
Zoom Video Communications (ZM): [NEWS] Said daily users of its video conferencing technology soared to more than 200 million in March, compared to a prior high of 10 million.
PVH Corp. (PVH): [EARNINGS] Reported quarterly profit of $1.88 per share, beating the consensus estimate of $1.81 a share. The apparel maker’s revenue also came in above forecasts, however PVH said the COVID-19 pandemic is having a significant impact on the company’s business.
Carnival (CCL): [NEWS] Raised $6.25 billion in a new debt and equity sale, including $4 billion in bonds with a yield of 11.5%. Carnival had paid just a 1% yield when it raised debt in October.
Shopify (SHOP): [GUIDANCE] Suspended its 2020 forecast, with the Canadian e-commerce company pointing to uncertainty surrounding the coronavirus outbreak.
General Electric (GE): [NEWS] Is seeking to replace its $20 billion in revolving loans with a $15 billion in shorter-maturity credit, according to a Reuters report.
Walt Disney (DIS): [UPGRADE] Upgraded to “overweight” from “neutral” at Atlantic Equities, which has cut estimates for Disney but said it believes the recent weakness in the stock has been overdone.
Stanley Black & Decker (SWK): [GUIDANCE] Withdrew its 2020 financial outlook, saying the virus pandemic will hurt its results due to demand disruptions. The company is also reducing non-essential staffing.
AMC Entertainment (AMC): [NEWS] Has hired restructuring lawyers, according to The Wall Street Journal. This comes as the movie theater operator’s locations are all closed due to the COVID-19 pandemic.
Altria (MO): [NEWS] Was sued by the Federal Trade Commission, in a move aimed at forcing the tobacco producer to sell its stake in e-cigarette maker Juul Labs. The FTC claims Altria’s move to buy the stake in Juul was an anti-competitive move. Altria said it disagreed with that charge and that the FTC has misunderstood the facts.
DECLINERS: IMMU, CATM, KTB, DKS, DAL, EGHT, VFC, AGNC, AAL
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