Occidental Petroleum, Coinbase, fuboTV, Apple: What to Watch When the Stock Market Opens Today
Stock futures and global indexes are sharply lower after Russia’s invasion of Ukraine sent investors rushing for safety. Russia’s MOEX stock benchmark is down 33%. Here’s what we’re watching on Thursday.
- Energy stocks were among the few bright spot in markets as rising crude prices lifted their shares. ConocoPhillips , Exxon Mobil , Occidental Petroleum and Chevron were all up more than 3% premarket.
- Defense stocks were also getting a boost. Northrop Grumman jumped 8.8% ahead of the bell, Lockheed Martin gained 3.5% and Raytheon added 1.9%.
- Nasdaq-100 shares suggest the technology-heavy index will open U.S. trading in a bear market. In premarket trading, shares of Amazon and Microsoft each fell 3.5% while Apple declined 3.4%.
- EBay shares dropped 8.2% premarket. The online marketplace said the value of goods sold in the recent quarter fell 10%, making the third consecutive quarterly decline.
- Rent-A-Center shares plunged 38% premarket. The consumer appliance rental company said its results were hurt by supply-chain problems, inflation and a pullback in government relief programs.
- Sleep Number dropped 13%. The mattress company missed fourth-quarter expectations and said the late arrival of semiconductor parts in December caused it to miss out on millions of dollars’ worth of sales.
- FuboTV sank 15%. The streaming company reported revenue ahead of what it had forecast in preliminary results but gave a mixed outlook.
- Clover Health Investments gained 8.5%. The health-insurance services company said revenue in the recent quarter was up 160% on the year.
- Papa John’s International , Discovery and Norwegian Cruise Line Holdings are due to report results before the open.
- Bath & Body Works fell 6.6%. The retailer said Andrew Meslow would step down from his posts as chief executive and board member in May, citing health reasons.
- Hertz Global sank 7.3% premarket. The rental-car company reported a quarterly loss, though it said it had seen a recovery in demand.
- Occidental Petroleum, Beyond Meat , Block , Coinbase Global, Switch and VMware will report results after the close.
Chart of the Day
- Brent crude futures surged past $100 a barrel for the first time since 2014 after Russia launched military attacks on Ukraine, pushing tanks and troops into the country and hitting cities with airstrikes.
Write to James Willhite at [email protected]