In the pre-market:
- U.S. stocks pulled back early Thursday, with investors focused on earnings results and sharp losses in Asia shares overnight, DOW (SYMBOL: DIA) dropped -0.76%, Nasdaq (SYMBOL: QQQ) dropped -1.6%, S&P500 (SYMBOL: SPY) dropped -0.72%.
- U.S. retail sales rose 7.5% in June, vs 5.0% increase expected.
- the weekly jobless claims number came in slightly worse than expected. The Labor Department said a total of 1.30 million Americans filed for unemployment benefits last week, compared to Dow Jones estimates of 1.25 million first-time filers.
- Shares of Twitter (SYMBOL: TWTR) sliding in pre-hours trading -5% lower following reports that many prominent accounts on its platform were hacked to tweet out messages relating to an apparent bitcoin-related scam. The hacks that occurred on Twitter that led to it limiting posts from some of its most widely followed verified accounts has drawn concerns about the platform’s security ahead of the U.S. presidential election.
- Morgan Stanley (SYMBOL: MS) shares rose after quarterly results blow past expectations on strong results, stock is trading 0.5% up pre-market.
- Deutsche Bank analyst Emmanuel Rosner initiated coverage of Nikola (SYMBOL: NKLA) with a Hold rating and $54 price target trading lower pre-market -1.8%.
- Boeing (SYMBOL: BA) will continue supporting the celebrated orbiting laboratory through September of 2024 under a $916M contract extension awarded today. Boeing will provide engineering support services, resources, and personnel for activities aboard the ISS and manage many of the station’s systems, the contract is valued at about $225M annually, stock is trading pre-market -2.1%.
- Bank of America Corp (SYMBOL: BAC) reported a drop of more than 50% in second-quarter profit on Thursday, Net income applicable to common shareholders fell to $3.28 billion, or 37 cents per share, for the quarter ended June 30 from $7.11 billion, or 74 cents per share, a year earlier. Stock is trading -3% pre-market.
- Johnson & Johnson (SYMBOL: JNJ) – The medical device and consumer products maker beat estimates by 18 cents a share, with quarterly earnings of $1.67 per share. Revenue was above estimates as well. Results were impacted by the pandemic, but the company said the bottom line was helped by continued growth in its pharmaceutical business. Johnson & Johnson also raised its full-year outlook, little changed during pre-market trading.
- Alphabet (SYMBOL: GOOGL) – SunTrust raised its price target on the Google parent to a Street high $1,805 per share, based on what it sees as better-than-expected trends in the company’s search ad business among other factors, stock is trading -1.5% lower pre market.
- Tesla (SYMBOL: TSLA) – Tesla vehicle registrations in California fell nearly 48% during the second quarter compared to a year earlier, according to data compiled by marketing research firm Cross-Sell. Model 3 registrations fell by nearly 64%. Many parts of the U.S. were under government-imposed stay-at-home orders during the quarter, stock is trading -5% lower.
- What to look for:
Netflix (SYMBOL: NFLX) will be reporting Q2 results after market close.
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