During Market hours Yesterday — (Thursday – 03.02.2022):
• The Dow (Symbol: DIA) went down 1.42%. The S&P 500 (Symbol: SPY) lost 2.35% and the Nasdaq (Symbol: QQQ) dropped 4.05%.
• Meta (Symbol: FB) — The Facebook parent company’s stock tanked 26%, wiping out more than $200 million in market cap, after Meta reported weaker than expected earnings and user numbers for the fourth quarter.
• Spotify (Symbol: SPOT) — The music streaming stock dropped more than 16% after its user growth guidance for the first quarter failed to impress Wall Street. Spotify said it expected 418 million active users for the first quarter, roughly in-line with estimates according to FactSet’s StreetAccount. The company did report higher revenue and a smaller loss per share than expected for the fourth quarter, but it’s also embroiled in a controversy over its exclusive relationship with podcast host Joe Rogan.
• Pinterest (Symbol: PINS), Snap (Symbol: SNAP), Twitter (Symbol: TWTR) — Shares of social media companies fell after Facebook-parent Meta Platforms reported lower-than-expected users in the fourth quarter. Snap sank more than 23%. Pinterest lost 10%, and Twitter fell about 5%.
• T-Mobile (Symbol: TMUS) — Shares of the telecom company jumped nearly 10% after the company issued rosy guidance. The company said it expects free cash flow to grow about 30% year over year in 2022. T-Mobile did miss revenue estimates for the fourth quarter, however.
• DXC Technology (Symbol: DXC) — The information technology stock surged more than 13% after the company delivered a slight earnings beat for its fiscal third quarter. DXC also said that it planned to spend $1 billion on stock buybacks over the next year.
• Honeywell (Symbol: HON) — Shares of the conglomerate fell more than 7% to hit a new 52-week low after a quarterly revenue miss due to supply chain issues and other factors. Honeywell also reported adjusted quarterly earnings of $2.09 per share, beating estimates by a penny, according to Refinitiv.
During Premarket hours today – (Friday – 04.02.2022):
• Amazon.com (Symbol: AMZN) — Amazon reported adjusted quarterly earnings of $5.80 per share, well above the $3.57 consensus estimate. Revenue was slightly below forecasts, but Amazon was helped by cost controls and strong performances in its cloud computing and ad businesses. Amazon also announced a $20 per year increase in membership fees for its Prime program to $139 per year, and the shares surged 11.8% in premarket trading.
• Clorox (Symbol: CLX) — Clorox tumbled 12.9% in premarket action after it fell 18 cents short of forecasts with adjusted quarterly profit of 66 cents per share. The maker of household products saw revenue come in slightly above estimates, but it was hit by considerably lower profit margins due to a “challenging” cost environment.
• Snap (Symbol: SNAP) — Snap rocketed 46.7% in the premarket after it reported its first-ever quarterly profit. It more than doubled the 10 cent consensus estimate by reporting adjusted quarterly earnings of 22 cents per share. The Snapchat parent also reported better than expected revenue and issued an upbeat outlook, saying it was making progress adjusting to the changes in Apple’s privacy policies which impact ad-tracking technology.
• Pinterest (Symbol: PINS) — Pinterest came in 4 cents ahead of Wall Street forecasts with an adjusted quarterly profit of 49 cents per share. It reported better than expected revenue as well. The social site also concluded its first-ever profitable year amid strengthening ad revenue. Pinterest soared 10% in the premarket.
• Ford (Symbol: F) — Ford reported adjusted quarterly earnings of 26 cents per share, well short of the 45 cent consensus estimate. The automaker’s revenue also came in slightly short of estimates with the chip shortage and other supply constraints hurting production. Ford slumped 6% in premarket trading.
• Unity Software (Symbol: U) — Unity Software reported better than expected quarterly results and the video game content creation platform operator also projected upbeat current quarter results. Unity said a transition to interactive real-time 3D gaming presents it with strong growth opportunities for decades to come. The stock rallied 11.3% in the premarket.
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