During Market hours yesterday (Tuesday – 20.12.2022)

  • The Dow (Symbol: DIA) went up +0.31%. The S&P 500 (Symbol: SPY) gained +0.14%. and the Nasdaq (Symbol: QQQ) lost -0.08%.
  • General Mills (Symbol: GIS) — General Mills dropped -3.99%, despite reporting better-than-expected revenue and profit for the last quarter. The food producer also raised its full-year forecast. Higher prices partially offset increased output costs.
  • Gilead Sciences (Symbol: GILD) — Gilead Sciences sank -1.91% after announcing its Kite unit would acquire biotech company Tmunity Therapeutics. The company warned the deal could reduce 2023 earnings per share by approximately 18-22 cents.
  • Lucid (Symbol: LCID) — Shares of Lucid rose more than +3% in midday trading after the electric vehicle maker announced a capital raise of about $1.5 billion through a series of stock sales. The stock closed flat.
  • Tesla (Symbol: TSLA) — Shares of Tesla sank -8.05% after Evercore ISI lowered its price target on them, citing concerns as the stock failed to hold a key level. The stock has been hurt this month by worries about its China operation and concerns about CEO Elon Musk’s new leadership at Twitter.
  • Moderna (Symbol: MRNA) — Shares of the drug maker rose +5.94% on Tuesday. On Monday, the stock was upgraded by Jeffries to buy from hold. A promising new cancer vaccine has renewed interest in the stock, the firm said.

During Premarket hours today (Wednesday – 21.12.2022)

10:00 (GMT -5) CB Consumer Confidence and at 10:30(GMT -5) data releasing for Crude Oil Inventories.

Conference Board (CB) measures the level of consumer confidence in economic activity. A higher-than-expected reading should be taken as positive/bullish for the USD, while a lower-than-expected reading should be taken as negative/bearish for the USD.

Crude Oil Inventories measures the weekly change in the number of barrels of commercial crude oil held by US firms. If the increase in crude inventories is more than expected, it implies weaker demand and is bearish for crude prices. The same can be said if a decline in inventories is less than expected.

  • Nike (Symbol: NKE) – Nike surged +11.6% in the premarket after the athletic footwear and apparel maker reported better-than-expected quarterly results and raised its revenue forecast. Discounting during the quarter helped Nike to clear out excess inventory.
  • FedEx (Symbol: FDX) – FedEx rallied +4.5% in premarket trading following its quarterly results, which saw profit beat consensus but sales fell short of analyst estimates. Investors were encouraged by the profit beat and by the delivery service’s vow to continue aggressive cost cuts.
  • BlackBerry (Symbol: BB) – BlackBerry gained +1% in premarket trading after its quarterly revenue beat estimates on strong demand for the company’s automotive and security software. BlackBerry also reported a smaller-than-expected quarterly loss.
  • Starbucks (Symbol: SBUX) – Starbucks was downgraded by Jefferies to hold from buy at Jefferies, which said the coffee chain may be impacted by a pullback in consumer discretionary spending. Starbucks lost –1% in the premarket.

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