During Market hours Yesterday — (Wednesday – 02.02.2022):

• The Dow (Symbol: DIA) went up 0.59%. The S&P 500 (Symbol: SPY) gained 0.97% and the Nasdaq (Symbol: QQQ) rose 0.81%.

• Alphabet (Symbol: GOOGL) — Shares of Alphabet popped 7.5% after the Google parent posted blowout quarterly results and announced a 20-for-1 stock split. Alphabet beat analyst estimates for every major metric, except for YouTube advertising revenue; the company reported a profit of $30.69 per share in the fourth quarter, compared with the Refinitiv consensus estimate of $27.34.

• PayPal (Symbol: PYPL) — PayPal plunged 24.6% after issuing disappointing guidance for the current quarter — which it blamed on inflation — and missing bottom-line forecasts by a penny per share. The payments giant also pointed to challenges with the transition of former owner eBay to its own payments platform.

• General Motors (Symbol: GM) — GM shares fell 1.1% after a mixed quarterly report. The automaker posted adjusted quarterly earnings of $1.35 per share, 16 cents higher than the Refinitiv consensus estimate. However, GM’s revenue fell short of Wall Street expectations.

• Advanced Micro Devices (Symbol: AMD) — AMD shares added 5.1% after the chipmaker beat earnings expectations. The company posted an adjusted quarterly profit of 92 cents per share, topping the Refinitiv consensus estimate by 16 cents. AMD also forecast better-than-expected full-year revenue, as demand remains strong for its data center chips.

• Boston Scientific (Symbol: BSX) — Shares of the medical device manufacturer ticked 4.7% lower after reporting a disappointing outlook. Boston Scientific did, however, report quarterly earnings of 45 cents per share, 1 cent over expectations. The company’s revenue also beat a Refinitiv estimate.

• Under Armour (Symbol: UA) — Shares of the apparel company rose 2.7% after Morgan Stanley upgraded the stock to overweight. The investment firm said that Under Armour looked like a buying opportunity after a weak January and that the company should be able to better manage supply chain issues than some of its peers.

During Premarket hours today (Thursday – 03.02.2022):

U.S. weekly jobless claims total 238,000, vs 245,000 estimate

• Honeywell (Symbol: HON) — Honeywell fell 3.4% in premarket trading after quarterly revenue missed estimates due to supply chain issues and other factors. Honeywell did beat estimates by a penny with an adjusted quarterly profit of $2.09 per share.

• Biogen (Symbol: BIIB) — Biogen fell 2.8% in premarket action after the drugmaker issued a lower than expected 2022 adjusted earnings forecast. Biogen expects sales of Alzheimer’s drug Aduhelm to be minimal following the government’s move to limit Medicare coverage of the drug. Biogen reported better-than-expected profit and revenue for the fourth quarter.

• Cardinal Health (Symbol: CAH) — The pharmaceutical distributor’s stock fell 2.1% in the premarket after it cut its full-year forecast due to inflation pressures and supply chain constraints. Cardinal Health beat estimates by 4 cents for its latest quarter, earning an adjusted $1.27 per share.

• Meta Platforms (Symbol: FB) — Meta Platforms plummeted 22.1% in premarket trading after missing bottom-line estimates for only the third time in the Facebook parent’s nearly ten-year history as a public company. It also issued a cautious outlook, pointing to factors such as a decline in user engagement and inflation taking a toll on advertiser spending.

• Spotify (Symbol: SPOT) — Spotify shares tumbled 9.6% in the premarket after the audio service issued a weaker-than-expected subscriber forecast. Spotify also reported a narrower-than-expected loss for its latest quarter and saw its revenue exceed estimates. The audio streaming service benefited from a jump in ad revenue, even amid the controversy surrounding its Joe Rogan podcast.

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