23 minutes ago
These are the stocks making the biggest moves pre-market
Below are some of the companies making big moves before the bell.
- Foot Locker — Shares fell about 9.7% after the sneaker retailer posted a holiday quarter loss and gave a weak outlook for the current fiscal year. Struggling to meet financial goals, Foot Locker's finance chief said he expects the company to be two years behind its profitability targets announced during its March 2023 investor day.
- CrowdStrike — Shares rose more than 23% after the cybersecurity company reported better-than-expected fourth-quarter profits. The company's revenue was $845 million, beating estimates of $839 million. In addition, management reiterated its 2030 goal of generating $10 billion in annual recurring revenue.
- Palantir Technologies — News that Palantir has received a contract worth $178.4 million from the U.S. military to develop 10 artificial intelligence-powered ground stations as part of a project called Tizian (Tactical Information Target Access Node). , the stock price rose 7.5%.
Read here for the complete list.
— Peer Singh
46 minutes ago
Chairman Powell reiterates that Fed is not ready to cut rates yet
Federal Reserve Chairman Jerome Powell reiterated in prepared remarks scheduled for Wednesday and Thursday on Capitol Hill that the central bank is not yet ready to start cutting interest rates.
“When considering adjustments to the target range for policy rates, we will carefully evaluate available data, evolving prospects, and the balance of risks,'' Powell said. “The Committee does not believe it is appropriate to lower the target range until there is greater confidence that inflation is on a sustained path toward 2 percent.”
Indeed, he said interest rate policy is “likely at the peak of this tightening cycle. If the economy continues broadly as expected, it would be appropriate to start reducing policy restraints at some point this year.” He also said.
— Fred Imbert
1 hour ago
ADP announces private payroll growth in February was lower than expected
The private sector added jobs in February, but at a slower pace than economists expected, according to data released Wednesday by payroll firm ADP.
Companies added 140,000 positions in the month, an improvement from the upwardly revised 111,000 in January. However, the rate of increase in February was slightly lower than the 150,000 expected by economists compiled by Dow Jones.
— Alex Harring, Jeff Cox
1 hour ago
UBS sees similarities between today's stocks and those of the 1990s
UBS investigated the similarities between today's bull market and the bull market of the 1990s and found some notable similarities and differences.
Strategist Bhanu Baweja noted that today's stock market rally is driven by limited technology leadership and is similar to the second phase of the stock market in the 90s. In the first stage, the stock price rose steadily from 1995 to 1998. In the second stage, the dot com bubble burst from 1998 to 2000 when the stock price soared.
Still, Baweja said comparisons to the dot-com bubble are unfounded and today's rally is based on strengthening the underlying business.
”[There’s] The bubble is not ready to burst. “There are notable differences in realized gains, revenue, free cash flow, signals from the options market, and IPO/M&A activity between then and now,” Baweja wrote on Wednesday. We implemented shareholder returns. Then came sectoral euphoria based on hype. ”
Still, the strategist noted:[today’s] “The macroeconomy does not support a sustained bull market,” he said, adding that factors such as slowing productivity growth and slow growth in real disposable income need to be “started to be considered in order for the bull market to persist.” listed.
— Sarah Min
1 hour ago
Palantir wins military contract and pops
Palantir soared more than 6% in pre-market trading after announcing an arm deal worth more than $170 million.
The counterterrorism software provider said it has won the contract from Army Contracting Command, Aberdeen Proving Ground. The contract will see Palantir develop 10 prototypes of the TITAN ground station system, meant for tactical intelligence targeting access nodes.
Palantir has particularly outperformed the market this year, rising more than 38% so far in 2024.
— Alex Harring
2 hours ago
Foot Locker retreats due to disappointing guidance
Foot Locker fell more than 5% before the bell Wednesday after giving a weak full-year profit outlook.
The shoe retailer told investors it expects full-year earnings per share, excluding merchandise, to be between $1.50 and $1.70. This was lower than the $1.86 expected by analysts compiled by LSEG.
Foot Locker's weak outlook overshadowed a better-than-expected fourth quarter. The New York-based company earned $38 per share, excluding items, on revenue of $2.38 billion, beating analysts' estimates of 32 cents and $2.28 billion.
The stock price has increased by more than 10% by 2024.
— Alex Harring
9 hours ago
Eight Australian companies to invest more than $3 billion in Malaysia, minister says
Eight Australian companies have pledged to invest about A$5.2 billion ($3.4 billion) in Malaysia, a government minister said.
“We are looking at both the digital economy and the green economy,” Tengku Zafrul Aziz, the country's Minister of Investment, Trade and Industry, told CNBC's Squawk Box Asia, backed by Macquarie Asset Management. AirTrunk, a data center management company, said: was one of the companies that showed interest in this country.
This comes a day after Malaysian Prime Minister Anwar Ibrahim was reported to have expressed interest in major Australian companies investing about RM24.5 billion ($5.1 billion) in the country during his official visit to Melbourne. Announced.
— Shreyashi Sanyal
13 hours ago
Australia's GDP grows by 0.2% in final quarter of 2023
Cafe at Royal Arcade, Bourke Street Mall, VIC 3000, Melbourne, Australia.
Educational Images | Universal Images Group | Getty Images
According to data from the Australian Bureau of Statistics, the Australian economy grew by 0.2% in the fourth quarter of 2023 compared to the previous quarter.
This figure was driven by government spending and private business investment. That was slightly below the 0.3% rise expected in a Reuters poll.
“Growth was stable in December, but slowed quarterly in 2023,” said Catherine Keenan, head of national accounts at ABS.
“Government spending and private business investment were the main drivers of GDP growth this quarter.”
Real GDP rose 1.5% in the 12 months to December, slightly above the 1.4% forecast in a Reuters poll.
— Shreyashi Sanyal
14 hours ago
South Korea's inflation rate accelerated more than expected in February after slowing for three consecutive months
South Korea's inflation rate rose for the first time in three months to 3.1%, higher than January's 2.8% and also above a Reuters poll's forecast of 2.9%.
The country's core inflation rate, which excludes food and energy prices, was 2.5%.
The Central Bank of Korea became the first major central bank to suspend interest rate hikes in early 2023, leaving the base interest rate unchanged at 3.5%.
— Lim Huijie
14 hours ago
Nvidia led gains in the S&P 500 and Nasdaq on Tuesday
All three major stock indexes ended trading lower on Tuesday as tech stocks stalled.
The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite Index all traded negative for the second straight quarter, marking their worst one-day performance since February 13.
Nvidia was the most positive stock on both the S&P 500 and Nasdaq, while Microsoft led the decline in both indexes.
Meanwhile, JPMorgan was the most positive stock on the Dow Jones Industrial Average on Tuesday. In the day's trading, Salesforce stock led the way, down 30 shares.
— Lisa Kailai Han, Christopher Hayes
14 hours ago
Stocks that move the most after the bell: Nordstrom, CrowdStrike, and more
Shoppers enter a Nordstrom department store on March 3, 2023 in Austin, Texas.
Brandon Bell | Getty Images
These are the most moving stocks in after-hours trading:
- Nordstrom — Despite better-than-expected fourth-quarter earnings and sales, shares fell nearly 10% after the department store chain provided disappointing full-year 2024 guidance.
- CrowdStrike — Cybersecurity stock soars 19% after fourth-quarter earnings beat expectations.
- Box — Cloud storage stocks rose 8% after posting fourth-quarter revenue in line with analyst expectations, according to LSEG.
Read the complete list of transferred stocks here.
— Lisa Kailai Han
15 hours ago