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Stock futures are on the rise, putting the S&P 500 on track to extend the gains that have followed the Federal Reserve’s decision to cut its bond purchases. Here’s what we’re seeing ahead of the start of trading on Thursday:
- Moderna shares plunged 14% after the vaccine maker lowered its earnings outlook for the full year. The company is now forecasting product sales of $ 15 billion to $ 18 billion this year. Previously, he said his advance purchase agreements could represent $ 20 billion in revenue this year.
- Tesla shares gained 1.9% pre-market. The electric car maker and Hertz Global Holdings are negotiating how quickly Hertz will receive deliveries of a bulk order of 100,000 Tesla electric cars for its rental fleet, according to people familiar with the matter.
- Qualcomm shares jumped 10% before the opening. The mobile phone chip giant has posted record quarterly sales and expects further growth amid rising demand for 5G smartphones amid supply chain constraints.
- Zillow shares rose more than 3% pre-market, recouping a bit from losses earlier in the week after the company abandoned the house algorithmic turnaround. A prominent name had bought the decline: Cathie Wood’s flagship fund bought about $ 25 million in shares on Tuesday.
- Merck shares rose 3.8% pre-market after UK health regulators cleared a Covid-19 drug developed by the company with its partner Ridgeback Biotherapeutics. The approval makes the UK the first country to allow the pill that can be taken at home.
- Roku sank 7.1%. The TV streaming device maker reported a slowdown in new active accounts for its services in the last quarter and expected lower than expected revenue for the holiday quarter.
- ViacomCBS added 0.5% to pre-market trading on Thursday, after the media and entertainment company reported third-quarter profit matching expectations and higher revenue.
- Skillz shares fell 8.7% pre-market. The mobile gaming platform saw a 70% increase in revenue in the third quarter compared to the previous year.
- Allstate shares fell 4.5% pre-market after a 55% drop in net income.
- Qorvo stock fell 9.2%. The chipmaker on Wednesday gave a lower-than-expected holiday revenue forecast due to supply constraints in the semiconductor industry, and Wells Fargo lowered its share price target.
- Hyatt Hotels is up 2.1% before market. The hotel company said its revenue more than doubled for the third quarter, although lower than Wall Street estimates.
- Take-Two Interactive added 3.2%. The publisher of Grand Theft Auto has reported quarterly sales growth despite the easing of social distancing restrictions that benefited it greatly last year.
- Etsy fell 0.6% after the e-commerce company’s quarterly results beat Wall Street expectations, but its fourth-quarter revenue forecast fell short of analysts’ expectations.
- Revenue is owed by Airbnb, Novavax, Square, Dropbox, Expedia, American Homes 4 Rent, GoPro, Hanesbrands, and Yelp after closing.
Card of the day
- Some traders remained stuck on stubbornly high inflation bets after Wednesday’s Federal Reserve meeting, pointing to a divergence in expectations between segments of the bond market and the US central bank.
Write to James Willhite at james.willhite@wsj.com
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