Tesla, Lumen Technologies, AMC: What to Watch When the Stock Market Opens Today
January 28 2021 - 7:45AM
Dow Jones News
By Paul J. Davies
Here's what we're watching ahead of the opening bell on
Thursday.
-- U.S. stock futures are down, with the Nasdaq losing 1.2%, led
lower by technology companies that reported earnings after
Wednesday's close, including Apple, Tesla and Facebook.
S&P 500 futures are down 0.8%. Apple is off nearly 3% in
premarket, Facebook is down 1.5% and everyone's favorite story
stock, GameStop, which jumped 134% on Wednesday, is up a deeply
ordinary 4% in premarket.
What's Coming Up
-- Earnings are due from Visa, Juniper Networks, Dolby
Laboratories and Fair Isaac after the close.
-- Fourth-quarter GDP numbers this morning won't show the kind
of huge growth seen in the third quarter when the U.S. economy was
bouncing back from Covid-induced lockdowns. New weekly jobless
claims at 8:30 a.m. ET are expected to remain very high.
Market Movers to Watch
-- Tesla is down more than 5% in premarket trading after the
trendy electric carmaker reported its first-ever full-year profit
but missed expectations for how big that profit would be. The share
price has still risen by almost ten times since the start of
2020.
-- Lumen Technologies seems to be one of the latest stocks to
join the Reddit rollercoaster: Having shot up more than 30% in two
days, it's down nearly 7% premarket. There's not much news, but
there are some lemon-related gifs on Twitter.
-- ViacomCBS B shares are among the most shorted stocks in the
U.S., according to Goldmans Sachs, which means investors are
betting heavily that the stock price will fall. It's another stock
that will be causing hedge funds pain because it has risen nearly
23% in the past three days and has doubled since August. Premarket
it is down 8%.
-- More fairground fun with AMC Entertainment: up 301% on
Wednesday, down 6% in premarket.
-- Bed Bath & Beyond is another stock that's part of the
Reddit rally. Up by 43.5% on Wednesday, it is also down 7.4% ahead
of the open Thursday.
-- Hologic, the Nasdaq-listed medical diagnostics and imaging
company focused on women's health, is the big gainer in premarket
trading up more than 7.5%. First quarter revenue nearly doubled, it
reported at the market close on Wednesday.
Market Fact
The Dow Jones Industrial Average on Wednesday notched its
longest losing streak since February 2020, having fallen for five
consecutive trading days, on the highest volume trading so far this
year.
Chart of the Day
The man who created Reddit's WallStreetBets never imagined the
community would send GameStop shares into overdrive, nearly topple
a hedge fund and leave professional money managers staring at
Twitter with mouths agape.
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Loads
Stock-Market Frenzy Offers Some CFOs a Chance to Cash In
(END) Dow Jones Newswires
January 28, 2021 07:30 ET (12:30 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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