(3/29) Monday's Pre-Market Stock Movers & News

bigbear0083 · Mar 29, 2021

(3/29) Monday's Pre-Market Stock Movers & News

Good Morning StonkForums! Happy Monday!

5 things to know before the stock market opens Monday

1. U.S. futures drop after Friday’s records for Dow, S&P 500

U.S. stock futures dropped Monday after a late-session rally Friday sent the Dow Jones Industrial Average and S&P 500 up over 1.4% and nearly 1.7%, respectively, as stocks benefiting from a successful Covid reopening outperformed, again. The Dow and S&P 500, which both closed at record highs, saw weekly gains about equal to Friday’s advances. Dow stock Boeing rose 3% in Monday’s premarket after a huge aircraft order from Southwest Airlines. Southwest shares were up modestly.

The Nasdaq on Friday erased an almost 1% loss and closed up 1.2%. However, the tech-heavy index still declined about 0.6% for the week, with just three days left in March. The Nasdaq was tracking for a slight monthly loss, while the Dow and S&P 500 were poised to turn in solid gains for the month.

The 10-year Treasury yield was steady Monday, trading below its recent 14-month high. The rapid rise in yields this year has been troublesome for growth stocks, many of them tech names, as higher interest rates erode the value of future profits and squeeze market valuations.

2. Credit Suisse, Nomura take hit from U.S. hedge fund fallout

Credit Suisse warned Monday of a “highly significant” hit to its first-quarter results, after the Swiss-based bank began exiting positions with a large U.S. hedge fund that melted down on margin calls last week. Japanese firm Nomura said it’s evaluating a potential loss estimated at $2 billion. Shares of Nomura and Credit Suisse were getting slammed in Monday’s premarket.

The hedge fund at the center of the fallout is Archegos Capital Management, which was forced to liquidate positions at the end of last week. The moves by the multibillion dollar U.S. family office, founded by former Tiger equity analyst Bill Hwang, caused a wave of selling pressure Friday in U.S. media stocks and Chinese internet ADRs.

3. Ever Given cargo ship blocking Suez Canal is partially floated

The giant Ever Given container ship blocking the Suez Canal was partially refloated early Monday, days after the vessel got stuck and brought a vital global trade route to a standstill. The Suez Canal Authority said the ship’s course has been corrected by 80% and further maneuvers will resume when the water level rises later in the day. It remains unclear when waterway will reopen to traffic as hundreds of ships are backed up and waiting to enter the Suez. Maritime data showed at least ten tankers and container ships changed course to avoid the logjam, including U.S. ships carrying natural gas for Cheniere and Shell/BG Group.

4. Biden to push infrastructure before health and family care

President Joe Biden will separate his sprawling plan to upgrade the nation’s infrastructure into two separate pieces. Biden on Wednesday will unveil the first part of his plan, focusing on items like rebuilding roads and railways. The second part of the president’s plan — including child-care and health-care reforms, aspects of what’s sometimes called social infrastructure — will be released in “in just a couple of weeks,” White House press secretary Jen Psaki said Sunday in an interview. Taken as a whole, the legislation is expected to cost more than $3 trillion.

5. Fauci warns U.S. only ‘at the corner’ of Covid pandemic

With the possibility of safer summer barbeques just a few months away, along with the promise of widespread Covid vaccine supply in the U.S. by the end of May, many Americans may be feeling as though the nation has finally turned the corner on the pandemic. However, White House Chief Medical Advisor Dr. Anthony Fauci warned that America is really only “at the corner.”

New daily U.S. cases, while sharply lower than January’s high, increased 12% in the past seven days compared to a week ago, according to a CNBC analysis of Johns Hopkins University data. Nearly half of people ages 65 and older have completed all of their necessary shots, according to CDC data. However, just 20% of the adult population is considered fully vaccinated.
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STOCK FUTURES NOW:

LAST WEEK'S MARKET HEAT MAP:

LAST WEEK'S S&P SECTORS:

TODAY'S ECONOMIC CALENDAR:

THIS WEEK'S ECONOMIC CALENDAR:

MOST ACTIVE TRENDING DISCUSSIONS (STOCK SYMBOLS ARE CLICKABLE!):

BA

HGEN

PSTH

VIAC

AJAX

BLUE

BRPA

AAL

CVS

EEIQ

THIS WEEK'S EARNINGS CALENDAR:
($BB $MU $CHWY $LULU $BNTX $WBA $KNDI $IZEA $KMX $MKC $MTNB $CALM $OEG $ASO $FUV $PHR $MARK $BIOC $NCNO $FDS $PLAY $REED $RKDA $XSPA $HYRE $RMTI $CRMD $IMAB $QIWI $PVH $UNF $AYI $ANGO $APYX $CAAS $DARE $GES $SRAX $USIO $SPWH $TH)

THIS WEEK'S IPO'S:

THIS MORNING'S PRE-MARKET EARNINGS RELEASES:
()
N/A.

BEFORE TODAY'S MARKET OPEN:

AFTER TODAY'S MARKET CLOSE:

FRIDAY'S ANALYST UPGRADES/DOWNGRADES:

FRIDAY'S INSIDER TRADING FILINGS:

TODAY'S DIVIDEND CALENDAR:

THIS MORNING'S PRE-MARKET STOCK NEWS MOVERS:

source: cnbc.com

Discovery Communications (DISCA), Viacom (VIAC) – Both stocks remain on watch this morning, after significant declines last week. A source with direct knowledge of the situation told CNBC the sell-off was due to forced liquidation of positions held by Archegos Capital Management. Discovery gained 4.4% in premarket trading, while Viacom rose 2.5%.

Goldman Sachs (GS), Credit Suisse (CS), Nomura (NMR) – Goldman told shareholders that any losses it faces from the unwinding of trades by Archipelago Capital Management are likely to be immaterial, according to a person familiar with the matter who spoke to Bloomberg. Credit Suisse said it faced a possible “highly significant and material” hit to its first-quarter results, however, after an unspecified fund had “defaulted on margin calls” to it and other banks. Nomura said it faced a possible $2 billion loss. Goldman fell 3% in premarket trading, Credit Suisse tumbled 11.2% and Nomura plummeted 14.5%.

Fly Leasing (FLY) – The Dublin-based aircraft leasing company agreed to be acquired by Carlyle Group (CG) affiliate Carlyle Aviation Partners for $17.05 per share, compared to Fly Leasing’s Friday close of $13.25. Fly Leasing soared 26.6% in premarket action.

Boeing (BA) – Southwest Airlines (LUV) announced 100 firm orders for Boeing’s 737 Max jet, while taking an option on 155 more jets. Southwest had been considering alternatives to the 737 Max during the time the jet was grounded following two fatal crashes. Boeing rose 2.7% in the premarket.

Cal-Maine Foods (CALM) – The nation’s largest egg producer reported fiscal third-quarter profits of 28 cents per share, beating the 8 cents a share consensus estimate. Sales fell short of Wall Street forecasts. Cal-Maine said it benefited from strong demand for shell eggs, as consumers continued to eat more at home due to the pandemic. Cal-Maine gained 2.2% in premarket action.

Tencent Music (TME) – The China-based music streaming service announced a $1 billion share buyback, its biggest ever, and its shares rose 7.2% in premarket trading.

Twitter (TWTR) – Twitter shares gained 2.1% in the premarket after Truist upgraded the stock to “buy” from “hold,” with the firm pointing to higher revenue growth estimates as well as what it refers to as “the most exciting product roadmap” it has ever seen from Twitter.

Bilibili (BILI) – The China-based online video company made its debut in Hong Kong trading following its secondary listing, closing 1% below its listing price. Its U.S. shares jumped 3.6% in premarket action.

Visa (V) – Visa said it would allow the use of USD Coin – a cryptocurrency pegged directly to the U.S. dollar – to settle transactions on its payments network.

Amazon.com (AMZN) – JPMorgan Chase added the stock as a “top pick,” saying the company was among those poised to deliver strong sustainable growth at a reasonable valuation.

Premier Financial Bancorp (PFBI) – Ohio-based Peoples Bancorp (PEBO) will merge with West Virginia-based Premier in an all-stock deal valued at about $292 million. Peoples shares rose 2% in premarket trading, with Premier gaining 1.4%.

Have a happy trading day to everyone in here on this Monday!

(3/29) Monday's Pre-Market Stock Movers & News

bigbear0083 Administrator
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(3/29) Monday's Pre-Market Stock Movers & News

bigbear0083 Administrator Staff Member

bigbear0083 Administrator
Staff Member