Wall Street is looking at a slate of after-market earnings from Facebook, PayPal, Qualcomm and Ford with mixed favor, and another slew of corporate earnings are due today. Here’s what we’re watching before the action starts.
- U.S.-listed shares of Didi Global briefly surged almost 40% in premarket trading after The Wall Street Journal reported that the company is considering going private in order to placate authorities in China and compensate investors for losses incurred since the company listed in the U.S. in late June. But the gains were quickly pared to a 16% rise after Didi said on its Weibo account in China that “rumors of Didi’s privatization are false.” The company added that it is actively cooperating with a cybersecurity investigation.
- Today marks the trading debut of Robinhood Markets, whose app helped facilitate a frenzy of day trading that supercharged stocks like GameStop , AMC Entertainment Holdings and Koss. It will trade on the Nasdaq stock exchange under the symbol HOOD.
- Facebook posted sharp growth in quarterly revenue and profit, fueled by robust digital ad spending, as it continues to face scrutiny over the size and influence of its platforms. Its shares fell 3.7% premarket.
- Shares of PayPal Holdings tumbled 5.5% ahead of the market open. The digital payments company topped profit expectations for its latest quarter, but it delivered a lower-than-expected outlook for the current quarter.
- Ford Motor posted a surprise second-quarter profit and raised its earnings outlook for the year, saying it sees an easing to the computer-chip shortage that has hampered vehicle output for months. Its shares climbed 4.2% premarket.
- Qualcomm shares rose 3.1% premarket after the technology firm reported net profit of about $2 billion for the recent quarter, more than double the figure in the year-ago period and beating Wall Street expectations.
- U.S.-listed shares of Credit Suisse Group fell 2.6% premarket. The bank said Thursday that top employees failed to act on numerous warning signals before it lost billions from family office Archegos Capital Management in March.
- Meme stocks are quiet ahead of Robinhood Markets ‘ first day of trading. Shares of GameStop edged up 0.6% and AMC Entertainment Holdings ticked down 0.9%.
- Bitcoin traded near $40,000, holding on to the gains from a rally earlier this week.
- Shares in Taco Bell parent Yum Brands rose 2% premarket after the fast-food company reported earnings and sales that beat analysts’ expectations.
- Amazon.com , Gilead Sciences , Edwards Lifesciences and T-Mobile US are slated to report earnings after the closing bell.
- The American Petroleum Institute, Washington’s biggest lobby for the oil-and-gas industry, spent decades leveraging its financial muscle to fight almost every green initiative in its path. Its recent green makeover has been met with skepticism from friends and foes alike.
