Netflix, Gevo, Morgan Stanley, Procter & Gamble: What to Watch When the Stock Market Opens Today
By James Willhite
-- U.S. stock futures gained ahead of a busy day of earnings
reports and the inauguration of Joe Biden as the 46th
Futures tied to the S&P 500 rose 0.3% Wednesday, while
contracts linked to the tech-heavy Nasdaq-100 rose 0.8%. Dow Jones
Industrial Average futures were up 0.1%.
What's Coming Up
United Airlines and Alcoa will release quarterly results just
after markets close.
The National Association of Home Builders housing market index
for January, due at 10 a.m. ET, is expected to tick down to 85 from
86 a month earlier.
Mr. Biden will be sworn in as president at noon.
Market Movers to Watch
-- Netflix shares jumped more than 13% ahead of the bell after
it said it added 8.5 million subscribers in the fourth quarter,
ending last year with an additional 37 million altogether.
-- Procter & Gamble shares added 1.7% premarket after the
maker of Gillette razors and Pampers diapers said sales surged in
the most recent quarter.
-- Morgan Stanley shares gained 2.4% premarket after its
quarterly results beat forecasts.
-- Shares of renewable energy company Gevo plunged more than 23%
premarket after it said it is selling $350 million of shares in a
registered direct offering priced at-the-market.
-- Investors raised their bets on online-betting company
DraftKings, sending its shares up 3.7% premarket. Morgan Stanley
lifted its rating of the stock.
-- Bank of New York Mellon's shares edged down 0.1% premarket
after it said its profit fell for the recent quarter as revenue
decreased, partly due to lower interest rates on interest-earning
-- UnitedHealth shares dropped 1.5% before the open. The company
posted a drop in profit in the latest quarter compared with a year
ago as patients returned to health-care providers and costs rose as
the coronavirus pandemic wore on.
-- Fastenal shares ticked up 0.5% premarket. The maker of tools
and fasteners declared a dividend after the close. Its latest
earnings are due this morning.
S&P 500 bank shares are now down just 10% from where they
started 2020, but their multiples have actually expanded, from
under 12 times forward earnings to nearly 14 times.
Chart of the Day
The best explanation for how stocks have moved this year is the
raw price of the stock, with lower-priced ones doing better. But
the price on its own carries virtually no useful information,
writes columnist James Mackintosh.
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(END) Dow Jones Newswires
January 20, 2021 07:58 ET (12:58 GMT)
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