Dogecoin, Gartner, SmileDirectClub, Avis Budget: What to Watch When the Stock Market Opens Today
Here’s what we’re watching ahead of Tuesday’s opening bell.
- U.S. stock futures ticked down, suggesting that technology stocks will weigh on major indexes after the opening bell.
- Futures tied to the broad S&P 500 index slid 0.6%. The benchmark advanced 0.3% on Monday, despite declines in giant technology stocks. Futures linked to the Nasdaq-100 fell 0.9% Tuesday. Read our full market wrap here.
What’s Coming Up
- Earnings are due from Hyatt Hotels, H -0.78% T-Mobile US, TMUS -0.95% Caesars Entertainment CZR -2.42% and Zillow ZG -2.73% after the close.
- U.S. factory orders for March, due at 10 a.m., are expected to rise 1.3% from the prior month.
Market Movers to Watch
- Gartner IT 19.35% shares jumped more than 13% premarket after the research and advisory company reported first-quarter revenue and earnings that topped expectations and raised its full-year guidance amid cost management and strong demand.
- CVS Health CVS 1.88% shares rose 1.8% ahead of the bell after it reported quarterly results and raised its earnings-per-share guidance for 2021.
- Pfizer PFE -0.02% was also on the rise premarket, up 0.8% after it logged larger first-quarter revenue and profit figures, driven in part by a $3.5 billion sales contribution from the company’s Covid-19 vaccine.
- Avis Budget CAR -4.03% shares slipped 2.9% premarket. The car-rental company reported another quarterly loss and sales that dropped 22%.
- Under Armour UA -0.91% class-C shares slipped 1.2% premarket. The apparel company agreed to pay $9 million to settle regulatory claims that it failed to disclose that it was pulling forward orders from future quarters. It also released its earnings and is now guiding for full-year earnings rather than a loss.
- SmileDirectClub SDC -13.11% dropped 9.3%. The provider of teeth-straightening retainers said a cyberattack last month disrupted the company’s operations and will hurt its sales this quarter.
- The value of meme cryptocurrency dogecoin rallied about 34% Tuesday to trade as high as 52 cents—a new record high for the digital asset whose creators never intended for it to have any real value. The rally makes all dogecoin in circulation worth more than $60 billion, surpassing the market cap of large companies like Twitter TWTR 0.38% and Dollar General. DG -0.86% Tuesday’s price rise accelerates Monday’s gains after trading app eToro added dogecoin for trading.
- Brent crude prices have risen more than 30% in 2021, and on Tuesday morning ticked up another 1.2%.
- On this day in 1979, the first modern leveraged buyout using high-yield junk bonds—a $381 million deal to take Houdaille Industries private—was completed by KKR. Over the next six years, Houdaille produced a 33.9% average annual return for KKR’s institutional investors.
Chart of the Day
U.S. stocks such as Tesla, Apple AAPL -1.61% and GameStop GME -1.71% are attracting investors, as negative bank rates prompt risk-averse Germans to shift their savings.
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Published at Tue, 04 May 2021 13:08:00 +0000
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