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  • Wall Street to open higher despite another hot inflation report
Wall Street to open higher despite another hot inflation report
Hot News Today

Wall Street to open higher despite another hot inflation report

Eleanore Beatty December 10, 2021 Article

BY THE NUMBERS

U.S. stock futures rose Friday after a key report showed the highest consumer inflation reading in nearly 40 years. Wall Street on Thursday broke a three-session winning streak, taking a break from its recent rebound on easing concerns surrounding the omicron Covid variant. In Friday’s premarket, Oracle shares soared, gaining more than 11{a78e43caf781a4748142ac77894e52b42fd2247cba0219deedaee5032d61bfc9}, the morning after the software giant beat estimates on quarterly earnings and revenue. (CNBC)

The government said Friday the November consumer price index rose a greater-than-expected 6.8{a78e43caf781a4748142ac77894e52b42fd2247cba0219deedaee5032d61bfc9} from last year, the fastest rate since 1982. The Federal Reserve, which holds its final scheduled policy meeting of the year next week, is already expected to adjust to rising price pressures and announce plans to speed up the tapering its massive Covid-era bond buying. (CNBC)

Elon Musk sold more Tesla (TSLA) stock, most recently offloading 934,091 shares, according to the Securities and Exchange Commission filings published late Thursday. The shares are worth $963.2 million. Tesla shares fell 1{a78e43caf781a4748142ac77894e52b42fd2247cba0219deedaee5032d61bfc9} in Friday’s premarket, one day after dropping 6{a78e43caf781a4748142ac77894e52b42fd2247cba0219deedaee5032d61bfc9}. Last month, Musk sold a total of $9.85 billion in Tesla stock. (CNBC)

AMC Entertainment (AMC) dipped in premarket trading to just above $29 per share, after SEC filings showed a sale of 312,500 shares by CEO Adam Aron and a sale of 18,000 shares by CFO Sean Goodman. Aron had indicated in November that he would soon begin selling shares as part of estate planning. (Bloomberg)

IN THE NEWS TODAY

The Senate cleared a key hurdle on the path toward raising the debt ceiling and removing the threat of a default on U.S. debt. Senators voted Thursday to allow Congress to raise the U.S. borrowing limit with a simple majority. The measure, attached to a bill that would prevent automatic Medicare cuts in 2022, now heads to President Joe Biden’s desk for his signature. (CNBC)

* Public sours on Biden’s handling of Covid and the economy, CNBC survey shows
* NYC lawmakers pass bill giving noncitizens right to vote in local elections (AP)

Starbucks (SBUX) employees have voted to join a union at one store in Buffalo, New York, the first unionized company-owned location in the U.S. Workers at a second location in the city voted to reject the drive to organize. Thursday’s vote count for a third Starbucks store in the upstate New York city ended without a definitive result because a number of ballots were still under review. (Reuters)

The upcoming electric Chevrolet Silverado will be “unmatched” despite several rivals entering the market ahead of it, General Motors (GM )CEO Mary Barra said Thursday. GM is scheduled to unveil the Chevrolet Silverado E at the CES technology conference next month in Las Vegas. (CNBC)

* Ford stops reservations for F-150 Lightning electric pickup due to strong demand (CNBC)

Julian Assange, the 50-year-old founder of Wikileaks, is a step closer to being extradited from Britain to the United States after the American government won an appeal in London’s High Court. In the U.S., the Australian entrepreneur will face criminal charges including breaking a spying law and conspiring to hack government computers. (CNBC)

Bob Dole will be honored Friday with a private service at Washington National Cathedral and a public one at the World War II Memorial a day after lying in state at the U.S. Capitol, where President Joe Biden and top leaders from both parties saluted a “giant in our history.” (AP)

STOCKS TO WATCH

Chewy (CHWY) tumbled 10{a78e43caf781a4748142ac77894e52b42fd2247cba0219deedaee5032d61bfc9} in the premarket after it reported a wider-than-expected quarterly loss. Sales were in line with Street forecasts, but profit was impacted by higher costs for labor and supply chain issues.

Lululemon (LULU) reported adjusted quarterly profit of $1.62 per share, 21 cents above estimates, with revenue slightly above forecasts as well. However, Lululemon also warned that new Covid-19 variants could impact demand for “athleisure” clothing if virus concerns lead to temporary store closures and further supply chain issues. The stock slid 1.5{a78e43caf781a4748142ac77894e52b42fd2247cba0219deedaee5032d61bfc9} in the premarket.

Broadcom (AVGO) rallied nearly 7{a78e43caf781a4748142ac77894e52b42fd2247cba0219deedaee5032d61bfc9} in premarket trading after it beat Street forecasts on the top and bottom lines for its latest quarter. Broadcom earned an adjusted $7.81 per share, 7 cents above estimates, and also issued an upbeat forecast on continued high demand from its cloud computing customers.

Costco (COST) earned $2.98 per share for its latest quarter, compared with a consensus estimate of $2.64, with revenue topping Street forecasts as well. The beat came despite higher costs and supply chain issues that Costco said it was able to largely mitigate. Costco rose 1.8{a78e43caf781a4748142ac77894e52b42fd2247cba0219deedaee5032d61bfc9} in the premarket.

Yum Brands’ (YUM) Taco Bell dropped plans to test Beyond Meat’s (BYND) plant-based version of carne asada, according to a Bloomberg report. Taco Bell is said to have been dissatisfied with samples it received in October, although the companies continue to work together on new products. Beyond Meat slipped 1.6{a78e43caf781a4748142ac77894e52b42fd2247cba0219deedaee5032d61bfc9} in premarket trading.

C3Ai (AI) soared 20{a78e43caf781a4748142ac77894e52b42fd2247cba0219deedaee5032d61bfc9} in the premarket after the artificial intelligence software maker won a $500 million contract from the U.S. Department of Defense for its suite of AI products.

American Outdoor Brands (AOUT) plummeted 20{a78e43caf781a4748142ac77894e52b42fd2247cba0219deedaee5032d61bfc9} in Friday premarket. The company reported adjusted quarterly profit of 58 cents per share, well below estimates, with revenue also falling short too. American Outdoor said sales slowed due to a shift in customer purchase timing into the prior quarter to lessen supply chain concerns.

Vail Resorts (MTN) lost $3.44 per share for its latest quarter, smaller than the loss of $3.62 that analysts had anticipated, thanks to a jump in season pass sales. However, revenue was below estimates.

Peloton (PTON) lost 3.5{a78e43caf781a4748142ac77894e52b42fd2247cba0219deedaee5032d61bfc9} in the premarket after Credit Suisse downgraded the stock to “neutral” from “outperform”. The firm noted a number of headwinds for Peloton, including a return to out-of-home fitness and a shift in consumer spending.

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