Stocks turn lower, Disney falls ahead of earnings
3 min readFOX Business’ Gerri Willis on whether the New York Stock Exchange will leave NYC due to a possible tax on trading.
U.S. equity markets opened near record highs, before turning lower midday Thursday, as investors countdown to another round of earnings after the closing bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 31342.16 | -95.64 | -0.30% |
| DIS | WALT DISNEY COMPANY | 189.03 | -0.55 | -0.29% |
The Dow Jones Industrial Average slipped, as Disney gave up earlier gains ahead of quarterly results after the close of trading.
Energy stocks also retreated, along with oil prices, dragging the S&P 500 down 0.29%. West Texas Intermediate crude oil fell 47 cents to $58.27 per barrel.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SP500 | S&P 500 | 3905.81 | -4.07 | -0.10% |
| XLE | ENERGY SELECT SECTOR SPDR ETF | 43.61 | -1.09 | -2.44% |
The Nasdaq also dropped 0.2% but the standout was Bumble. The dating app soared in its debut opening at $76 per share, after pricing at $43.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:COMP | NASDAQ COMPOSITE INDEX | 13993.52936 | +21.00 | +0.15% |
| BMBL | BUMBLE INC | 74.75 | -1.25 | -1.64% |
In other news, President Biden held his first call with Chinese President Xi Jinping.
“President Biden affirmed his priorities of protecting the American people’s security, prosperity, health, and way of life, and preserving a free and open Indo-Pacific,” the White House said.
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In stocks, Uber Technologies Inc.’s quarterly net loss narrowed by 20% as a booming food-delivery business helped to partially offset further weakness in ride-sharing.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| UBER | UBER TECHNOLOGIES INC. | 62.10 | -1.09 | -1.72% |
PepsiCo Inc. said quarterly revenue rose 8.8% from a year ago as the COVID-19 pandemic led to increased demand for snacks and beverages. The company expects earnings and revenue growth to “be consistent” with its long-term objectives.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PEP | PEPSICO INC. | 135.98 | -1.72 | -1.25% |
| KO | COCA-COLA COMPANY | 50.48 | +0.88 | +1.77% |
MGM Resorts International saw a 53% year-over-year decline in quarterly revenue as its casino business in Las Vegas and Macau continued to reel in the wake of COVID-19. The company expects demand in Las Vegas to return later this year and said its sports betting unit, BetMGM, will be in 20 markets by yearend.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MGM | MGM RESORTS INTERNATIONAL | 35.15 | -1.39 | -3.80% |
In deals, Kraft Heinz Co. agreed to sell its nuts business to Hormel Foods Corp. for $3.35 billion in cash. The deal includes the Planters nut brand, NUT-rition, Planters Cheez Balls and Corn Nuts brands.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| KHC | KRAFT HEINZ COMPANY | 35.68 | +1.79 | +5.29% |
| HRL | HORMEL FOODS | 47.78 | -2.05 | -4.11% |
Shares of cannabis companies were active again Thursday morning amid continued speculation that major reform could take place with Democrats controlling the White House and both chambers of Congress.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TLRY | TILRAY INC | 38.95 | -24.96 | -39.05% |
| CGC | CANOPY GROWTH CORP | 41.12 | -11.05 | -21.19% |
| ACB | AURORA CANNABIS | 15.42 | -3.48 | -18.41% |
In commodities, gold ticked up $1.30 to $1,844.10 an ounce.
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Overseas markets were higher across the board with Germany’s DAX 30 leading the advance in Europe, up 0.69%, while France’s CAC 40 and Britain’s FTSE 100 were both up fractionally.
In Asia, Japan’s Nikkei 225 edged up 0.19% while Hong Kong’s Hang Seng index rose 0.45% in a half day of trading ahead of the Chinese New Year break. China’s Shanghai Composite was closed.
