US markets continued their positive start to the month on Wednesday, but a poorly received earnings update from Meta (NASDAQ: FB) has sent that powerhouse and its peers spiralling lower in premarket trading.
Elsewhere, oil, gold and Bitcoin (BTC) are all lower ahead of the market open.
| NASDAQ | S&P500 | Bitcoin |
|---|---|---|
| 14,417.55 (+0.50%) | 4,589.38 (+0.94%) | 36,735.52 (-4.75%) |
Trending stocks included:
Meta (Facebook) (NASDAQ: FB) shares are down by more than 20% in premarket trading after quarterly earnings showed EPS missed expectations and future revenues looking on course to fall short. Read more analysis of this story here!
Twitter (NYSE: TWTR), Snap (NYSE: SNAP), Bumble (NASDAQ: BMBL) and Pinterest (NYSE: PINS) are all in the premarket doldrums as well, following the social media giant lower.
Spotify (NYSE: SPOT) has forecasted a slowdown in subscriber growth, while CEO Daniel Ek played down the impact of the controversy surrounding the platform’s support of podcaster Joe Rogan.
Honeywell International (NASDAQ: HON) has reported that its most recent quarterly sales missed analyst expectations amid supply issues.
Nokia (NYSE: NOK) has confirmed it will restart its quarterly dividend after the company reported a strong fourth quarter and beefed up its annual projections.
T-Mobile US (NASDAQ: TMUS) shares are up by more than 8% in premarket trading after the company’s quarterly earnings fell but still beat expectations.
Eli Lilly (NYSE: LLY) reported that its COVID-19 treatment, which is named bamlanivimab, drove the company to trounce revenue estimates for its most recent quarter.
Among pharmaceuticals, Merck (NYSE: MRK) also reported sales above expectations due to a COVID-19 treatment. The company’s molnupiravir treatment is expected to help sales to grow by 20% in 2022.
Hershey Co (NYSE: HSY) reported a sweet set of fourth quarter results, with the chocolate maker’s decision to increase prices helping profits to beat forecasts.
Amazon (NASDAQ: AMZN), Activision Blizzard (ATVI) and News Corp (NASDAQ: NWSA) are among the companies lined up to release earnings after markets close on Thursday.
Major premarket movers included:
Humana Inc (NYSE: HUM) +7%
Ralph Lauren Corp (NYSE: RL) +5%
Centene Corp (NYSE: CNC) +4%
BlackRock (NYSE: BLK) -6%
Lincoln National Corp (NYSE: LNC) -4%
Gap Inc (NYSE: GPS) -4%