BY THE NUMBERS
U.S. stock futures were little changed Wednesday ahead of the conclusion of the Federal Reserve's two-day November meeting. Central bankers will almost certainly announce they're reducing the amount of bonds they buy each month. The Fed's extraordinary Covid-era monetary policies also include near-zero interest rates, and investors will be looking for signals on when the cost of borrowing may be going up. (CNBC)
* Biden says he will announce Fed chair pick 'fairly quickly' with Powell term up in February (CNBC)
The Dow, the S&P 500 and the Nasdaq on Tuesday closed at record highs for the third session in a row. ADP said Wednesday that U.S. companies added a much better-than-expected 571,000 jobs in October. During the pandemic, ADP has not been a great indicator of the government's jobs report, which will be released Friday. (CNBC)
IN THE NEWS TODAY
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CVS Health (CVS) on Wednesday beat expectations with third-quarter earnings and revenue. The pharmacy chain got a boost from filling more prescriptions and giving more Covid vaccines. CVS raised its forecast for the year. Before adjustments, however, that guidance was revised downward and shares dropped nearly 1% in the premarket. (CNBC)
Children ages 5 to 11 will be able to get a Covid-19 vaccine after the CDC cleared Pfizer's doses for younger kids Tuesday night, allowing many parents across the U.S. to breathe a sigh of relief. Vaccinations for young kids are expected to begin immediately. The FDA granted emergency approval for the shots Friday. (CNBC)
Lyft (LYFT) jumped roughly 15% in the premarket on better-than-expected third-quarter results. Zillow (ZG) fell more than 16% in premarket trading, the morning after announcing it will close its homebuying and flipping business. (CNBC)
Bed Bath & Beyond (BBBY) rose Tuesday on a partnership announcement with Kroger (KR) but its over 60% premarket surge that followed was likely fueled by a short squeeze. In another possible short-squeeze story, Avis (CAR) fell about 6% in the premarket but more than doubled Tuesday after better-than-expected quarterly results and talk about adding more electric vehicles to its fleet. (CNBC & Reuters)
Shares of Deere (DE) dropped nearly 2% in Wednesday's premarket, as workers were set to continue their three-week-old strike after they voted to reject a second contract reached between the U.S. tractor maker and the United Auto Workers union that bumped up wages and bonuses. Deere in August increased its full-year earnings outlook. (Reuters)
Glenn Youngkin, a wealthy Republican businessman, won Virginia's hotly contested gubernatorial election, defeating Democratic power player and former Gov. Terry McAuliffe in a race that drew national scrutiny, according to an NBC News projection. (CNBC)
Potentially even more concerning for Democrats, the governor's race in New Jersey between incumbent Phil Murphy and Republican Jack Ciattarelli was still too close to call. Democrat Eric Adams, a former police captain, was elected mayor of New York City. He'll be the city's second Black mayor. (NBC News & CNBC)
STOCKS TO WATCH
New York Times (NYT) jumped roughly 4% in the premarket after it beat estimates by 3 cents with an adjusted quarterly profit of 23 cents per share. Revenue also beat estimates amid rising advertising and digital sales.
Humana (HUM) reported adjusted quarterly earnings of $4.83 per share, beating the consensus estimate of $4.66, while revenue beat Street forecasts on strength in Humana's Medicare Advantage business. However, the stock fell 7% in the premarket.
Capri Holdings (CPRI), the company behind the Michael Kors and Versace brands, saw its stock surge 12% in premarket trading, after beating earnings and revenue estimates for its latest quarter. Capri earned an adjusted $1.53 per share, well above the consensus estimate of 95 cents, and also raised its full-year outlook.
Tupperware (TUP) plummeted 16.8% in the premarket, as sales for the food storage products company came in well below Wall Street forecasts. The company points to persistent negative impact from the pandemic, among other factors.
Norwegian Cruise Line (NCLH) slid 2.6% in the premarket after it reported a wider-than-expected loss and revenue that fell short of analyst estimates. Norwegian said it expects positive cash flow in the first quarter of 2022 and expects to be profitable in the second half of the year.
Mondelez International (MDLZ) beat estimates by a penny with adjusted quarterly earnings of 70 cents per share, with the snack maker's revenue beating forecasts as well. The company also said it would raise prices on snacks like Oreo cookies as it tries to keep up with rising commodity and labor costs. Mondelez rose 1% in the premarket.
T-Mobile US (TMUS) came in 2 cents ahead of estimates with quarterly earnings of 55 cents per share, although the mobile service provider's revenue missed Street forecasts. T-Mobile added 673,000 subscribers during the quarter, beating analyst forecasts but short of the numbers achieved by rivals like AT&T (T). T-Mobile shares gained 3% in premarket action.
Activision Blizzard (ATVI) saw its shares tank 12% in the premarket after it announced a delay in the launch of two games as well as issuing a weaker-than-expected outlook for the holiday quarter. The videogame maker did beat bottom-line forecasts for its latest quarter, coming in 2 cents ahead of estimates with an adjusted quarterly profit of 72 cents per share.
Camping World (CWH), the recreational vehicle retailer, saw its stock rally 6.7% in the premarket after it reported quarterly earnings of $1.98 per share, well above the 55 cent consensus estimate, with revenue also well above Street forecasts.
The Atlanta Braves beat the Houston Astros 7-0 in Game 6 of the World Series last night, capturing their first championship since 1995. Most of the season, it just seemed this wasn't their year. The Braves dropped their first four games, and soon injuries piled up. They lost their most dynamic player before the All-Star break. They were stuck below .500 in August. (AP)