Investing
Wednesday's 10 Premarket Winners and Losers Include Devon Energy, Upstart and ViacomCBS
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The three major U.S. equities indexes closed higher on Tuesday, on news from Ukraine that indicated Russia was withdrawing some of its forces from the border. The Dow Jones industrials closed up 1.22%, the S&P 500 up 1.58% and the Nasdaq up 2.53%. Among S&P 500 stocks, winners outnumbered losers by about four to one in Tuesday trading. Nine of 11 sectors closed higher, with the biggest gains coming in technology (up 2.6%), consumer cyclicals (up 2.2%) and materials (up 1.8%). The energy (down 1%) and utilities (down 0.5%) sectors were the day’s only losers.
At around 7:00 a.m. ET Wednesday morning, S&P 500 futures traded down about 0.22%, the Nasdaq was down about 0.20%, and the Dow traded down by 0.23%.
Crude oil settled at $92.07 on Tuesday, down by more than $3 a barrel, and traded up 0.9% in early morning trading Wednesday at $92.93. The 10-year Treasury note settled at 2.048% and the two-year at 1.571% on Tuesday. The yield curve widened to 0.47 (by the end of the day, up about three basis points. The spread had increased to nearly 0.48 in early trading Wednesday.
Here are the five S&P 500 stocks that closed with the largest gains on Tuesday: Monolithic Power Systems (up 10.6%), Nvidia (9.18%), American Airlines (8.09%), Epam Systems (8.08%) and Henry Schein (7.98%).
Tuesday’s biggest losers among S&P 500 stocks were Fidelity National Information Services (down 7.76%), IPG Photonics (6.22%), Constellation Brands (6.12%), IQVIA (4.69%) and Charles River Labs (4.52%).
Here are Wednesday’s premarket leaders and laggards. Not all are S&P 500 stocks.
Upstart Holdings Inc. (NASDAQ: UPST) traded up by about 27%, at $138.50 in a 52-week range of $42.51 to $401.49. The cloud-based lending platform reported earnings that beat on both the top and bottom lines, raised first-quarter and full-year guidance, and announced a $400 million share buyback program.
Generac Holdings Inc. (NYSE: GNRC) traded up by about 6.2%, at $293.84 in a 52-week range of $251.74 to $524.31. The leading maker of home generators reported quarterly results Wednesday morning that beat estimates on both the top and bottom lines. The company also issued upside guidance for the 2022 fiscal year.
Devon Energy Inc. (NYSE: DVN) traded up by around 2.5%, at $52.70 in a 52-week range of $19.61 to $55.44. The company announced fourth-quarter results Tuesday evening that beat earnings estimates. The company also raised its quarterly fixed-plus-variable from $0.84 per share to $1.00 and raised the fixed portion of the payout by a nickel to $0.45. And Devon boosted the total value of its share buyback program to $1.6 billion, equal to 5% of the company’s market cap.
Analog Devices Inc. (NASDAQ: ADI) traded up by about 3.0%, at $166.95 in a 52-week range of $142.25 to $191.95. The company beat top-line and bottom-line estimates when it reported results Wednesday morning. Second-quarter guidance topped estimates for both earnings and revenues.
Coterra Energy Inc. (NYSE: CTRA) traded up about 2.5% to $23.50, above its 52-week range of $14.28 to $24.39. Strong prices for crude oil, along with the solid report from Devon, had several independent oil and gas producers trading higher early Wednesday morning.
ViacomCBS Inc. (NASDAQ: VIAC) traded down by about 11%, at $32.00 in a 52-week range of $28.29 to $101.97. The company missed earnings estimates when it reported quarterly results late Tuesday, but it did manage to beat revenue estimates by more than 6%. Subscriber numbers rose, but spending on content and marketing rose even faster, depressing operating income. The company will soon change its name to Paramount.
Goodbye Viacom and CBS: ViacomCBS will change its corporate name to Paramount as of Feb. 16, calling it an effort to adopt “an iconic global name” to reflect the company’s increasingly worldwide focus. https://t.co/It7SiEbZk7
— Variety (@Variety) February 15, 2022
Akamai Technologies Inc. (NASDAQ: AKAM) traded down by about 5.1%, at $105.35 in a 52-week range of $92.64 to $120.67. The cloud technology company beat top-line and bottom-line estimates but issued downside guidance for the current quarter. Akamai also announced a $900 million acquisition of infrastructure-as-a-service provider Linode.
CF Industries Inc. (NYSE: CF) traded down about 4.5%, at $69.00 in a 52-week range of $42.85 to $77.24. The fertilizer maker missed earnings estimate when it reported fourth-quarter results. Sales volume was also lower year over year due to maintenance, higher costs and lower production at its U.K. plants.
Wynn Resorts Ltd. (NASDAQ: WYNN) traded down by about 2.3%, at $94.07 in a 52-week range of $76.03 to $143.88. The casino operator posted a larger than expected quarterly loss when it reported results late Wednesday. Operating revenue was up in Las Vegas but down in Macau.
Discovery Inc. (NASDAQ: DISCA) traded down about 2.1%. at $29.87 in a 52-week range of $21.66 to $78.14. The media and entertainment company had no specific news.
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