Okta, Splunk, Marvell: What to Consider When the Exchange Opens Today

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WSJ.com: Markets

Here’s what we’re going to watch before the opening bell on Thursday.

– –Stock futures wobble between small gains and losses, suggesting that large indices are opening unevenly.

The futures linked to the S&P 500 were unchanged, while the contracts linked to the tech-heavy Nasdaq-100 fell 0.1%. 10-year US Treasury yields are rising again. Read our full market report here.

– Labor Market Watch: Labor ministry data showed the number of people seeking unemployment benefits rose to 745,000 in the week ended February 27. This corresponds to an increase of 9,000 compared to the previous week.

What’s coming?

– Income is due by Costco,

COSTS -0.67%

Gap GPS -0.93%

and Smith & Wesson SWBI -1.72%

after market close.

—Wall Street Journal Jobs Summit: Federal Reserve Chairman Jerome Powell will speak on the economy at 12:05 p.m. ET. Investors are eager to hear Mr. Powell’s views on bond yields after a surge in government borrowing costs that rocked stocks. Livestream here.

– On the conference call: The BMO Capital Markets Metals & Mining meeting continues, as is Morgan Stanley’s technology, media and telecommunications conference.

Watch market movers

– Okta OKTA -4.44%

fell in premarket trading by around 10%. The identity management company agreed to buy Auth0, a software provider that helps companies manage customers online, in stock for $ 6.5 billion.

Okta co-founders Todd McKinnon (left) and Frederic Kerrest stand in Times Square after the company’s IPO on the Nasdaq Stock Exchange on April 7, 2017.


Photo:

Charles Sykes / Associated Press

– Marvell Technology Group MRVL -7.99%

achieved net income of $ 16.5 million in the fourth quarter, compared to $ 1.77 billion a year earlier. The chipmaker’s shares fell 4.8% before the bell.

– The BJ Wholesale Club’s quarterly profit more than doubled, but the Warehouse Club said it would not provide guidance due to the pandemic. The shares were down 2.9%.

– Splunk SPLK 1.99%

Shares rose 4.1% after the software company expected first-quarter revenue to increase year over year.

– DraftKings DKNG -0.40%

rose 4.7% before entering the market. The online betting company’s shares had rallied before the bell on Wednesday after it announced a deal to provide its content for DISH Network DISH -0.56%

Customers only to be pulled back down during the tech router in the regular session.

—American Eagle Outfitters forecast higher revenue for the first quarter after earnings fell 26% in the fourth quarter. The retailer’s shares are up 6.4% before the bell.

Market fact

The value of matching stock trades on Shanghai and Hong Kong stock exchanges more than doubled in January from a year earlier, at $ 1.37 trillion and $ 517 billion, respectively, according to data from the World Federation of Exchanges. Stock trading has spiked across Asia, with many younger individual investors stacking into stocks for the first time.

Chart of the day

ARK Investment Management’s successful bets on disruptive tech companies cemented Cathie Wood’s status as Wall Street’s hottest fund manager since Peter Lynch or Bill Gross. Now these moves threaten to turn ARK into a high profile victim of the recent shift in investor sentiment away from tech stocks.

Have to read since you went to bed

Insurance startup Hippo is going public as part of a $ 5 billion SPAC merger

Unemployment claims have eased along with other signs of a slow recovery

China uses the US-trained former central banker for the role of the IMF

The PPP Covid-19 Relief Initiative has been adapted to attract the smallest businesses

A “mind-boggling” boom among individual investors is getting the Asian markets going

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