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-- 120.135 Before the Bell | Moderna blows out first-quarter earnings expectations, stock jumps in the pre-market trading
Hey, mooers! Here are things you need to know before the opening bell:
Market Snapshot
Stock futures inched higher in early morning Wednesday as investors braced for the Federal Reserve's big interest rate decision, where the central bank is widely expected to hike rates by half a percentage point.
Futures on the $Dow Jones Industrial Average (.DJI.US)$ rose 108 points, or 0.3%. $S&P 500 Index (.SPX.US)$ futures climbed 0.38%, and $Nasdaq Composite Index (.IXIC.US)$ futures advanced by 0.35%.
Top News
Stock Futures Edge Up Ahead of Fed Decision
U.S. stock futures edged higher, with the Federal Reserve poised to raise its benchmark interest rate Wednesday.
Europe Scrambles for Energy Before Cutting Itself Off From Russia
The region is racing to stock up on oil and natural gas before tighter sanctions are imposed on Russian energy, amid a dash to reorganize global energy supplies.
Derby's Take: Fed May Seek to Tamp Down Talk of Very Aggressive Rate Rises
While the Federal Reserve will certainly step up its rate rise campaign Wednesday, analysts don't expect the central bank to really swing hard at surging inflation with a three quarter percentage point interest rate increase, and anticipate the Fed will try to tamp down on speculation of such a move at future policy meetings.
Musk Plans to Take Twitter Public a Few Years After Buyout
$Tesla (TSLA.US)$ CEO Elon Musk says he could stage an initial public offering for the social-media company within three years of its acquisition.
Uber Reports First-Quarter Earnings, Posts Better-Than-Expected Outlook
$Uber Technologies (UBER.US)$ on Wednesday reported an increase in revenue during the first quarter as the rideshare company said it's recovering from its pandemic lows and wouldn't have to put up "significant" investments to keep drivers on the platform.
Uber's revenue was up 136% year over year to $6.9 billion. It also reported a massive loss due to its investments.
Moderna Stock Jumps After Earnings Trounce Estimates
$Moderna (MRNA.US)$ reported a profit of $8.58 a share, easily topping analyst estimates for a profit of $5.37, on revenue of $6 billion, trouncing forecasts for $4.204 billion.
"The Moderna team delivered a strong Q1 performance and I am thankful for the progress our team continues to make as we advance our pipeline of mRNA medicines," Moderna CEO Stéphane Bancel said in a press release.
CVS Health Raises Full-Year Profit Forecast on Insurance Business Strength
Net income attributable to the company's shareholders rose to $2.31 billion, or $1.74 per share, in the first quarter ended March 31, from $2.22 billion, or $1.68 per share, a year earlier. Revenue rose to $76.82 billion from $69.1 billion a year earlier.
$CVS Health (CVS.US)$ now expects 2022 full-year adjusted profit between $8.20 and $8.40 per share, higher than its prior guidance of $8.10 and $8.30 per share.
Starbucks Plans Barista Raises, Says Unionized Cafes Will Need to Bargain
The coffee giant $Starbucks (SBUX.US)$ is expanding pay and benefits as a battle between the company and unionized employees is escalating.
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Key Events This Week
Source: CNBC, Dow Jones Newswires, Reuters
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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Always Hungryy : but future earnings should be quite low... so why did the stock rocket at all?
ToastofGJ : absolutely criminal. beyond criminal. meglomaniacal.
HengHengLee : slient killer coming...
BullRunner : Thanks so much we love to hear your MOO in the morning before the bell!