December 2, 2023


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Stock futures changed little as Wall Street anticipates October jobs report

Stock futures rose on Friday as the market heads for a losing week

US jobs grew by 261,000 in October, beating expectations

The US economy added more jobs last month than expected, according to figures released Friday by the Bureau of Labor Statistics.

Jobs grew by 261,000 in Octoberbeating the Dow Jones estimate of 205,000.

– Fred Ambert

Starbucks, Carvana, Draft Kings are among the stocks making the biggest moves before marketing

Here are some companies that are moving before the Friday bell:

kings DraftKings is down 12.5% ​​in pre-market trading despite reporting lower-than-expected quarterly losses and returns that beat Wall Street expectations. The sports betting company also raised its revenue guidance and warned that a prolonged economic downturn could affect its customers’ spending.

Chinese stocks – Shares of China-based companies that trade in the US rose in out-of-hours trading on reports that China will ease its strict Covid-19 protocols. Ali Baba (BABA) jumped 9.7%, earned (dinars) 9.3%, Bindudu (PDD) added 8.8% and Bilibili (BILI) jumped 14.4%.

Starbucks Starbucks shares rose 4.6% in the primary market after the coffee chain reported better-than-expected earnings and revenue for the fourth quarter of its business, with sales hitting a record high. Starbucks said its investments in new equipment and higher wages for workers are paying off.

DoorDash DoorDash stock rose 11.9% in pre-market trading thanks to record order strength and better-than-expected revenue, although its quarterly loss was larger than expected. Customers continue to spend on food delivery even in the face of rising prices.

Carvana – Carvana fell 7.4% in pre-market trading after the used car dealership reported worse-than-expected quarterly results. Increasing car prices and rising interest rates were the main factors in the decline in demand.

Check out the full list of Stocks making the biggest moves are here.

Peter Shakir, Samantha Sobin

Twilio, Atlassian down over 25%

share alike Twilio And the Atlassian It fell more than 25% before the bell on Friday after software companies provided poor guidance in their quarterly reports.

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Twilio Excellence Analysts’ expectations for the bottom line, with a lower-than-expected loss for the quarter. For the fourth quarter, Twilio said it expects revenue of $995 million to $1.005 billion. Analysts polled by Refinitiv forecast revenue of $1.07 billion.

Atlassian’s stock Slip on a slight profit loss and poor outlook. For the fiscal second quarter, Atlassian expects revenue between $835 million and $855 million, which is below the consensus forecast of $879.2 million, according to Refinitiv.

Samantha Soobin, Jordan Novett

PayPal falls under poor revenue guidance

PayPalShares of the stock fell more than 6% in pre-market trading on Friday after that Revenue forecast for the fourth quarter fell short Wall Street forecast.

The company beat third-quarter expectations for the highest and final profit, but said revenue for the current period would be $7.38 billion. That’s why analysts polled by Refinitiv forecast $7.74 billion.

Meanwhile, PayPal raised its full-year earnings per share guidance, citing “ongoing productivity initiatives,” and said it expects to add 8 to 10 million new active users.

Samantha Soobin, Lauren Viner

Stock block goes up on winning profits

Shares of the mobile payments company rose 14% before the Friday after the bell Published strong earnings for the last quarter.

A combined dividend block of 42 cents per share, beating earnings per share estimates of 23 cents. The company also posted a slight revenue win.

The Block’s Cash App business reported a 51% year-over-year increase in gross profit.

– Samantha Soobin, KEV LESSWING

BTIG says WeWork could nearly triple

BTIG stock said WeWork It could rise more than 190% from current levels as companies grapple with uncertainty over remote, hybrid or in-person work, making it difficult to develop a long-term corporate real estate strategy.

“We are increasingly convinced that this uncertainty can persist for years, not quarters, and that employers will continue to prioritize flexibility as they seek to determine when, where and how their employees will make use of office space moving forward,” the company said.

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CNBC Pro subscribers can do this Read more here.

– Carmen Renick

Funko shares drop after big profit loss

Shares of toy maker Funko fell more than 40% in the primary market after the company reported much weaker-than-expected third-quarter earnings and cut its full-year earnings forecast.

The results also led JPMorgan to downgrade the stock To neutrality from overweight, noting: “We believe the valuation will be constrained until there is more clarity on earnings expectations (especially a small-cap company).”

– Carmen Renick

Chinese tech stocks extended gains as rumors reopen

Chinese heavyweights listed in Hong Kong extended their gains in afternoon trading, as the broader index added more than 6%.

tech giantAli Baba And the They rose by 14% and 13%, respectively. Tencent Added 9.85% and Mituan 8.34% profit.

The increase comes on the heels of speculation about when China could loosen its Covid restrictions.

– Lee Ying Shan

Oil prices rise amid the dollar’s decline and speculation of a change in China’s position on Covid

Oil prices rose on the heels of a drop in the US dollar index and speculation that China would ease Covid restrictions.

Brent crude futures contracts It added 2% to stand at $96.56 a barrel, while West Texas Intermediate US It rose 2.21 percent to $90.12 a barrel.

– Lee Ying Shan

CNBC Pro: This tech stock is a ‘stark buy’ now: Ritholtz’s Josh Brown

CNBC Pro: Morgan Stanley says this global stock of biotech could rise 398% next year

Block Stock Jumps On Earnings After Hours, PayPal Shares Drop

Block shares rose 13.6% in extended trading Thursday after the mobile payments company beat earnings and sales expectations. Block reported earnings of 42 cents per share on revenue of $4.52 billion. Analysts polled by Refinitiv expected earnings of 23 cents per share on revenue of $4.49 billion.

in contrast, PayPal Shares fell more than 8% after the company released a fourth-quarter revenue forecast that fell short of analyst expectations. Paypal otherwise Exceeding profit and revenue expectations for the third quarter.

The major averages are running fast for a losing week

As of Thursday’s close, the major averages are set for a losing week. Here’s their stance heading into Friday’s jobs report:

  • The Dow Jones Industrial Average is down 2.62%, on track to break its 4-week winning streak.
  • The S&P 500 is down 4.65%, on track to break its two-week winning streak. The broader market index is set for its worst weekly performance since September 23, when it fell 4.65%.
  • The Nasdaq Composite is down 6.84%, on track to end a two-week winning streak. The tech-heavy index is on track for its worst weekly performance since January 21, when it fell 7.55%.

Sarah Maine, Christopher Hayes

Stock futures open lower

US stock futures fell slightly on Thursday night after The main averages fell for the fourth dayInvestors looked to the October jobs report for clues to the pace of future rate hikes from the Federal Reserve.

Dow Jones Industrial Average futures were down 24 points, or 0.06%. S&P 500 and Nasdaq 100 futures declined 0.09% and 0.1%, respectively.

– Sarah Min