Stocks were set for a mixed opening as investors process better-than-expected earnings reports, and the
Dow Jones Industrial Average
continues to recover from Monday’s Covid-induced sale.
Futures on the Dow gained 82 points, or 0.3%, while
futures rose 0.1% and
futures fell 0.3%.
After Monday’s sell-off, investors bought into the dip and sent shares higher on Tuesday. That behavior continued until Wednesday.
“The future is modestly higher thanks to continued momentum from Tuesday’s rebound,” writes Tom Essaye, founder of Sevens Report Research.
Strong earnings reports on Wednesday also help boost stocks. Now that the earnings season is in full swing, total earnings of S&P 500 companies are at about 20%, according to Credit Suisse.
Here are five stocks making moves in Wednesday’s premarket action:
Chipotle Mexican Grill
(ticker: CMG) shares rose 4.5% after reporting earnings of $7.46 per share, better than estimates for $6.52 per share, on revenue of $1.89 billion, above the expectations of $1.88 billion.
(NFLX) shares fell 1% after reporting earnings of $2.97 per share, missing estimates of $3.16, on revenue of $7.34 billion, above expectations for $7.32 billion.
Johnson & Johnson
(JNJ) shares rose 1% after reporting earnings of $2.48 per share, better than estimates of $2.27, on revenue of $23.31 billion, above expectations of $22.21 billion.
(KO) shares gained 2.3% after reporting earnings of 68 cents per share, better than estimates of 56 cents per share, on revenue of $10.1 billion, above expectations of $9.3 billion.
(HAL) shares gained 3% after an upgrade to Buy from Neutral at Goldman Sachs.
Write to Jacob Sonenshine at email@example.com