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24 Mins Ago
S&P 500 opens above 5,000 threshold
The S&P 500 rose on Friday to open above the 5,000 level.
The benchmark index added 0.1%, while the Nasdaq Composite added 0.3%. The Dow Jones Industrial Average inched down 7 points.
For the week, the S&P is up 0.9%, while the blue-chip Dow and the Nasdaq Composite have gained 0.2% and 1.4%, respectively.
— Samantha Subin
52 Mins Ago
Stocks making the biggest moves premarket
Check out the companies making headlines before the bell:
- PepsiCo — Shares slipped 1.4% after the beverage and snacks giant reported mixed fourth-quarter results. Revenue came in at $27.85 billion, missing the LSEG consensus estimate of $28.4 billion. Adjusted earnings per share was $1.78, versus the $1.72 expected. Pepsi said consumers’ budgets were hit by high borrowing costs and lower personal savings.
- Cloudflare — Shares surged 27% after the cloud services provider topped analysts’ expectations in its fourth quarter. Cloudflare reported adjusted earnings of 15 cents per share on revenue of $362 million. Analysts polled by LSEG had called for earnings of 12 cents per share and $353 million in revenue. The company also issued rosy full-year guidance for adjusted earnings per share.
- Pinterest — The stock dropped more than 8% after the image-sharing company issued a weaker-than-expected forecast. Pinterest also disappointed on revenue estimates, but beat on earnings in its fourth-quarter report.
— Sarah Min
An Hour Ago
Crypto stocks jump as bitcoin reaches March 2022 highs
Bitcoin marched higher to end the week, with its price breaching the $47,000 level for the first time since March 2022. On Friday the flagship cryptocurrency rose more than 4% to $47,307.00, according to Coin Metrics. Ether advanced 3% to $2,511.75.
Positive sentiment appears to be returning now as the GBTC outflows have slowed. Additionally, momentum from the S&P 500 briefly touching 5,000 Thursday for the first time ever may be spilling over to crypto.
The move pulled crypto equities higher in premarket trading. Crypto exchange Coinbase and bitcoin proxy Microstrategy each gained 6%, while the biggest miners, Riot Platforms and Marathon Digital, rose 8% and 10%, respectively.
Read the full story here.
— Tanaya Macheel
2 Hours Ago
PepsiCo falls on mixed results, drop in North American demand
PepsiCo shares fell 2% before the bell after the food and beverage giant point posted mixed quarterly results amid a drop in North American demand.
The company posted adjusted earnings of $1.78 per share, versus the $1.72 expected by LSEG. Revenue came in at $27.85 billion, falling short of the $28.4 billion expected. Net sales fell 0.5%
Pepsi’s North American divisions reported volume declines, with Quaker Foods reporting an 8% drop. Frito-Lay North America reported a 2% decline, while the company’s North American beverage saw a 6% fall in volumes.
See Chart…
PepsiCo falls on mixed results
— Samantha Subin, Amelia Lucas
8 Hours Ago
Hong Kong Exchange CEO to step down on March 1
Hong Kong Exchange CEO Nicolas Aguzin said on Friday that he would step down and hand over the top job to co-COO Bonnie Y Chan on March 1, about two months before his three-year term formally ends in May 2024.
Aguzin said in a statement that the transition was going “extremely well” and expressed confidence in Chan and the senior management team.
During his tenure as HKEX CEO, Aguzin oversaw the Hong Kong market as it suffered a regulatory crackdown by Beijing during the pandemic, leading to reduced investor enthusiasm for Hong Kong listings.
HKEX’s share price has fallen more than 46% since Aguzin took the helm, plunging from 450.4 Hong Kong dollars ($57.59) a share to HK$242.
11 Hours Ago
BOJ’s Ueda says ‘high chance’ ultra-easy monetary policy will stay even after negative rates end: Reuters
Bank of Japan governor Kazuo Ueda has told the country’s lower house of parliament that “chances are high for easy money conditions to persist for a while even if it scraps its negative interest rates policy,” according to a report by Reuters.
The BOJ governor was responding to questions from an opposition lawmaker in the lower house budget committee of parliament.
Ueda’s view echoed a remark from his deputy Shinichi Uchida, who said on Thursday that the BOJ was “unlikely to raise interest rates aggressively, even after ending its negative interest rate policy,”
— Reuters, Lim Hui Jie
14 Hours Ago
Softbank Group shares jump almost 10% on open
Shares of Japan’s Softbank Group jumped almost 10% on open, extending gains from the 11.06% rise recorded on Thursday.
The move comes as chip designer Arm’s shares surged 48% on Thursday, valuing it at over $116 billion.
SoftBank still owns roughly 90% of the outstanding stock, meaning its stake in Arm increased by over $34 billion in a day.
15 Hours Ago
Wharton’s Jeremy Siegel says the S&P 500 isn’t overvalued
Wharton professor of finance Jeremy Siegel said the market doesn’t look expensive, especially when viewing it from a longer-term lens, even as the S&P 500 pierced the 5,000 mark.
“For the long run, there’s going to be volatility. I don’t advise playing the game of being a short-run trader,” he said on CNBC’s “Closing Bell” on Thursday. “I don’t think right now the market is overvalued for a long-term investor by any means.”
— Yun Li, Lisa Han
15 Hours Ago
Cloudflare shares soar 18% after results
Cloudflare shares jumped 18% in extended trading on Thursday after the web security and content distribution network provider issued results and quarterly guidance that proved more robust than analysts had projected.
Big deals from new and existing customers propelled Cloudflare to a new record in annual contract value.
— Jordan Novet
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