56 minutes ago
Hasbro is ticking higher on better-than-expected earnings
Hasbro reported stronger-than-expected quarterly earnings, sending the stock up more than 1% premarket.
The toymaker earned $1.31 per share, beating a Refinitiv consensus estimate of $1.29 per share. The company’s revenue of $1.686 billion was in line with estimates.
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HAS increases after the result
“We delivered our first billion dollar mark with Magic: The Gathering and another record year at Wizards of the Coast and Digital Gaming Cocks said in a statement.
—Fred Imbert
Before an hour
Tripadvisor shares fall after Bernstein’s downgrade
Tripadvisor shares fell more than 2% after Bernstein downgraded the travel company from “outperform” to “market perform,” citing concerns about its turnaround plan.
“This will be a steady multi-year rollout and the end result appears to be defensive rather than offensive, with a target of ‘long-term steady profitable growth’, which is broadly in line with the consensus view and below our previous expectations.” said Amber.
– Alex Harring
13 hours ago
Roku stock gains on earnings
Roku shares were up about 11% in extended trading on Wednesday after the streaming device company posted a smaller-than-expected loss and beat analysts’ sales expectations in its most recent quarter.
The company reported a loss of $1.70 per share, better than the $1.73 per share analysts polled by Refinitiv. Roku grossed $867 million, beating the consensus estimate of $802 million.
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Roku shares 1 day
13 hours ago
We could be in the “early innings of a bull market,” says investor Victoria Greene
There may be some strength in this equity rally, according to Victoria Greene, chief investment officer at G Squared Private Wealth.
“It ignores the bond market, it ignores the Fed, it ignores fundamentals and it ignores some of the economic data. All she’s focused on is the surge on techs,” Greene said on CNBC’s Closing Bell: Overtime on Wednesday.
“And that’s what happens — in the early innings of a bull market, you always see the market going for no fundamental reason,” she continued.
The investor made her comments after a positive day for the major moving averages. Traders shrugged off a stronger-than-expected January retail sales report that could signal further tightening from the Federal Reserve. According to Greene, this suggests the rally “has some legs.”
“The Fed says they’re going to be hawkish but the techs are saying this rally is coming and I really don’t think we’re going to retest those October lows because we’ve hit some really important tech support,” said Greene.
– Sarah Min
13 hours ago
Big jump for small caps in Wednesday’s session
The Russell 2000, the small-cap benchmark, rose 1.09% during Wednesday’s regular trading, posting its third positive day of four — and beating the three major moving averages.
The index is also on track for a jump week of 2.2% to date.
Personal finance site NerdWallet drove the index, rising a staggering 26% during the trading session. The company released its latest quarterly earnings on Tuesday, beating analysts’ estimates for revenue and earnings, according to FactSet. The forecast for first-quarter revenue was also higher than Wall Street had expected.
Crypto names also boosted the Russell 2000, with Silvergate Capital up 28% and Marathon Digital up more than 18%. Crypto stocks rose in tandem with Bitcoin’s 8% jump. The flagship cryptocurrency peaked at $24,288, its highest since Aug. 17.
-Darla Mercado, Gina Francolla
13 hours ago
The January PPI report is due Thursday morning
Investors are keeping an eye out for another inflation report: the January PPI. Data will be released Thursday at 8:30am ET.
The producer price index measures the prices paid by wholesalers. Economists polled by Dow Jones expect the metric to rise 0.4% in January. Back in December, the index slipped 0.5% for the month. Excluding volatile food and energy prices, economists are forecasting that the PPI rose 0.3% in January, compared to a 0.1% gain in December.
The PPI report should provide investors with further context on inflation and a glimpse of how the Federal Reserve might chart the way forward for its rate hike campaign. In fact, January’s CPI was hotter than expected, while retail sales for the month beat expectations.
-Darla Mercado, Jeff Cox
14 hours ago