Premarket trading on Monday was not looking good for bulls. Equities were down by as much as 2.5% (Nasdaq Composite). Crude oil traded down about 2.7%, and gold traded down about 1.3%. Could be that investors are honing their chops for Wednesday’s consumer price index (CPI) report. The index is expected to rise by 0.2% and core CPI, which excludes food and energy, is expected to jump by 0.4%. These estimates are lower than last month’s actual readings, indicating that economists believe inflation has peaked. If that turns out to be a bad guess, stocks are likely to be pounded when the markets open Wednesday.
Before markets opened on Monday, Palantir Technologies missed analysts’ consensus earnings estimate and barely beat the consensus revenue estimate. The really bad news, however, was downside revenue guidance for the current quarter. The stock traded down about 9% in premarket action.
Beauty products giant Coty reported better-than-expected earnings and revenue for the firm’s fiscal third quarter. Coty also raised full-year earnings per share (EPS) guidance to a new range of $0.23 to $0.27. The stock traded up about 0.3%.
Fuel cell maker Ballard Power missed estimates on both the top and bottom lines. Shares traded down about 3% in the premarket session.
Lordstown Motors had no revenue, as expected, and posted a wider-than-forecast per share loss. The stock traded down 6.8%.
Tyson Foods blew past the per-share earnings estimate and also topped the consensus revenue estimate. Shares traded up about 2.8% in Monday’s premarket session.
We already have previewed five companies set to report results after markets close Monday or before they open on Tuesday: AMC Entertainment, Cronos, Hecla Mining, Li Auto and Peloton.
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