Stocks rose Wednesday morning as earnings beat estimates and Inauguration Day arrived for President-elect Joe Biden.
Futures on the Dow Jones Industrial Average rose 95 points, or 0.3%. S&P 500 futures pointed to a positive opening, up 0.5%, while the Nasdaq Composite indicated it would open up about 1% highe.
Stocks have liked the Biden administration’s policy environment. Biden, Treasury Secretary nominee Janet Yellen, and the Democratic-controlled Congress plan to implement heavy fiscal spending to keep the economy afloat until Covid-19 reopenings. While most of the gains built on stimulus seem to be close to priced in, bullish sentiment has been strong.
Here were some notable stock movers:
Netflix (ticker: NFLX) was up 14.6% in premarket trading after the company said on its earnings report that it is close to turning free cash flow positive and is mulling buying shares back if it has less cash. The company posted revenue for the quarter of $6.6 billion, meeting expectations. Netflix earned $1.19 per share, less than estimates of $1.39.
Morgan Stanley (MS) rose 2% in premarket trading after the company posted revenue of $13.6 billion, beating estimates of $11.6 billion. The bank said earnings per share were $.1.81, ahead of expectations of $1.30.
Procter & Gamble Co. (PG) was 0.2% higher in premarket trading after the company said revenue was $19.75 billion, beating the forecast of $19.27 billion. The company earned $1.64, versus estimates of $1.51.
Delta Air Lines (DAL) was up about 1% in early trading after Argus upgraded the stock to Buy from Hold.
Caterpillar (CAT) slipped 0.8% after Citigroup downgraded the stock to Neutral from Buy.
Write to Jacob Sonenshine at jacob.sonenshine@barrons.com
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January 20, 2021 at 09:04PM
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Netflix Soars, Cat Drops, and Stocks Drift Higher Ahead of Biden’s Inauguration - Barron's
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