What to watch today: Nasdaq futures drop more than 2% as stocks continue to sell off


BY THE NUMBERS

TODAY IN THE NEWS

russian president Vladimir Putin tried Monday to defend Moscow’s unprovoked invasion of Ukraine in a speech on “Victory Day,” the annual celebrations marking the Soviet Union’s victory over Nazi Germany. Putin urged his forces to succeed in Ukraine, saying it is a duty to remember those who prevailed in World War II. Putin referred to the Donbas region in eastern Ukraine numerous times throughout the speech. (CNBC)

* Photos show Russia’s massive ‘Victory Day’ parade in Moscow (CNBC)
* Dozens feared dead after bomb hits school in Ukraine’s Lugansk region (CNBC)

The two largest cities in China, Shanghai and Beijing tightened Covid restrictions on their residents on Monday, raising new frustrations and questions about the legality of their uncompromising battle against the coronavirus. China insists it will stick to its zero-COVID policy to combat a disease that first emerged in the city of Wuhan in late 2019, despite the mounting toll on its economy. (Reuters)

Ford Motor (F) is selling $8 million of its $102 million equity stake in electric vehicle maker Rivian Automotive (RIVN), according to sources who spoke to CNBC’s David Faber. The move comes as the blackout period for insiders to sell the shares expires. Rivian went public in November and initially rose, before going through a long slide.

Uber (UBER) will cut spending and focus on becoming a more agile business to weather a “seismic shift” in investor sentiment, CEO Dara Khosrowshahi told employees in a Sunday night email. obtained by CNBC. “It is clear that the market is undergoing a seismic shift and we must react accordingly,” Khosrowshahi wrote.

Elon Musk detailed his financial goals for Twitter (TWTR) in an investor presentation obtained by The New York Times. Among its goals: quintupling revenue by 2028, reducing the social network’s reliance on advertising, and reaching 931 million users by 2028 compared with 217 million at the end of 2021. Twitter fell 1.3% in trading prior to marketing.

Facebook parent Meta Platforms (FB) will open its first physical store and showroom for its virtual reality headset technology on Monday. a gateway to the metaverse. Customers will be able to purchase the Quest 2 headset. Meta is also preparing for a higher-end headset, currently known as cambria project and to be released later this year. (CNBC)

The Biden Administration Announced Monday that 20 internet companies, including CNBC and NBCUniversal parent company Comcast (CMCSA), agreed to provide discounted service to low-income Americans, a program that could effectively make tens of millions of households eligible for free service through an existing federal subsidy. (AP)

ACTIONS TO SEE

Palantir Technologies (PLTR) slumped 15% in premarket trading after posting a mixed quarter. Palantir reported earnings of 2 cents per share, compared with a consensus estimate of 4 cents per share. However, revenue was higher than expected, despite slower growth in its government business. The data analytics software company also issued a softer-than-expected revenue forecast for the current quarter.

Coty (COTY) reported quarterly earnings of 3 cents per share, beating the consensus estimate of a cent per share. Revenue also beat forecasts and the cosmetics company raised its outlook for the full year due to strong demand for its products. The stock was up 1.7% before trading.

Energizer (ENR) beat estimates by 9 cents a share, posting a quarterly profit of 47 cents a share. Revenue beat Street’s forecast as Energizer raised prices. The stock gained 2.3% before trading.

Elanco Animal Health (ELAN) fell 4.3% in premarket action after the animal health products company lowered its outlook for the full year, reflecting the impact of a stronger US dollar. Elanco reported slightly better-than-expected earnings and revenue for its most recent quarter.

Tyson Foods (TSN) rose 1% premarket after the beef and poultry producer beat profit and revenue estimates for its latest quarter. Tyson earned $2.29 per share, compared to a consensus estimate of $1.91 per share.

BioNTech (BNTX) beat Wall Street earnings and revenue estimates in its latest quarter, and also backed its previous outlook for 2022, including projections for sales of the Covid vaccine, which it developed with Pfizer (PFE).

Shell (SHEL) – Third Point’s Daniel Loeb told investors he has increased his stake in energy giant Shell, according to a letter seen by Reuters. Loeb said in the letter that he had had “constructive” discussions with management, the board and shareholders about his request that the company be broken up. Shell shares fell 2.6% in premarket action.

Southwest Gas (SWX): Southwest Gas has reached an agreement with investor Carl Icahn that will see the utility replace its CEO and give Icahn up to four board seats. Southwest Gas rose 1% before trading.

WATER COOLER



Reference-www.cnbc.com

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