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Futures Point Lower Thursday; CarMax, Rite Aid Plunge Following Earnings Letdown

Thursday, September 29, 2022 08:25 AM | Nick Dey

First Look

Futures are pointed lower Thursday. Cryptos are up. The pound is giving back gains as UK gilt yields rise after Prime Minister Liz Truss defended her large tax-cut stimulus plan. Weekly jobless claims are expected to have remained steady in the week ended 9/24 with 213,000 unemployment claims. CarMax (KMX) is plunging 14.85% after the company missed earnings estimates by a wide margin as car sales fell. Lastly, Ride Aid (RAD) is down 11.81% after posting a wider loss-per-share than expected and issuing in-line full-year 2023 EPS guidance. The Dow Jones is down -0.74%, the S&P is down -0.93%, the Nasdaq is down -1.24%.

Today's Sentiment

Bearish

Quote of the Day

With everything I do, I just try to be myself.
Kevin Durant

Daily Action Trade

Stocks on the Move

Higher

  • Freeport-McMoRan Inc (FCX)
  • KeyCorp (KEY)
  • Occidental Petroleum Corporation (OXY)
  • Duke Energy Corp (DUK)
  • Ecolab Inc. (ECL)

Lower

  • CarMax, Inc (KMX)
  • Hess Corp. (HES)
  • Franklin Resources, Inc. (BEN)
  • US Bancorp (USB)
  • Lincoln National Corporation (LNC)

Upgrades & Downgrades

Upgrades

  • Apple Inc (AAPL)
  • Charter Communications Inc (CHTR)
  • NorthWestern Corp (NWE)
  • Golar LNG Limited (GLNG)
  • Range Resources Corp. (RRC)
  • First Solar, Inc. (FSLR)

Downgrades

  • O2Micro International Limited (OIIM)
  • Sunlight Financial Holdings Inc (SUNL)
  • Cognyte Software Ltd (CGNT)
  • HUYA Inc - ADR (HUYA)

International Markets

Stocks in Asia are mixed. The Australia ASX All Ordinaries is up 1.51%, the Nikkei 225 is up 0.95%, the Shanghai SE Composite Index is down -0.13% the Mumbai Sensex is down -0.33% and the Hang Seng is down -0.49%. Stocks in Europe are down. The DAX is down -1.25%, the Euro Stoxx 50 is down -1.23%, the CAC 40 is down -1.17% and the FTSE 100 is down -0.97%.

Futures & Currencies

Energy futures are mixed today. The price for West Texas Intermediate crude oil is up 0.08 at 82.23 per barrel. Brent crude is up 0.08 at 89.4 per barrel. Natural Gas is down -0.03 at 6.93. Precious metals are mixed this morning. Gold is down -8.74 at 1651.23 per ounce. Platinum is up 2.78 at 869.23 while silver is down -0.19 at 18.69. The dollar is up compared to the major currencies today. The greenback is up against the euro, up against the Yen and up against the Pound. Bitcoin is up 2.49% to $19,461.28 while Ethereum is up 3.03% to $1,336.10.

Put/Call Ratio

Yesterday, 1,039,968 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 777,261 put contracts. The single-session put/call ratio was 0.75.

Today's Economic Calendar

No. What's Happening? Period Release Time
1 Continuing Claims 09/17 08:30 ET
2 Initial Claims 09/24 08:30 ET
3 EIA Natural Gas Inventories 09/24 10:30 ET

Earnings Expected Today

BBBY, CMTL, FEAM, KMX, MU, NKE, RAD, WOR

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