FedEx, Stitch Fix, BlackBerry: What to Watch When the Stock Market Opens Today
Stock futures were inching up as fears around contagion from struggling property developer China Evergrande Group eased a bit and investors awaited a policy update from the Federal Reserve. Here’s what we’re watching ahead of Wednesday’s open.
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shares slid 6.2% premarket. The delivery giant spent an additional $450 million tied to problems attracting workers in its latest quarter, contributing to an 11% drop in profit. Rival
was also down, by 2.3%.
FedEx has had to spend more to attract workers.
Photo:
andrew kelly/Reuters
- Shares of
were looking spiffy with a 12% premarket jump. The online personal shopping and styling service reached $2 billion in annual sales for the first time.
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shares rose 3.1% after the maker of grocery staples like Cheerios, Häagen-Dazs and Betty Crocker said it expects changes in consumer behavior brought on by the pandemic to result in continued high demand for food at home.
- Crude prices gained more than 1%, and oil producers were riding the coattails.
added 2% premarket, Devon Energy gained 2.1% and
rose 1.8%.
- Sometimes an earnings beat isn’t enough. Software company
reported higher profit and record revenue in the latest period, but its stock was down 3.9% premarket.
- Bitcoin was up 2.4% from its 5 p.m. ET level on Tuesday, a move that has often boosted the stock of
—but premarket the cryptocurrency exchange added a more muted 0.2%. Perhaps investors are still licking their wounds after the company scrapped its plans for a lending program that had provoked threats of regulatory action.
-
and
are among the companies reporting earnings after Wednesday’s close.
Chart of the Day
- Insurers such as
Hartford and Voya have pulled back from the business, creating an opening for asset managers such as Apollo and
who bring a different and often riskier investment philosophy.
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