Anaplan Soars, CrowdStrike Falls, and What Else Is Happening in the Stock Market Wednesday
Stocks were set for a higher open as global economic data reinforced the possibility that central banks won’t soon act to rein in growth.
Futures on the Dow Jones Industrial Average futures gained 118 points, or 0.35%, while those on the S&P 500 rose 0.35%. Nasdaq Composite futures advanced 0.3%.
Several economic reports were disappointing, giving investors confidence that central banks won’t quickly move to reduce support for the economy. The Eurozone manufacturing purchasing mangers index read 61.4, missing estimates for 61.5. In Germany, retail sales fell 0.3% year over year, while economists expected 3.7% growth.
Figures from ADP showed that the U.S. added 374,000 jobs for August, missing expectations for 613,000. Investors will look to Friday’s Bureau of Labor Statistics jobs report of a clearer picture of the labor market.
“Futures are trading near record highs this morning after mostly disappointing economic data helped reinforce dovish expectations for global central bank policy,” writes Tom Essaye, founder of Sevens Report Research.
This comes after stocks slid Tuesday, partly because a member of the European Central Bank indicated the ECB may soon discuss reducing economic support.
Here are five stocks making moves in Wednesday’s premarket action:
Ambarella (AMBA) stock rose 9.2% after the company reported a profit of 35 cents a share, while Wall Street expected 25 cents. Sales were $79.9 million, above expectations for $75.9 million.
Anaplan (PLAN) stock rose 15%. Management reported a per-share loss of 9 cents, better than the expected 13 cents. Sales were $144 million, compared with expectations for $133 million.
PVH Corp. (PVH) rose 8.9% after reporting a profit of $2.72 a share from sales of $2.3 billion Analysts had penciled in a profit of $1.20 a share from $2.1 billion in sales..
CrowdStrike (CRWD) stock fell 3.1% even though the company reported a profit of 11 cents a share, which beat estimates for 9 cents. Sales came in at $337.7 million, above expectations for $323.5 million.
Facebook (FB) stock dropped 0.35%. Rosenblatt Securities downgraded the company to Neutral from Buy.
Write to Jacob Sonenshine at [email protected]
