Novavax, FireEye, and Expedia Stocks Are Tumbling — and What Else Is Happening in the Stock Market Friday
The stock market is in a holding pattern as investors wait on July’s jobs report. Novavax, Expedia, and FireEye are sliding, while DraftKings, Plug Power, and Carvana stock are rising.
Dow Jones Industrial Average futures have risen 32 points, or 0.1%, while S&P 500 futures have ticked up 0.1%. Nasdaq Composite futures have dipped 0.1%.
July’s jobs report, due at 8:30 a.m., should have a lot to say about whether the stock market rises or falls. “A strong figure should further boost appetite in US equities,” writes Ipek Ozkardeskaya, senior analyst at Swissquote. “A soft figure, on the other hand, could hardly change the expectation that the Fed will announce bond tapering sometime between the end of this year and the beginning of the next, and the first rate hike in 2023.” Economists predict that the U.S. economy added 862,500 jobs in July.
Still, there’s more than just payrolls to keep an eye on. The Delta variant of Covid-19 continues to spread, while talk of booster shots is all the rage. Earnings, meanwhile, have been coming in strong, with 85% of companies that have reported topping profit estimates. Good news on the former and bad news on the latter could also have a say in whether stocks head higher or lower.
So far, the earnings since Thursday’s close have been pretty solid—even if the reactions haven’t always been that great.
Carvana (CVNA) stock had gained 10% after the online used-car retailer reported a surprise profit of 26 cents a share, beating forecasts for a 41 cent loss, on sales of $3.34 billion, topping expectations for revenue of $2.44 billion.
Plug Power (PLUG) has gained 11% despite reporting an 18 cent loss, worse than the 8 cent loss predicted by analysts, on sales of $124.56 million beating expectations for. $114.02.
DraftKings (DKNG) has risen 3.9% after reporting a loss of 76 cents a share, below forecasts for a loss of 52 cents. Revenue of $298 million, however, topped expectations for sales of $242.41 million, and the company also raised its 2021 revenue guidance.
Novavax (NVAX) has slumped 11% on concerns its Covid-19 vaccine is taking too long.
Expedia (EXPE) has dropped 6.7% after reporting a loss of $1.13 a share, missing forecasts for a 65 cent loss. Sales of $2.11 billion beat expectations for revenue of $2 billion.
FireEye (FEYE) has slumped 9.9% after reporting a surprise 14 cent per-share loss—analysts had been expecting a 9 cent per-share profit—on revenue of $114 million, below forecasts for $245 million.
Write to Ben Levisohn at [email protected]
