BY THE NUMBERS
U.S. stock futures Tuesday were relatively flat on the first trading day of February, following a strong two-day rally that took some of the sting out a dismal and highly volatile January on Wall Street. The Nasdaq's best two-session gain since April 2020 and best single day since last March helped the tech-heavy index avoid posting its worst-ever January loss. The Dow and the S&P 500 also posted strong gains of 2.8% and 4.4%, respectively, over the past couple of sessions. (CNBC)
Despite a two-session advance of more than 6.5%, the Nasdaq remained firmly in correction territory, down 12% from its November all-time high as tech stocks saw a rough start to the year. The Nasdaq and the S&P 500 in January posted their worst months since March 2020, when the Covid pandemic was declared. (CNBC)
Google parent Alphabet (GOOGL) and General Motors (GM) top the list of the major companies out with earnings after the bell Tuesday. Exxon Mobil (XOM) and United Parcel Service (UPS) led the bevy of before-the-bell reports. (CNBC)
Shares of UPS jumped roughly 8% in Tuesday's premarket after the world's biggest delivery company forecast full-year revenue above expectations. UPS also beat on earnings and revenue in the fourth quarter. The company raised its quarterly dividend by nearly 50%. (Reuters)
Exxon Mobil on Tuesday reported mixed fourth-quarter results, beating estimates on adjusted per-share earnings but missing on revenue. Exxon also announced a new $10 billion stock buyback program, resuming repurchases for the first time in more than five years. Exxon shares gained nearly 1.5% in the premarket. (Reuters)
On today's economic calendar, the government issues its latest Job Openings and Labor Turnover Survey, more commonly known as JOLTS, at 10 a.m. ET. Economists are calling for 10.5 million job openings as of the end of December. (CNBC)
IN THE NEWS TODAY
Pfizer (PFE) and BioNTech (BNTX) may file as soon as Tuesday for permission to use their Covid vaccine in a two-shot course for kids under 5 years old, according to people familiar with the discussions who spoke to The New York Times. Emergency use authorization could come as soon as the end of February. The companies will continue to study the effectiveness of three doses for that group.
* Moderna receives full U.S. approval for its Covid vaccine (AP)
FedEx on Tuesday suspended its domestic express freight services, including FedEx two-day and three-day freight services, due to a staff shortage as Covid cases rose. The company's international economy freight pick-up services, which had been paused earlier, resumed Monday. Last month, FedEx said the spreading omicron variant caused a staffing shortage and delays in shipments transported on aircraft. (Reuters)
Tesla (TSLA) will recall 53,822 U.S. vehicles with the company's Full Self-Driving software that may allow some models to conduct so-called rolling stops and not come to a complete stop at some intersections. The National Highway Traffic Safety Administration said Tesla will perform an over-the-air software update to disable the rolling stop functionality. (Reuters)
AT&T (T) said Tuesday it'll spin off its WarnerMedia unit in a $43 billion transaction to merge its media properties with Discovery (DISCA). The deal to unwind AT&T's $85 billion purchase of Time Warner was announced early last year, but some financial details were not disclosed until Tuesday. AT&T also said it will cut its dividend by nearly half. (Reuters)
STOCKS TO WATCH
AMC Entertainment (AMC) rallied 4.7% in the premarket after announcing better than expected preliminary results for the fourth quarter. AMC said its results improved as 2021 progressed and that the quarter was its strongest in two years.
Sirius XM (SIRI) beat estimates by a penny a share, with quarterly earnings of 8 cents per share. Revenue came in above forecasts as well. Sirius XM announced a special dividend of 25 cents per share, and the stock rose 1% in premarket trading.
UBS (UBS) jumped 6.2% in premarket trading after the Zurich-based bank reported its best annual profit since 2006 and announced plans to increase its dividend as well its boost its share buyback program.
Cirrus Logic (CRUS) reported adjusted quarterly earnings of $2.54 per share, 40 cents above estimates, with the semiconductor company's revenue above estimates as well. Cirrus also issued stronger than expected current-quarter revenue guidance, but the shares slid 4.1% in the premarket.
New York Times (NYT) announced a deal to buy the popular daily word game Wordle for an unspecified amount that the paper said is "in the low seven figures." The Times will eventually move the game to its website and apps. New York Times fell 1.3% in premarket trading. (CNBC)