Stocks open higher as the S&P 500 tries to snap a 5-day losing streak

Stocks, the S&P 500 opened higher on Thursday after five days of losses.

Dow Jones Industrial Average futures rose 126 points, or 0.4%. Both the S&P 500 and Nasdaq Composite added 0.4%.

– Samantha Subin

Argus improved its shares AT&T to buy from a hold rating, saying the telecom stock will pick up as its customer base expands and spending increases on 5G.

“Investment spending on 5G and fiber broadband networks are its critical near-term strategic priorities in order to lay the foundation for sustainable long-term growth, along with debt reduction,” analyst Joseph Bonner said in a note to clients on Wednesday.

The company’s spin-off from WarnerMedia’s Discovery also allows it to focus on its telecom business. A recent focus on debt reduction and refinancing will also help AT&T turn around the current macro landscape, he said.

“AT&T’s wireless business was the star in 2022 as the company added significant numbers of subscribers despite price increases,” Bonner writes. “While it didn’t gain as many subscribers as industry leader T-Mobile, it fared better than Verizon’s subscriber losses and anemic numbers.”

Shares of AT&T have performed solidly this year, with shares up nearly 4% despite broader market turmoil. The firm’s $24 price target suggests a potential upside of more than 24% from Wednesday’s close.

– Samantha Subin

The Labor Department said Thursday that jobless claims rose slightly last week to 230,000, exactly in line with Dow Jones estimates.

Total for the week ending late December. 3, represented an increase of 4,000 from the previous period and also matched the four-week moving average calculated to adjust for weekly volatility.

A week behind, ongoing claims rose 62,000 to 1.671 million, the highest since February by 62,000. 5.

Stock futures rose after the release.

– Jeff Cox

Here are some of the stocks that moved before Thursday’s bell:

Ciena – Shares of the networking equipment maker rose more than 17% last quarter after a significant top- and bottom-line beat.

GameStop – GameStop provided more extensive information than expected quarterly loss and sales that did not meet forecasts. CEO Matt Furlong said the company has completed the necessary investments and will be very prudent in future spending. GameStop moved between gains and losses in premarket trading.

Rent a runway – Since then, Rent The Runway has grown over 16% quarterly income It came in well above Wall Street forecasts, and the fashion rental company gave a good sales forecast. The company also said that the restructuring process has been substantially completed.

read it full list of stocks moving here.

– Peter Schacknow, Samantha Subin

Tesla shares fell nearly 2% in premarket trading after Bloomberg report the company will shorten factory shifts and delay new hires at its Shanghai factory.

According to the report, the shifts will be reduced from 11.5 hours to 9.5 hours from Monday. The news has investors worried that China’s demand for electric vehicles has not met expectations. Tesla has cut prices in China to boost demand.

– Tanaya Macheel

Chevron gained 1.3% in premarket trading on Thursday after the company raised its capital spending expectations for 2023.

The company said Wednesday that it will budget $17 billion for capital expenditures next year. This is near the top of management expectations.

– Samantha Subin

Exxon shares gained more than 1% before the bell Thursday after the company increased its share buybacks and shared plans to potentially double earnings and cash by 2027.

The oil giant said it will buy back $50 billion worth of shares by 2024. This includes $15 billion by the end of this year.

– Samantha Subin

The pain may not be over for Intel stock, according to Citi.

“Intel’s share growth in the CPU business appears to have reversed in 3Q22, and we expect AMD to regain market share in 4Q22,” a negative catalyst clocked in on the chip maker. “However, we expect the weak PC environment to continue through 2023, with the PC and data center food chains negatively impacting consensus estimates for Intel and AMD.”

It’s been a tough year for the PC market as companies struggle with falling demand and large inventories. Orders are now falling in the data center end market, and a correction is likely in the first half of next year, analyst Christopher Daneli wrote in a note to clients on Thursday.

In this area, Danely sees the biggest downside risks stemming from the enterprise market. While cautious on Advanced Micro Devices stock, Danely called it one of the bank’s “beneficial names” coming out of the expected recession.

Intel shares are down 45% this year.

– Samantha Subin

Everything Shares rose more than 1% after UBS upgraded the candy giant to buy on hold.

“Ours [near-term] Confidence is backed by overall price advantages and capacity additions in 2023, our [long-term] Confidence is driven by a more favorable operating environment in Confectionery and a long streak of growth for the large Snacks business,” UBS said in a note on Wednesday.

CNBC Pro subscribers can read the full story here.

– Alex Harring

Retail investors haven’t been scared off by the decline in stocks this year.

Most individual investors plan to invest the same amount or more in 2023 despite the cost-of-living crisis, according to a new survey by London-based investment research platform Finimize.

A majority of traders (72%) plan to back individual stocks in the coming year, while 64% favor Big Tech names. apple, Microsoft, Google and Purpose.

Read the full story here.

A shortage of semiconductors amid a boom in electric car sales could help boost profits for several chipmakers, according to Bank of America.

The Wall Street bank predicted that the two chip stocks would see their share prices rise by more than 75% on the back of this trend.

CNBC Pro subscribers can read more here.

– Ganesh Rao

GameStop reported a decline in revenues in its most recent quarter, as well as a sharp drop in cash pile as the video game retailer attempts to build its digital strategy. Earnings results are not comparable to estimates because few analysts cover the company.

Still, the retailer’s shares rose more than 4% in extended trading on Wednesday.

– Sara Min, Lillian Rizzo

According to SoFi’s Liz Young, Federal Reserve Chairman Jerome Powell may not be able to pause his rate hike campaign now.

“If you think it’s going to be a pause, a turnaround, a slowdown that’s going to save us, that would be the wrong move at this point. We’re still at about 7% CPI. It’s backed into a corner.” Young said Wednesday on CNBC’s “Closing Bell: Overtime.”

Head of investment strategy at SoFi noted November business report, which showed higher-than-expected wage growth. Average hourly earnings rose 0.6% last month, more than twice what economists had forecast.

“It wasn’t good news. So you’re still afraid of the wage-price spiral hanging over our heads,” Young said.

“He can’t catch a break. He definitely can’t turn around. I don’t think he can catch a break yet. So I’m getting to the point where it’s hard for me not to see the decline in this scenario,” he said. he added.

– Sara Min

It’s been a tumultuous year for tech companies as investors flee growth stocks in the face of rising interest rates and other headwinds.

apple although there were some winds, it held up better among the technological carnage.

Two investors face off on CNBC”Street Signs Asia” To make a case for or against the purchase of the stock on Wednesday.

CNBC Pro subscribers can read more here.

– Weizhen Tan

stocks Rent a runway Online retailers rose more than 22% in after-hours trading on Wednesday revenue exceeded expectations increased its guidance in the last quarter and for the year. Rising inflation has prompted shoppers to save money by borrowing designer clothes.

The stock closed at $1.36 during the regular session on Wednesday.

– Sarah Min, Melissa Repko

US stock futures were little changed on Tuesday Fifth straight day of losses for the S&P 500 as Wall Street weighed the possibility of recession.

Dow Jones Industrial Average futures were down 9 points, or 0.03%. S&P 500 futures lost 0.03%, and Nasdaq 100 futures lost 0.02%.

– Sara Min