Pre-market futures have come back up for air this morning, after spending much of this trading week in the red — most notably yesterday. What began as a rotation out of high-priced, highly speculative AI and other software eventually turned “risk off” across the board.
Bargain hunters are pushing indexes into the green at this hour: the Dow is +267 points, +0.54%, while the S&P 500 is +40 points, +0.59%. Even better this morning are the tech-heavy Nasdaq — +186, +0.76% — and the small-cap Russell 2000: +35, +1.39%. Only the Dow and the Russell are in the green over the past five trading days.
Super Bowl LX: A Boon for Betting?
In years past, we’d discussed Super Bowl Sunday in terms of consumer spending, in that it represents the appetite of the consumer around one single even for the first time since New Year’s. (We actually get a preliminary Consumer Sentiment Survey from the University of Michigan out after the opening bell this morning.)
But with the onset of publicly traded companies in the betting market, there’s another avenue to look at. What we’re seeing is a slight uptick at this hour for companies like Draft Kings DKNG and FanDuel parent Flutter Entertainment FLUT (another competitor, Kalshi, is still privately owned). This is good, but kind of a drop in the bucket: DKNG and FLUT are down -26% and -30% year to date, already. Perhaps a riveting Super Bowl game will drive business for both firms.
Earnings Reports This Morning at a Glance
We’re past the busiest days of Q4 earnings season reportage for the week, but it picks up again next week — what it will lack in Mag 7 companies reporting it will make up in sheer numbers of companies. These will include Coca-Cola KO, Ford F and Cisco CSCO, among many others.
UnderArmour UAA posted a huge earnings surprise this morning, swinging to a positive +$0.09 per share from -$0.02 expected, for a +550% outperformance. Revenues also came ahead of estimates to $1.33 billion by +1.47%. Shares are up +3.8% in early trading on the news.
MS and Alzheimers biotech treatment maker Biogen BIIB also posted a big beat on its bottom line, with earnings of $1.99 per share taking out the $1.61 estimate by +23.6%. Revenues of $2.28 billion surpassed expectations by +3.1% (though down from $2.40 billion reported a year ago). Shares are up +1.2% at this hour.
Another big outperformer this morning is Piper Sandler PIPR, which reported Q4 earnings of $6.88 per share — way above the $4.72 estimate for a positive surprise of +45.7%, on $635 million in revenues which zoomed past estimates by +23.2%. Shares of the investment banker are up +7.5% in early trading at this hour.
Research Chief Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
Free: See Our Top Stock And 4 Runners UpBiogen Inc. (BIIB) : Free Stock Analysis Report
Ford Motor Company (F) : Free Stock Analysis Report
CocaCola Company (The) (KO) : Free Stock Analysis Report
Cisco Systems, Inc. (CSCO) : Free Stock Analysis Report
Under Armour, Inc. (UAA) : Free Stock Analysis Report
Piper Sandler Companies (PIPR) : Free Stock Analysis Report
DraftKings Inc. (DKNG) : Free Stock Analysis Report
Flutter Entertainment PLC (FLUT) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
