US jobs rose by 261,000 in October, beating expectations
The U.S. economy added more jobs last month than expected, according to numbers released Friday by the Bureau of Labor Statistics.
Jobs rose by 261,000 in October205,000 according to Dow Jones estimates.
– Fred Imbert
Starbucks, Carvana, DraftKings are pre-marketing big moves in stocks
Some of the companies moving before Friday are:
Draft Kings – DraftKings fell 12.5% in trading below expectations for a smaller-than-expected quarterly loss and revenue that topped Wall Street forecasts. The sports betting firm also raised its earnings guidance and warned that a prolonged economic downturn could hurt its customers’ spending.
China stocks – Shares of China-based companies that trade in the US rallied in off-hours trading on reports that China will ease its strict Covid-19 regulations. Ali Baba (Baba) rose 9.7%, JD.com (JD) gained 9.3%, chase after (PDD) added 8.8% and Bilibili (BILI) rose 14.4%.
Starbucks – Starbucks shares rose 4.6% in premarket trading after the coffee chain posted better-than-expected profit and revenue in its latest quarter. Starbucks said its investments in new equipment and higher wages for workers are paying off.
Door Dash – DoorDash shares were up 11.9% in premarket trading, as its quarterly loss was larger than expected on the strength of booked orders and better-than-expected revenue. Consumers continue to spend on food delivery despite rising prices.
Carvana – Carvana fell 7.4% in premarket trading after the used-car retailer reported worse-than-expected quarterly results. Increased car prices and higher interest rates were the main factors in reducing demand.
Check out the full list Stocks make huge moves here.
– Peter Shagno, Samantha Subin
Twilio, Atlassian drop more than 25%
Shares of both Twilio And Atlassian It fell more than 25% before hours on Friday after software companies gave weak guidance in their quarterly reports.
Twilio excels Analysts’ expectations on the top and bottom lines, a smaller-than-expected loss in the quarter. For the fourth quarter, Twilio expects revenue of $995 million to $1.005 billion. Analysts surveyed by Refinitiv had expected revenue of $1.07 billion.
Share of Atlassian It fell on a small revenue loss and weak outlook. For the fiscal second quarter, Atlassian sees revenue of $835 million to $855 million, below consensus expectations of $879.2 million, according to Refinitiv.
– Samantha Subin, Jordan Novette
PayPal falls on weak earnings guidance
PayPalShares fell more than 6% in premarket trading on Friday Earnings expectations for the fourth quarter fell Wall Street’s expectations.
The company beat third-quarter expectations on both the top and bottom lines, but said revenue for the current period would come in at $7.38 billion. That was behind analysts’ expectations of $7.74 billion surveyed by Refinitiv.
Meanwhile, PayPal raised its earnings per share guidance for the full year, citing “ongoing productivity initiatives” and said it expects the addition of 8 to 10 million new net active users.
– Samantha Subin, Lauren Finer
Block shares are booming
Shares of the mobile payments company rose 14% before Friday It posted a strong revenue hit in the latest quarter.
Block shared earnings of 42 cents a share, beating EPS estimates of 23 cents. The company also posted some revenue hits.
Block’s Cash App business reported a 51% improvement in gross profit year-on-year.
— Samantha Subin, Gif Living
BTIG says WeWork will nearly triple
BTIG’s shares said WeWork Organizations are uncertain about whether remote, hybrid or in-person working can mobilize more than 190% from current levels, making it difficult to set a long-term corporate real estate strategy.
“This uncertainty will last years, not quarters, and employers will prioritize flexibility as they seek to decide when, where and how their employees will use office space,” the company said.
CNBC Pro subscribers can Read more here.
– Carmen Reinicke
Funko shares fall after big earnings miss
Shares of toymaker Funko fell more than 40% in premarket trading after the company posted weaker-than-expected third-quarter profit and cut its full-year earnings outlook.
Results also led JP Morgan should cut shares To be overweight to neutral, noting: “We believe the valuation will be restrained until there is more visibility from an earnings perspective (especially a small-cap company).”
– Carmen Reinicke
China tech stocks extend gains on reopening rumors
Hong Kong-listed Chinese tech heavyweights extended gains in afternoon trade as the broader index added more than 6%.
The surge comes amid speculation over when China might ease its Covid restrictions.
– Lee Ying Shan
Oil prices rise amid speculation of a weakening dollar and a change in China’s Covid stance
Oil prices rose due to a decline in the US dollar index and speculation that China will ease its Covid restrictions.
Brent crude futures Added 2% to $96.56 per barrel American West Texas Intermediate A barrel rose 2.21% to $90.12.
– Lee Ying Shan
CNBC Pro: This tech stock is a ‘knife buy’ right now: Rittholtz’s Josh Brown
CNBC Pro: This global biotech stock could soar 398% over the next year, says Morgan Stanley
Analysts at Morgan Stanley think the global biotech company’s stock could rise 398% over the next year.
The company’s latest regenerative medicine has completed Phase 2 trials in Japan and the US and is awaiting final approval.
Analysts believe it will be a “significant contributor to long-term earnings” once approved.
– Ganesh Rao
After-hours Blockchain shares gain, PayPal shares fall
Shares of Block rose 13.6% in extended trading Thursday after the mobile payments company beat profit and sales expectations. Block posted earnings of 42 cents a share on revenue of $4.52 billion. Analysts polled by Refinitiv had forecast earnings of 23 cents per share on revenue of $4.49 billion.
On the contrary, PayPal Shares fell more than 8% after the company released a fourth-quarter earnings forecast that fell short of analysts’ expectations. Otherwise PayPal Revenue and earnings for the third quarter beat expectations.
Key averages for the week are on pace
As of Thursday’s close, the major averages are set for a losing week. Here’s where they stand in Friday’s jobs report:
- The Dow Jones Industrial Average fell 2.62%, on pace to snap a 4-week winning streak.
- The S&P 500 fell 4.65%, on pace to snap a 2-week winning streak. The broader market index is set for its worst weekly performance since September 23 after falling 4.65%.
- The Nasdaq Composite fell 6.84%, on pace to end a 2-week winning streak. The tech-heavy index is on track for its worst weekly performance since Jan. 21, when it fell 7.55%.
– Sarah Min, Christopher Hayes
Stock futures open lower
U.S. stock futures fell slightly on Thursday night Major averages fell for a fourth straight dayAnd investors looked to the October jobs report from the Federal Reserve for clues about the pace of future rate hikes.
Dow Jones Industrial Average futures fell 24 points, or 0.06%. S&P 500 and Nasdaq 100 futures were down 0.09% and 0.1%, respectively.
– Sarah Min