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Wall Street indices opened lower
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US100 struggles near the 16,000 pts area
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Bed Bath & Beyond surges on buyback news
Indices from Wall Street launched today's trading slightly lower. Weaker performance of US equities comes after a mixed European session that saw major indices from the region wandering without a common direction. Futures failed to see any major reaction to solid ADP reading earlier in the day and now attention is moving to the FOMC decision (6:00 pm GMT). Bed Bath & Beyond surged following accelerated buyback announcement.
Upward move on US100 eased recently but the index continues to trade within an upward channel. Index tested the 16,000 pts mark earlier today but failed to break above. US100 is closing in on the lower limit of the channel in the 15,950 pts area and should we see a break below, the next important support to watch can be found at the lower limit of local market geometry (15,780 pts). Source: xStation5
Bed Bath & Beyond (BBBY.US) gained as much as 90% higher in the after-hours trading after announcing an accelerated share buyback. Company plans to complete the purchase of $1 billion worth of shares by the end of February - two years faster than planned. There is around $400 million left to be bought. Stock has moved off the overnight highs and launched today's cash session 53% above yesterday's close.
Humana (HUM.US) reported Q3 revenue at $20.70 billion, up 3% YoY (exp. $20.85 billion), and EPS at $4.83, up from $3.08 a year ago (exp. $4.69). Company lowered full-year profit guidance for 2021 and expects adjusted EPS around $20.50, down from previous forecast of $21.25-21.75). Humana said that the forecast downgrade is a result of higher costs the company has incurred related to Covid-19 in the second half of 2021.
Activision Blizzard (ATVI.US) reported Q3 revenue at $2.329 billion ($1.883 billion) and EPS at $0.72 (exp. $0.70). Net income reached $566 million (exp. $556.2 million). Company announced that releases of Diablo IV and Overwatch 2, two awaited titles, will be delayed. Activision did not specify new release dates. Company expects Q4 revenue to reach $2.78 billion, much weaker guidance than $2.95 billion expected by analysts. Delayed release of new games as well as lacklustre guidance for the next quarter pushed Activision shares lower. Goldman Sachs downgraded stock to "equal-weight" with a $65 price target.
Bed Bath & Beyond (BBBY.US) surged following announcement on accelerating buybacks. Stock launched today's trading over 50% higher but has erased part of the gain already. Nevertheless, share price holds above a mid-term price zone at $23.00, and around 35% above yesterday's close. Source: xStation5
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