DJ Ford Stock Rises, Peloton Falls, and the Market Is Ready for More Fiscal Stimulus -- Barrons.com
Stocks were rising Friday morning as a massive fiscal stimulus program looks to be on the way soon.
Dow Jones Industrial Average futures were up 129 points, or 0.4%. The S&P 500 was indicated to open 0.4% higher, while the Nasdaq Composite futures were up 0.3%.
The Senate is moving forward with a budget that includes a $1.9 trillion spending package. Not only would more stimulus mean even more pent-up consumer demand and more cash to help small businesses rehire workers, but this is at the upper end of the expected size range on Wall Street. As Covid-19 vaccines keep finding people's arms, states can reopen and economic activity may shoot back to pre-pandemic levels.
Here were some notable movers on the day:
Ford (ticker: F) shares rose 2.5% after the car maker posted a sizable earnings-per-share figure of 34 cents, while Wall Street was expecting a 7-cent loss. The company said revenue was $.33.2 billion, versus estimates of $33.9 billion.
Peloton (PTON) shares were down 7% after the company's earnings topped analysts' estimates. The company earned 18 cents per share on $1.06 billion of revenue, versus expectations of 9 cents per share and $1.03 billion of sales.
Activision Blizzard (ATVI) shares popped 8% after the videogame publisher reported fourth-quarter net bookings that topped expectations, rising 13% to $3.05 billion.
International Paper (IP) rose 1.5% after Seaport Global Securities upgraded the stock to Buy from Neutral.
MSG Networks (MSGN) shares rose 1.5% after Macquarie upgraded the stock to Outperform from Neutral.
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(END) Dow Jones Newswires
February 05, 2021 09:10 ET (14:10 GMT)
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