Dow Jones Futures: Fed Taper Looms For Market Rally; Tesla Pauses, CAR, BBBY Lead Meme Stock Revival – Investor’s Business Daily
Dow Jones futures were little changed Wednesday morning, along with S&P 500 futures and Nasdaq futures, with the Fed taper on tap Wednesday. The stock market rally showed slim gains Tuesday, with all the major indexes hitting record highs intraday.
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Bed Bath & Beyond (BBBY) announced big e-commerce news, fueling a revival not only in BBBY stock but in “traditional” meme stocks AMC Entertainment (AMC) and GameStop (GME).
Digital Turbine (APPS) and Caesars Entertainment (CZR) were notable after-hours earnings.
Tesla stock retreated modestly after Tesla CEO Elon Musk tweeted that the Hertz order for 100,000 Model 3 EVs is not signed. Meanwhile, Hertz rental car rival Avis (AVIS) skyrocketed Tuesday as strong earnings sent a short squeeze into overdrive. But CAR stock parked well off intraday highs.
Bed Bath & Beyond
BBBY stock skyrocketed as the housewares retailer will truly go “beyond” with an e-commerce pact with grocery giant Kroger (KR). Bed Bath & Beyond said after the close that it’ll launch a digital marketplace that will sell third-party goods, including from Kroger. Bed Bath & Beyond also said its BBBY stock buyback was ahead of schedule.
BBBY stock erupted for a 52% gain in premarket trade — off overnight highs — fueled by likely heavy short covering. Bed Bath & Beyond was one of the original meme stocks earlier this year and Reddit investors were buzzing about BBBY stock late Tuesday. Kroger stock rose slightly.
Meanwhile, AMC stock rose 5% and GameStop popped 4% early Wednesday, as Bed Bath & Beyond spurred a broader meme stock revival. AMC and GME stock arguably could be flashing aggressive entries from various trend lines, but are off overnight highs.
Key Earnings
APPS stock, Caesars, SolarEdge Technologies (SEDG), Sprout Social (SPT) and new IPO Freshworks (FRSH) reported earnings after the close.
Digital Turbine, CZR stock, Sprout Social and FRSH stock all closed near buy areas ahead of earnings.
SPT stock leapt 9% overnight, signaling an aggressive entry off a trend line and 50-day. Sprout Social …….