Plug Power, Rivian, Roblox, Adobe: What to Watch When the Stock Market Opens Today - The Wall Street Journal
A Rivian R1T electric pickup truck during the company’s IPO outside the Nasdaq MarketSite in New York, Nov. 10, 2021.Photo: Bing Guan/Bloomberg News
Updated Dec. 16, 2021 9:32 am ET
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Wall Street stocks opened higher, putting major indexes on course to extend gains that followed the Federal Reserve’s move to speed up its plans to tighten policy. Here’s what we’re watching in Thursday’s trading:
- Korean electric vehicle maker Edison Motors agreed to partner with the hydrogen fuel cell provider Plug Power to develop and bring to market an electric city bus.
- Rivian , FedEx and Steelcase are among the companies reporting earnings Thursday.
- Crypto firm Bakkt Holdings opened sharply lower. The company’s shares had gotten a boost in October after it partnered with Mastercard to enable cryptocurrency card payments, but since then the stock has mostly declined.
- Meme stocks AMC Entertainment and GameStop both had a spring in their step premarket.
- Exchange-traded funds under the umbrella of Cathie Wood’s ARK Investment bought shares of Roblox and Roku on Wednesday after shares of both companies fell sharply, Barrons reported.
- Accenture shares jumped in New York. The Dublin-based consulting company raised its full-year earnings guidance and said it expects double-digit revenue growth in the fiscal second quarter.
- Software company Adobe matched profit forecasts for the recent quarter, but its guidance for fiscal 2022 fell short of expectations.
- Industrial machinery company Nordson said profit rose in the recent quarter driven by higher sales, but it projected sales growth next year to climb at a slower pace.
- U.S.-traded shares of Stockholm-based Calliditas Therapeutics soared ahead of the bell. The U.S. Food and Drug Administration granted accelerated approval to a treatment aimed to reduce proteinuria in adults, according to a press release.
- Home builder Lennar ’s earnings and sales reported after Wednesday’s close were both below forecasts.
- Heico reported an increase in quarterly operating income and said the negative impact of the pandemic on its business had been declining over time.
Chart of the Day
- The Federal Reserve could make a mistake by tightening too aggressively, but even worse would be a Covid-19 outbreak that takes tightening off the table, writes Heard on the Street columnist Justin Lahart.
Write to James Willhite at [email protected]