Plug Power, CrowdStrike, Uber, GameStop: What to Watch When the | Sidnaz Blog

Here’s what we’re watching ahead of Wednesday’s opening bell.

U.S. stock futures wavered as investors awaited the Federal Reserve’s latest economic outlook and any signals on interest rates and bond purchases for the next few years.

Futures tied to the broad S&P 500 index and the Dow Jones Industrial Average were relatively flat, suggesting the benchmarks may be choppy after the market open. Contracts linked to the technology-heavy Nasdaq-100 edged 0.3% lower.

What’s Coming Up

U.S. housing starts for February, due at 8:30 a.m. ET, are expected to fall to an annual pace of 1.54 million from 1.58 million a month earlier.

The Federal Reserve releases a policy statement and updated economic projections at 2 p.m.; Chairman Jerome Powell holds a press conference at 2:30 p.m.

Earnings are due from uniform-rental service

Cintas


CTAS -1.04%

this morning. Retailer

Williams-Sonoma


WSM 1.09%

will give an update after the close.

Market Movers to Watch

—Shares of

Plug Power


PLUG -8.14%

dropped 23% premarket. The hydrogen and fuel-cell technology company will restate its results for fiscal years 2018 and 2019 as well as quarterly filings for the 2019 and 2020 periods, mainly due to accounting errors.

—”Meme” stocks

GameStop


GME -5.44%

are

AMC Entertainment


AMC -7.26%

are both sluggish this morning, dropping more than 4% before the open. The House Financial Services Committee today will continue its investigation into this year’s short-squeeze retail-trading frenzy.

Uber


UBER -2.23%

shares slipped 1.2% ahead of the bell. The ride-hailing company said it will grant its U.K. drivers an employment status entitling them to vacation pay and pension contributions, a costly shift in one of its largest overseas markets.

CrowdStrike


CRWD -2.11%

shares jumped 4.9% premarket. The cybersecurity company reported better-than-expected results for the fourth quarter and projected more than $1 billion in revenue this year.

George Kurtz, chief executive officer of CrowdStrike, spoke during the Montgomery Summit in Santa Monica, Calif., March 4, 2020.



Photo:

Patrick T. Fallon/Bloomberg News

Coupa Software


COUP -3.49%

added 2.1% premarket. The business-software provider swung to a surprise adjusted profit in its fiscal fourth quarter and reported quarterly sales above Wall Street expectations.

Apple


AAPL 1.27%

ticked down 0.6% premarket. The French competition regulator rejected a plea from advertising companies and publishers to block Apple’s plan to restrict tracking of individuals’ mobile-app usage.

Market Fact

The Russell 2000 Index of small-cap stocks has risen more than 17% this year. By comparison, the S&P 500 is up 5.5% and the Nasdaq Composite has gained 4.5%.

Chart of the Day

Builders and manufacturers are passing along higher prices for wood, copper and bricks—while building permits for residential construction are being issued at their highest rate since 2006.

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