U.S. stock futures were relatively flat on Thursday, while government bonds rallied after Federal Reserve Chairman Jerome Powell reaffirmed his plans to steadily tighten monetary policy. The FED hinted at a likely interest rate hike in March and will end its bond purchases as it continues to withdraw accommodative monetary policy.
Dow futures (DJIA) were up 0.02%, S&P futures (SPX) down 0.11%, and Nasdaq futures (NDX) down 0.10% at the time of writing.
In addition, rising political tensions between Russia and Ukraine is a point of concern, causing investors to scamper for safety away from riskier bets.
Upcoming Earnings
Dow Inc. (DOW), JetBlue Airways (JBLU), and McDonald’s (MCD) are set to report their quarterly results before the bell. Apple (AAPL), Mondelez International (MDLZ), and Altigen Communications, Inc. (ATGN) will report after the close.
Market News
Mattel (MAT) has signed a multi-year licensing agreement with Walt Disney. The deal allows the company to develop toys based on the Disney Princess and Frozen franchises. The company plans to develop fashion dolls and figures based on high-profile characters such as Aladdin, the Little Mermaid, and Cinderella.
Intel (INTC) can breathe a sigh of relief after Europe’s second-highest court quashed a $1.2 billion antitrust fine. The fine imposed by the European Commission relates to allegations that the chip giant provided rebates to its customers to gain a competitive advantage against Advanced Micro Devices. The court, in its decision, affirmed the alleged claims did not meet the requisite legal standard.
Chevron Corporation’s (CVX) board has approved a 6% dividend increase. The new dividend of $1.42 a share is to be paid on March 10, 2022, to shareholders of record as of February 16, 2022. The company’s annual dividend stands at $5.68 a share, representing a 4.3% dividend yield.
Shares of AT&T, Inc. (T) fell 8.4% despite the global telecommunication company delivering better-than-expected fourth-quarter results. Adjusted earnings landed at $0.78 a share, up 4% year-over-year, and above consensus estimates of $0.76 a share. Quarterly revenues were down 10.4% year-over-year to $40.96 billion, exceeding consensus estimates of $40.68 billion.
Levi Strauss & Co. (LEVI) shares popped 8.6% in after-hours trading after the clothing brand delivered solid fourth-quarter results. Adjusted earnings more than doubled year-over-year to $0.41 a share, beating analysts’ estimates of $0.40 share. Revenue, on the other hand, grew 22% year-over-year to $1.69 billion, above consensus estimates of $1.68 billion.
Download the TipRanks mobile app now
To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.
Read full Disclaimer & Disclosure.
