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DJIA Futures: -79 (-0.2%)

SPX Futures: -13 (-0.3%)

NASDAQ Futures: -60 (-0.4%)

Good morning friends!

Futures are falling as the market rally takes a pause.

Let’s get right to it!

Waiting For Data

The major indexes are extended losses today after falling on Monday. 

Traders are awaiting important labor market data this week while Fed officials are in a blackout period ahead of their meeting next week. 

The Labor Department releases the October job openings and labor turnover survey (JOLTS) at 10:00 a.m. ET today. 

Then payroll firm ADP will release its private employment report for November ahead of the market open tomorrow. 

The official November jobs report will be released at 8:30 a.m. ET on Friday morning. 

This data is key for the Fed’s fight against inflation as the central bank has said it needs to see a slowdown in the labor market.

GitLab Soars On Earnings Beat

GitLab (GTLB) shares are rallying 12.5% ahead of the open after beating Q3 expectations across the board. 

Here’s how the developer tools software maker’s results compared to analysts’ estimates: 

  • Adjusted EPS: $0.09 vs $0.01 loss expected
  • Revenue: $149.7 million vs $141.5 million expected

It was the first quarter Gitlab has posted an adjusted profit. 

Revenue jumped 32% year over year and the company had 874 customers contributing over $100,000 million in annual recurring revenue, up 37% from a year ago.

GitLab forecast Q4 adjusted EPS of $0.08 to $0.09 on $157 million to $158 million in revenue. 

Analysts were forecasting a net loss of $0.01 per share on $150.2 million in revenue.

CVS Jumps On Strong Guidance

CVS Health (CVS) shares are up 2.1% in premarket trade after issuing better-than-expected revenue guidance for 2024. 

The pharmacy giant said it expects full-year revenue of at least $366 billion vs analysts’ expectations for $344.5 billion. 

CVS forecast operating income of at least $15 billion, adjusted operating income of at least $17.2 billion, adjusted EPS of $8.50, and at least $12.5 billion in cash flow from operations. 

The company also announced the board approved a new quarterly dividend of $0.665, an approximate 10% increase, which will begin in the February quarter. 

The President and CEO said, “We are successfully executing on our strategy to advance the future of health care while unlocking new value for consumers. The combination of our businesses, and the key growth areas we have invested in, drive our ability to lower the total cost of care, improve health outcomes, and deliver on our commitments to our customers, consumers, and shareholders.”

In Case You Missed It

  • U.S. factory orders fell more than expected in October. The Commerce Department reported factory orders fell 3.6% vs expectations for a 3.5% decline. It was only the second decline in the past eight months. Non-defense aircraft orders, mostly Boeing (BA) planes, saw a steep drop. Excluding transportation, factory orders were down just 1.2%.

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