House Speaker Nancy Pelosi, D-Calif., is moving to ban stock trading on Capitol Hill, after having consistently opposed such a measure, Punchbowl News reports, as cited by Axios . This adds unprecedented momentum to an issue that also has bipartisan support on the Senate side.
Dow futures rose nearly 250 points, or nearly 0.7%, on Wednesday. S&P 500 and Nasdaq futures pointed to even stronger gains at the open, one day after all three stock benchmarks mounted a solid rally. The Nasdaq ‘s second positive session in the past three was helping the index move closer to getting out of correction territory. (CNBC) Earnings are once again the story on Wall Street, with Dow stock Disney scheduled to come out with quarterly results after the bell Wednesday.
Peloton (PTON) gave up earlier premarket gains and turned lower after soaring more than 25% as the connected fitness company announced a new CEO and job cuts. The embattled stock was still down roughly 75% from its all-time high nearly a year ago. (CNBC)
* Peloton’s new CEO wants to be ‘the great comeback story,’ an internal email shows (CNBC)
CVS Health (CVS) shares fell 2.7% in the premarket after the pharmacy chain said Wednesday that demand for Covid vaccines and at-home Covid tests lifted overall store sales, helping the company top expectations for fourth-quarter earnings and revenue. CVS is overhauling its stores to have a health-care focus. (CNBC)
Yum Brands (YUM) shares rose nearly 1.5% in the premarket after the Taco Bell, KFC and Pizza Hut owner said Wednesday higher costs weighed on profits, leading to a quarterly earnings miss. Revenue slightly beat estimates. All the company’s restaurant chains saw shrinking margins. However, all three chains reported higher same-store sales for the quarter, with Taco Bell leading the way with an 8% rise. (CNBC)
Chipotle Mexican Grill (CMG) shares soared 7.5% in Wednesday’s premarket, the morning after the company reported quarterly earnings that beat estimates and revenue that matched expectations. Chipotle said its customers stuck with the restaurant chain despite menu price increases to deal with high food and labor costs. The company also said it’s likely prices will go up again later this year. (CNBC)
Lyft (LYFT) shares trimmed earlier losses in the premarket after the ride-hailing service reported Tuesday evening ridership below analysts’ estimates. Lyft said higher fares and longer trips helped quarterly earnings slightly beat estimates. Revenue also exceeded expectations. Rival Uber is set to issue its results after the bell Wednesday. (CNBC)
New York’s governor and health officials are deciding whether to end or extend two Covid mask mandates, one in schools, the other in most other public indoor settings, like grocery stores, shops and offices. Gov. Kathy Hochul, a Democrat, plans to make an announcement Wednesday. Dropping the mask orders would put New York in line with many so-called blue states making similar moves. (AP)
The Justice Department said it seized more than $3.6 billion in allegedly stolen cryptocurrency linked to the 2016 hack of Bitfinex. As part of the operation, authorities detained a New York couple on allegations they planned to launder the digital goods. Officials said they arrested Ilya Lichtenstein, 34, and his wife, Heather Morgan, 31. (CNBC)
Morgan wrote an article in Forbes last summer with the headline: “Experts Share Tips To Protect Your Business From Cybercriminals.” She’s also an aspiring rapper and goes by the name Razzlekhan, calling herself the “infamous Crocodile of Wall Street.” She can be seen on a video rapping in front of the New York Stock Exchange.
Embattled Facebook-parent Meta Platforms (FB) rose in Wednesday’s premarket, the morning after closing with a market cap below $600 billion for the first time since May 2020. That also happens to be the number House legislators picked as the threshold for a “covered platform” in a package of competition bills aimed at Big Tech. (CNBC)
* Meta falls behind Nvidia in market cap, now 8th most valuable U.S. company (CNBC)
President Joe Biden publicly acknowledged Tesla (TSLA) for the first time in his presidency Tuesday, noting the company’s status as the nation’s largest producer of electric vehicles. Biden had avoided mentioning the company so far as president, a decision White House aides say is driven by his perception that Tesla is anti-union. (CNBC)
* Elon Musk helping restore Tongan internet after after a volcanic eruption and tsunami (AP)
Senate Minority Leader Mitch McConnell, R-Ky., on Tuesday admonished the Republican National Committee for voting to censure two GOP members, Reps. Liz Cheney and Adam Kinzinger, over their participation in the House probe of the Jan. 6 Capitol riot. “We all were here. We saw what happened,” McConnell said. (CNBC)
The House on Tuesday evening passed a funding bill that would prevent a government shutdown later this month, sending the measure to the Senate. Congress faces a Feb. 18 deadline to avoid a lapse in federal funding. The bill approved by the House would keep the government running at current levels through March 11. (CNBC)
* House passes bill to shore up Postal Service, working to avert insolvency (NY Times)