1 hour ago
Bears have one more real level to protect, says BTIG
According to BTIG Research, for pessimistic investors, there is essentially only one critical level left before the bulls take full control of the stock market.
Jonathan Krinsky, the firm’s chief market technician, said the S&P 500 index is above its downtrend and 50-day moving average, and the bulls are “clearly in control.” Now, for the market bears to leave the broader index underperforming, he only needs a 76.4% retracement of the S&P 500’s recent decline (in this case he is near 5,191).
“The bulls clearly have the ball here,” Krinsky wrote to clients.
— Alex Harring
2 hours ago
Coffee customers gather at Dutch Brothers store
Dutch Brothers’ stock price has soared following strong first-quarter results. Same-store sales increased 10%, the largest increase since the fourth quarter of 2021. CEO Christine Barone noted that the coffee chain has seen “a healthy combination of ticket growth and traffic.” This is in sharp contrast to coffee giant Starbucks. Starbucks reported last week that its trading volume fell 7% in its latest quarter and its stock price plummeted.
Dutch Bros also raised its full-year outlook and announced that it is working with restaurant technology company Olo to bring mobile ordering to the Dutch Bros app. Oro’s stock price has soared following this news.
—Kate Rogers, Robert Hamm
2 hours ago
Stock prices move significantly after hours
Below are some stocks that made notable moves after hours.
- Reddit — Social media stocks soared more than 12% after the company reported better-than-expected quarterly profits in its first report since going public.
- Lyft — The ride-sharing company rose 6% after first-quarter sales and profits beat analysts’ expectations.
- Sonos — The audio products maker fell more than 3% after reporting a bigger loss than Wall Street expected.
See the complete list here.
— Alex Harring
2 hours ago
Stock futures little changed
Futures tracking the Dow, S&P 500 and Nasdaq 100 were all trading roughly flat after 6pm ET.
— Alex Harring
