Here are the key news investors need to start the trading day:
1. On the way to records
2. To the moon
As the new space race continues to move forward, Thursday brought another historic moment at the final frontier. Intuitive machines was the first company to land on the Moon when its IM-1 mission landed on the celestial body. The Odysseus cargo lander was the first US spacecraft to reach the lunar surface since 1972. In keeping with its Greek mythological name, the spacecraft experienced some delays – both expected and unexpected – on the way home. After mission control made contact with the lander, Steve Altemus, CEO of Intuitive Machines, said, “Welcome to the moon.” The landing is critical for the government-owned NASA, which will rely more heavily on private ones to carry out its missions in the coming years companies will be dependent on. Following the success of the mission, shares of Intuitive Machines rose as much as 50% in premarket trading.
3. Reddy or not
Here comes Reddit’s IPO, after a process that the social media platform has been slowly advancing. More than two years after Reddit filed a draft registration to go public, the company filed its IPO prospectus with the Securities and Exchange Commission on Thursday. Reddit is expected to make its debut on the New York Stock Exchange in March and plans to trade under the ticker symbol “RDDT.” It is the first social media company to go public since 2019, and the IPO comes at a time when investor demand for IPOs has been muted. Reddit said it had advertising-driven revenue of $804 million last year, up 20% from 2022. The company reported a net loss of $90.8 million for 2023, narrower than the loss of $158.6 million the previous year.
4. Cell crisis
A widespread outage affected thousands of people AT&T users on Thursday before cell service was restored in the afternoon. Impacts ranged from dropped calls and text messages for consumers to disruptions to city emergency services. Some Verizon And T Mobile Users also reported problems, but those problems were likely due to attempts to contact AT&T customers, the companies said. AT&T said an initial review of the outage determined it was “caused by the application and execution of an incorrect process used to expand our network and not by a cyberattack.”
5. Surprise wins
Two stocks are rising in premarket trading Friday morning after companies reported surprising quarterly earnings. Shares of block rose about 15% as the company reported strong revenue growth in its Square and Cash App divisions. In the meantime, caravan Shares rose more than 30% as the company reported its first profit. The results continue a broadly better-than-expected earnings season. With 87% of S&P 500 companies reporting fourth-quarter results on Thursday, earnings came in 6.9% above expectations, according to LSEG, formerly known as Refinitiv.
—CNBC’s Brian Evans, Michael Sheetz, Jonathan Vanian, Ryan Anastasio, MacKenzie Sigalos and Robert Hum contributed to this report.
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2024-02-23 12:44:16
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