Coinbase, Bank of America, Dell, AppLovin - 5 Things You Must Know

Stock futures rise ahead of data on jobless claims and retail sales, and after earnings from Bank of America; Coinbase adds to gains from its volatile debut; Dell will spin off its 81% stake in VMware.
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Here are five things you must know for Thursday, April 15:

1. -- Stock Futures Rise Ahead of Retail Sales, More Bank Earnings

Stock futures rose Thursday ahead of data on U.S. jobless claims and retail sales, and following more quarterly earnings from America's biggest banks.

Contracts linked to the Dow Jones Industrial Average rose 155 points, S&P 500 futures gained 20 points and futures on the tech-heavy Nasdaq were up 94 points.

Stocks closed mixed Wednesday with equities easing from all-time highs as investors weighed earnings from JPMorgan Chase  (JPM) - Get Report and Goldman Sachs  (GS) - Get Report and Federal Reserve Chairman Jerome Powell said the U.S. was entering a period of faster growth and jobs creation but cautioned a resurgence of COVID-19 could derail the recovery.

Powell also said the Fed wouldn't boost interest rates until the central bank's targets on employment and inflation were met.

The Dow and S&P 500 set all-time intraday highs during Wednesday's session, but it was the debut of cryptocurrency exchange Coinbase Global  (COIN) - Get Report, up 31% in its first day of trading, that grabbed the market's attention.

Jim Cramer: Coinbase Is 'Messianic'

The yield on the 10-year U.S. Treasury slipped early Thursday to 1.615%. Yields have eased in April as fears have ebbed that the Federal Reserve would boost interest rates sooner than expected to curtail inflation resulting from the U.S. recovery.

2. -- Thursday's Calendar: Bank of America Earnings, Retail Sales

Bank of America  (BAC) - Get Report posted first-quarter earnings Thursday of 86 cents a share vs. year-earlier profit of 40 cents. 

The better-than-expected earnings included the release of $2.7 billion in reserves set aside to cover bad loans during the peak of last year's pandemic. Bank of America also said it plans for a $25 billion share buyback.

UnitedHealth  (UNH) - Get Report reported first-quarter adjusted earnings of $5.31 a share, topping analysts' forecasts of $4.39. The company also boosted its 2021 profit forecast as Optum continues to power the healthcare provider's top and bottom lines.

Earnings are also expected Thursday from Citigroup  (C) - Get Report, BlackRock  (BLK) - Get Report, PepsiCo  (PEP) - Get Report, Delta Air Lines  (DAL) - Get Report and Rite Aid  (RAD) - Get Report.

The U.S. economic calendar for Thursday includes weekly Jobless Claims at 8:30 a.m. ET, Retail Sales for March at 8:30 a.m., the Philadelphia Fed Manufacturing Index for April at 8:30 a.m., the Empire State Manufacturing Index for April at 8:30 a.m., Industrial Production for March at 9:15 a.m. and the National Association of Home Builders Housing Market Index for April at 10 a.m.

3. -- Coinbase Adds to Gains From Volatile Debut 

Coinbase Global was rising more than 10% in premarket trading Thursday after shares of the cryptocurrency exchange jumped 31% in their first day of trading on the Nasdaq.

Coinbase opened Wednesday at $381 a share, 52% above its reference price $250 a share. It closed Wednesday at $328.28. At the closing price, Coinbase's valuation was about $86 billion. Its valuation topped $112 billion at one point Wednesday before slipping back.

In premarket trading Thursday, Coinbase rose 10.26% to $361.83.

The company went public through a direct listing Wednesday. Coinbase is the biggest company to go the direct listing route.

Stock Market Today With Jim Cramer: When to Buy Coinbase

Jim Cramer, TheStreet's founder, told his "Mad Money" viewers that while he likes the stock of Coinbase, he's not willing to sell everything else to go all-in. He said the lack of sellers in Coinbase was worrisome, especially with the threat of sustained inflation beckoning. If the prices of oil, lumber, plastics and other commodities don't relent soon, high-multiple stocks will get pulverized.

Three funds at Cathie Wood’s Ark Investment Management bought about $246 million worth of Coinbase on its debut, according to a report from Bloomberg.

4. -- Dell to Spin Off 81% Stake in VMware

Dell Technologies  (DELL) - Get Report said it would spin off its 81% stake in VMware  (VMW) - Get Report in a transaction that will create two standalone companies and result in a special dividend payment to Dell of between $9.3 billion and $9.7 billion.

VMware will distribute a special cash dividend of $11.5 billion to $12 billion to all VMware shareholders, including Dell Technologies. Shareholders of Dell also will receive about 0.44 a share of VMware for each Dell share they own. 

The transaction is expected to close in the fourth quarter.

“Based on Dell Technologies' current 80.6% ownership in VMware, Dell Technologies would receive approximately $9.3 billion to $9.7 billion and intends to use the net proceeds to pay down debt, positioning the company well for investment grade ratings,” Dell said in a statement.

Dell shares surged in premarket trading Thursday, up 8.5% to $100.58. VMware shares rose 2.9% to $160.

5. -- AppLovin Raises $2 Billion in IPO

Shares of mobile application and gaming company AppLovin  (APP) - Get Report were priced at $80 each in their initial public offering.

AppLovin offered 22.5 million class A common shares at $75 to $85 and existing shareholder KKR & Co. offered 2.5 million shares.

The company raised $2 billion in the offering. The share sale gives AppLovin a market value of about $29 billion.

AppLovin is expected to begin trading Thursday on the Nasdaq under symbol "APP."