Peloton, Moderna, Rocket and Jeff Bezos - 5 Things You Must Know Thursday

Stock futures rise modestly as traders await key U.S. employment data; Peloton, Square and Roku report earnings; Uber drops after a revenue miss; Rocket Cos. falls sharply.
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Here are five things you must know for Thursday, May 6:

1. -- Stock Futures Edge Modestly Higher

Stock futures rose modestly Thursday, a day after the Dow Jones Industrial Average set a record closing high and as traders awaited key U.S. employment data.

Contracts linked to the Dow Jones Industrial Average rose 46 points, S&P 500 futures were up 4 points and Nasdaq futures gained 20 points.

Stocks ended mixed Wednesday with the Dow closing at a record high amid solid indications of economic recovery. The Nasdaq declined after an early rebound in tech shares faded.

Technology stocks fell for the seventh straight day. 

The market's focus this week remains on corporate earnings, which have been better than expected. According to FactSet, average profit growth for the S&P 500 companies that so far have reported results is 54%.

Traders also will key on the latest jobless claims data Thursday and are looking ahead to the release Friday of the U.S. jobs report for April. 

Private employers in the U.S. added 742,000 jobs in April, according to payroll processing company ADP. It was the most in seven months.

2.-- Thursday's Calendar: Square and Peloton Earnings, Jobless Claims

Moderna  (MRNA) - Get Report reported first-quarter earnings of $2.84 a share on revenue of $1.94 billion. Earnings topped forecasts while revenue missed analysts' expectations.

Earnings reports are also expected Thursday from Square  (SQ) - Get Report, Roku  (ROKU) - Get Report, Moderna, Beyond Meat  (BYND) - Get Report, AMC Entertainment  (AMC) - Get Report, Cloudflare  (NET) - Get Report, Dropbox  (DBX) - Get Report, Expedia  (EXPE) - Get Report, Planet Fitness  (PLNT) - Get Report, Penn National Gaming  (PENN) - Get Report, Wayfair  (W) - Get Report, Yelp  (YELP) - Get Report, ViacomCBS  (VIACA) - Get Report and Regeneron Pharmaceuticals  (REGN) - Get Report.

Buy or Sell Roku on Earnings? Here's the Chart

Square Earnings - Will They Lift the Selling Pressure on the Stock?

Peloton Interactive  (PTON) - Get Report also will be reporting earnings Thursday. The stock fell sharply after Peloton and U.S. regulators jointly said they were recalling the company's Tread+ and Tread treadmill machines after injuries and a death. 

The U.S. economic calendar Thursday includes weekly Jobless Claims at 8:30 a.m. ET and Productivity and Costs foe the first quarter at 8:30 a.m.

3. -- Uber Falls After Revenue Miss

Shares of Uber Technologies  (UBER) - Get Report fell in premarket trading Thursday after the ride hailing and delivery company posted a decline in first-quarter revenue and said spending on recruiting drivers will impact second-quarter earnings.

Bonuses and other incentives to get drivers back on the road will reduce the rate Uber takes from fares by about 20% this quarter, the company said in a conference call with analysts, Bloomberg reported. 

Uber reported a first-quarter loss of 6 cents a share on revenue of $2.9 billion. Analysts were expecting a loss of 56 cents a share on revenue of $3.27 billion.

Uber previously has said it plans to turn a profit by the end of the year, and it was able to cut its loss in the first quarter to $108 million from $968 million in the fourth quarter.

Gross bookings in the first quarter were 24%. Delivery gross bookings jumped 166% year over year to $12.46 billion. 

The stock fell 3.73% to $49.27 in premarket trading Thursday.

4. -- Rocket Slumps on Shrinking Loan Origination Volume

Rocket Cos.  (RKT) - Get Report slumped nearly 15% in premarket trading after the mortgage loan operator said closed loan origination volume fell quarter over quarter and that the weakness would continue in the second quarter.

Closed loan origination volume was $103.53 billion in the first quarter, down 3.5% from the fourth quarter. Rocket forecast closed loan volume of $82.5 billion to $87.5 billion in the second quarter.

Rocket reported adjusted earnings in the first quarter of 89 cents a share on revenue of $4.04 billion. Rocket, which went public last August, had been expected by analysts to report earnings of 90 cents a share on sales of $4.2 billion.

Rocket shares dropped 12.5% early Thursday to $19.95. The stock, following the close of trading Wednesday, had risen about 18% so far this year.

5. -- Jeff Bezos Sells Nearly $2.5 Billion of Amazon Stock

Amazon.com  (AMZN) - Get Report CEO Jeff Bezos sold about $2.5 billion of stock in the online retailing and technology giant this week.

Bezos sold almost 740,000 shares this week for about $2.48 billion under a pre-arranged 10b5-1 trading plan, according to filings with the Securities and Exchange Commission.

The Amazon CEO is the world’s richest person. Bezos said in a separate filing he plans to sell as many as 2 million shares, Bloomberg reported.

He continues to hold more than 10% of the company, the primary source of his $193.5 billion fortune, according to the Bloomberg Billionaires Index.

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