Election reaction, Disney slips and more: Wednesday's 5 things to know
Traders will also have their eyes on stock moves by Disney and Sweetgreen following quarterly results
GOP controlling House, Senate is good for markets
Strategas Securities chairman and CEO Jason Trennert discusses how a Republican midterm election victory could impact the energy, tech, and healthcare sectors on 'The Claman Countdown.'
Here are the key events taking place on Wednesday that could impact trading.
MIDTERMS 2022: The balance of power remained undecided early Wednesday as states continue to tally votes.
There were however major results.
Republicans Gov. DeSantis, Sen. Rubio won re-election in Florida.
MIDTERMS CAN BE STOCK MARKET GOLD, BUT WILD CARDS REMAIN
Among election winners, J.D. Vance, Ron DeSantis and John Fetterman. Courtesy FOX News
In Pennsylvania, Democratic Lieutenant Governor John Fetterman will defeat the Republican and former daytime TV host Mehmet Oz.
Republican candidate JD Vance will defeat Democratic U.S. House Rep. Tim Ryan in the Ohio U.S. Senate race, Fox News projects.
Georgia Gov. Brian Kemp wins re-election, defeats Democrat Stacey Abrams.
WALT DISNEY: Shares are more than 7% lower in premarket trading after reporting weaker-than-expected earnings.
DISNEY+ SUBSCRIBER BASE GROWS BY 12.1 MILLION IN Q4
Disney said it had $20.15 billion in fourth-quarter revenues, compared to $18.53 billion in the same period the prior year. Its diluted earnings per share "excluding certain items" decreased 19% year-over-year, coming in at $0.30. Both were below analyst estimates.
Disney+ startscreen on mobile phone. (iStock / iStock)
The subscriber count for Disney+ grew by 12.1 million subscribers in the fourth quarter, raising the total for the streaming platform to 164.2 million, The Walt Disney Company said Tuesday.
The fourth quarter’s total number of paid Disney+ subscribers marked a 39% increase from October 2021, when it reported 118.1 million.
SWEETGREEN: Shares were more than 7% lower in premarket trading after the casual restaurant chain that serves salads missed Wall Street revenue and profit estimates.
The company also said its 2022 fiscal year revenue will come in at or slightly below the low end of our prior outlook.
Third quarter revenue increased 29% to $124 million. The estimate was $129.4 million.
The net loss for the three months ended September 25 widened to $47.4 million from $30.1 million. The loss per share was 43 cents compared to the estimate of a loss of 37 cents.
A Wendy's sign and logo are shown at one of the company's restaurant in Encinitas, California. (REUTERS/Mike Blake/File Photo / Reuters Photos)
EARNINGS ON TAP: Reports on the docket for Wednesday will include Capri Holdings, D.R. Horton, Hanesbrands, Roblox and Wendy's before the markets open and Beyond Meat, Redfin, Rivian and ZipRecruiter after the bell.
OIL INVENTORIES DUE: Prices traded lower Wednesday as industry data showed U.S. crude stockpiles rose more than expected.
There are also worries that a rebound in COVID-19 cases in China would hurt fuel demand.
U.S. West Texas Intermediate (WTI) crude futures traded around $88.00 a barrel. The benchmarks fell around 3% on Tuesday.
Brent crude futures traded around $95.00 a barrel.
U.S. crude oil inventories rose by about 5.6 million barrels for last week, according to market sources citing American Petroleum Institute figures.
CLICK HERE TO READ MORE ON FOX BUSINESS
Analysts surveyed by Reuters estimated on average that crude inventories would rise by about 1.4 million barrels.