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Stocks - Starbucks Falls in Premarket; Dow Futures up on Fed Action

By Geoffrey Smith -- Stocks in focus in premarket trading on Thursday, April 9th. The broader market is set to open more than 1% higher after the Federal Reserve fleshed out the details of its Main Street Lending Program. Together with other measures designed to support U.S. local governments, the Fed's actions put a further $2.3 trillion safety net under the economy, just as another 6.6 million people filed for unemployment benefits.

Walt Disney (NYSE:DIS) stock was up 5.3% after the company said its Disney+ streaming service had clocked up 50 million paid subscribers, helped by rollouts in Europe and India. The company had said it expects between 60 million and 90 million by the end of its fiscal 2024 year, so appears well on track to meet its target. Starbucks (NASDAQ:SBUX) stock was down 0.9% after suspending its buyback program and forecasting a 47% drop in second-quarter earnings. The company said it would continue to pay its quarterly dividend but warned that the financial hit from the coronavirus pandemic would extend into the final quarter of the year. Costco Wholesale (NASDAQ:COST) stock was down 2.3% despite reporting a surge in sales in March due to consumer stockpiling as the Covid-19 lockdowns spread across the country. Zoom Video Communications (NASDAQ:ZM) stock stabilized, rising 0.6%, after a 25% fall in the last couple of weeks on the back of concerns about lax security and data privacy policies. The U.S. Senate became the latest institution on Thursday to swear off using the company’s video conferencing software.

Bank of America (NYSE:BAC) stock was up 3.4%, Citigroup (NYSE:C) stock was up 4.3% and JPMorgan Chase&Co (NYSE:JPM) stock was up 3.1% after the Federal Reserve announced the details of its plans to backstop credit risks at small businesses and local governments

Pfizer (NYSE:PFE) stock was up 2.6% after it said it aimed to start testing a potential treatment for Covid-19 on humans early in the summer.



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