The Daily Chase: Nasdaq futures lead the way; Meta stocks soar

U.S. futures are pointing to a positive start when trading gets underway in North America.

U.S. futures are pointing to a positive start when trading gets underway in North America. The Nasdaq 100 futures are leading the way, up more than two per cent as investors react positively to earnings from Meta Platforms, which were out after the bell on Wednesday. Earnings will remain in focus today as other Nasdaq heavyweights – Amazon and Apple – report in after hours.

META STOCK SOARS

Shares of Facebook’s parent company Meta are up significantly in the pre-market trade after it added more users than expected in the first quarter. The company reported 1.96 billion daily active users, which is a main metric for advertisers that indicates activity on the platform, reversing a small decline in the previous quarter. Meta posted earnings that beat expectations even as revenue came in below estimates.

CP RAIL MISSES Q1 EXPECTATIONS

CP Railway will be a stock to watch today after the company reported lower profit and revenue in the first-quarter. The Calgary-based firm is citing bad weather, a labour dispute and a weak grain harvest for the drop in results. Canada’s second-largest railroad also said higher fuel costs weighed on its bottom line, something we heard from its competitor CN Rail when it reported earnings earlier this week. CP’s CEO Keith Creel also said he still expects a ruling from the U.S. Surface Transportation Board about its proposed acquisition of Kansas City Southern by early next year. The combination of the two companies will create the only railroad stretching through all of North America.

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