Here are five things you must know for Wednesday, February 23:
1. -- Stock Futures Bounce Higher As Russia-Ukraine Crisis Pauses
U.S. equity futures bounced higher Wednesday, while oil prices eased and the dollar retreated against its global peers, as investors looked to hopeful signs of de-escalation in the Russia-Ukraine crisis.
President Joe Biden made his first push for targeted sanctions on Russia and its government elite last night following the recognition breakaway republics in and the insertion of 'peacekeeping' troops the Donbass region of eastern Ukraine.
However, with President Vladimir Putin insisting he's open to a diplomatic solution to the crisis, and analysts suggesting the sanctions are mild enough to encourage near-term dialogue, investors were able to claw back some of yesterday's steep losses in risk assets, with the MSCI World index snapping a four day losing streak and U.S. oil prices dipping back towards the $90 per barrel mark in overnight trading.
On Wall Street, where the S&P 500 ended in correction territory -- a level defined as 10% below a recent peak -- following yesterday's sell off, futures tied to the benchmark are indicating a 30 point opening bell gain.
Futures linked to the Dow Jones Industrial Average are priced for a 200 pint advance while Nasdaq Composite futures are indicating a 135 point gain for the tech-focused benchmark as 10-year Treasury note yields edge higher, to 1.97%. in overnight trading.
2. -- Britain Joins U.S. With Russia-Targeted Sanctions On Banks, Billionaires
Britain unveiled sanctions against Russian-backed banks late Tuesday in the latest move by western leaders to counter President Vladimir Putin's decision to send troops into the Donbass region of eastern Ukraine.
Three Russian billionaires, as well as five Russia-based banks, were targeted by U.K. Prime Minister Boris Johnson, including Gennady Timchenko, Boris Rotenberg and Igor Rotenberg. The banks included in the list were Bank Rossiya, Black Sea Bank for Development and Reconstruction, IS Bank, Genbank and Promsvyazbank.
President Joe Biden yesterday placed sanctions on the Russian military bank Promsvyazbank that limits its ability to do defense-related deals, as well as VEB, which facilitates debt sales for the Russian government.
"As Russia contemplates its next move, we have our next move prepared as well," Biden said during a televised address. "Russia will pay an even steeper price if it continues its aggression, including additional sanctions."
3. -- Activision Blizzard Set to Delay Premium 'Call Of Duty' Release
Activision Blizzard (ATVI) shares edged higher in pre-market trading following reports that the video game maker is ready to delay the release of one of its key titles.
Bloomberg News reported that the latest version of 'Call of Duty', its signature franchise, won't be released until 2023, a move that would snap a two-decade streak of annual new premium releases for the video game giant.
Bloomberg said the delay was unrelated to Activision's pending $68 billion takeover by Microsoft MSFT, and instead was based on management's desire to spread new releases out more efficiently in order to induce gamer interest and engagement.
Last month, Activision's Blizzard Entertainment until share through its verified Twitter account that it's working on a new survival game - its first since Overwatch in 2016.
Activision shares were marked 0.1% higher in pre-market trading Wednesday to indicate an opening bell price of $81.31 each.
4. -- Palo Alto Networks Tops Q2 Earnings, Boosts Outlook
Palo Alto Networks (PANW) shares leapt higher in pre-market trading after posted stronger-than-expected second quarter earnings and a robust outlook for its cybersecurity products.
Palo Alto said non-GAAP earnings for the three months ending in January, its fiscal second quarter, rose 12.2% to $1.74 per share, while revenues jumped more than 30% to $1.3 billion.
Demand for its firewall products and security applications should take current quarter sales as high a $1.365 billion, the group said, with full year revenues in the region of $5.425 billion to $5.475 billion.
"On the back of this strength, notably in our next-generation security offerings, we are raising our guidance for the year across revenue, billings, and earnings per share," said CEO Nikesh Arora.
Palo Alto Networks shares were marked 7.5% higher in pre-market trading to indicate an opening bell price of $511.00 each.
5. -- Tesla Seeks Permission to Expand Shanghai Production Pace
Tesla (TSLA) shares moved higher in pre-market trading after the carmaker filed papers with government officials in China seeking to expand production at its Shanghai gigafactory.
Telsa is looking to add workers and increase equipment run time in Shanghai, according to papers filed with the city government, as it seeks to meet growing demand in both the world's biggest car market and export destinations around the region.
Tesla sold 59,854 China-made cars last month, according to data from the China Passenger Car Association, a 15.5% slide from its record 70,847 unit pace in December. Last year, total China-made sales hit a record 470,000, just ahead of its annual Shanghai capacity limit of 450,000.
Tesla shares were marked 2.25% higher in pre-market trading to indicate an opening bell price of $840.00 each.
