This post was originally published on this site

Here are five things you must know for Wednesday, Feb. 10:

1. — Stocks Look Set to Rise After Six-Day Winning Streak Ends

Stock futures rose Wednesday, rebounding from a dip in the previous trading session that ended Wall Street’s six-day winning streak.

Contracts linked to the Dow Jones Industrial Average gained 85 points, S&P 500 futures were up 12 points and Nasdaq futures rose 60 points.

Stocks closed mixed Tuesday, with the Dow and S&P 500 ending six-day winning streaks but the Nasdaq finishing with another record high. All three indexes set record highs on Monday.

Stocks have rallied the past week on expectations that President Joe Biden’s $1.9 trillion coronavirus stimulus package will be passed by Democrats without support from lawmakers on the Republican side.

“Investors naturally thought it worth reducing some equity market risk after the recent volatility,” said Stephen Innes of Axi. But “everything should eventually come up roses” because of optimism about stimulus, continued support from the Federal Reserve and progress on the rollout of coronavirus vaccines.

Biden on Tuesday lent his support to limiting $1,400 stimulus checks to individuals making under $75,000, during a meeting with corporate CEOs such as JPMorgan Chase’s  (JPM) – Get Report Jamie Dimon and Walmart’s  (WMT) – Get Report Doug McMillon.

2. — Twitter Posts Record Revenue in the Fourth Quarter

Twitter  (TWTR) – Get Report rose more than 4% in premarket trading Wednesday after reporting record revenue in the fourth quarter but warning that user growth in 2021 could slow.

Twitter earned 27 cents a share in the fourth quarter as revenue rose 28% to $1.29 billion and beat forecasts of $1.18 billion.

“We delivered record revenue of $1.29 billion in Q4, up 28% year over year, reflecting better-than-expected performance across all major products and geographies,” said Chief Financial Officer Ned Segal in a statement.

The company said monetizable daily active users – its term for the number of daily users who can view ads – rose 27% from a year earlier to 192 million. Analysts were looking for 193.4 million.

Twitter said user growth could slip to a percentage in the “low double digits” beginning in the second quarter.

“Looking beyond Q1, the significant pandemic-related surge we saw last year continues to create challenging comps,” the company wrote in its letter to shareholders.

The stock rose 4.49% to $62.56 in premarket trading Wednesday.

3. — Wednesday’s Calendar: General Motors and Coke Earnings, Jerome Powell Speech

Earnings reports are expected Wednesday from General Motors  (GM) – Get Report, Coca-Cola  (KO) – Get Report, Under Armour  (UAA) – Get Report, Uber  (UBER) – Get Report, Spirit Airlines  (SAVE) – Get Report, iRobot  (IRBT) – Get Report, Zillow Group  (Z) – Get Report and MGM Resorts  (MGM) – Get Report.

The U.S. economic calendar for Wednesday includes MBA Mortgage Applications for the week ended Feb. 5 at 7 a.m. ET, the Consumer Price Index for January at 8:30 a.m. and Oil Inventories for the week ended Feb. 5 at 10:30 a.m.

Federal Reserve Chairman Jerome Powell will speak at 2 p.m. on the “State of the U.S. Labor Market” in a webinar hosted by the Economic Club of New York.

4. — Cisco Systems Slumps on Drop in Enterprise Sales

Cisco Systems  (CSCO) – Get Report, the networking giant, was falling more than 4% in premarket trading after sales in certain segments, especially the company’s enterprise segment, missed analysts’ expectations.

Cisco posted adjusted earnings in the fiscal second quarter of 79 cents a share on revenue of $11.96 billion, down from $12.01 billion a year earlier. Revenue fell for a fifth straight quarter.

Wall Street had forecast Cisco to report earnings of 76 cents a share on revenue of $11.92 billion.

Enterprise sales fell 9% from a year earlier. “The enterprise market remains soft, driven by some elongated sales cycles and a continued pause in spending amongst some customers brought on by the pandemic,” Cisco CEO Chuck Robbins told analysts on a conference call. 

Cisco said it expects fiscal third-quarter earnings of 80 cents to 82 cents a share on revenue of between $12.38 billion and $12.68 billion. Analysts estimate profit of 81 cents a share on revenue of $12.35 billion.

The stock fell 4.56% to $46.29 in premarket trading Wednesday.

5. — Rivian Reportedly Aims for an IPO This Year

Electric-vehicle startup Rivian is looking to go public as soon as September at a valuation of about $50 billion or more, Bloomberg reported, citing people familiar with the matter.

Rivian, which is backed by Amazon.com  (AMZN) – Get Report and Ford  (F) – Get Report, has been speaking to bankers about its plans, one of the people told Bloomberg.

The company’s timeline for an initial public offering could change, and a listing might happen later in 2021 or even in 2022, the people said.

The startup, which is seen as a potential competitor to Tesla  (TSLA) – Get Report, has raised more than $8 billion to date from investors, Bloomberg noted.

Earlier this month, Amazon began testing a fleet of Rivian electric-powered vans in Los Angeles, about a year after the company bought 100,000 of the custom delivery vehicles.