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Dow Jones Futures: Gig Economy Upwork Prices IPO; News On Nike, Microsoft, J&J

Dow Jones futures were little changed late Tuesday, along with S&P 500 futures and Nasdaq futures. The freelance platform Upwork (UPWK) priced its IPO above its expected, recently raised range. Meanwhile, three Dow stocks were in the news after hours: Nike (NKE), Microsoft (MSFT) and Johnson & Johnson (JNJ). HSBC downgraded Nike stock, which is in buy range. Microsoft unveiled new Surface computers and other products. A Johnson & Johnson trial on its iconic baby powder ended in deadlock.




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Dow Jones Futures Today

Dow Jones futures edged above fair value. S&P 500 futures edged lower. Nasdaq 100 futures fell a fraction. Remember that Dow futures and other overnight action don’t necessarily translate in actual trading in the next regular session.

Upwork IPO Prices High

The Upwork IPO priced at 15 a share, raising $187.1 million. That’s above the price range of 12-14, recently raised from 10-12. Upwork will start trading Wednesday with a $1.5 billion market cap.

Upwork provides a platform for freelancers and employers to connect. The company lost $7.2 million in the first half of 2018, with revenue climbing 28% to $121.9 million. It earned $1.9 million in 2017.

Nike Stock Downgraded

HSBC downgraded Nike late Tuesday, saying the Dow Jones stock is losing “the capacity to surprise.” HSBC analysts say Nike stock deserves its “high multiple,” but may have trouble going much higher.

Nike stock fell 0.6% to 82.31 in late trading. Shares closed down 2% in Tuesday’s stock market trading. Nike stock is in buy range from an 81.10 flat-base buy point.

Nike has rallied 32.3% in 2018, the third-best performer in the Dow Jones.

Microsoft Surface Event

Microsoft unveiled the Surface Pro 6, starting at $899, the $999 Surface Laptop 2, Surface headphones and more.

Microsoft stock was little changed in late trading. Shares are well extended from a buy point. Microsoft stock is up 34.6% in 2018, No. 2 on the Dow.

Johnson & Johnson Trial Ends In Deadlock

A jury was deadlocked, 8-4 against J&J, in a trial over claims that its baby powder contained asbestos. It’s the second case in two weeks. In the LA case, a retired salesman blamed his mesothelioma, a cancer linked to asbestos exposure, on the J&J baby powder.

J&J stock was little changed late. Shares are trading in a buy range. But J&J stock is up just 0.5% in 2018, lagging the major stock market averages.

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