Morning Brief

What to watch today: U.S. stock futures steady after a Wall Street comeback

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BY THE NUMBERS

U.S. stock futures were steady Thursday after Wall Street bounced back from a two-session losing streak. The Dow Jones Industrial Average on Wednesday gained 316 points, or 0.9%. The S&P 500 also climbed 0.9% and the Nasdaq jumped 1.2%. The Dow and S&P 500 were fractionally shy of their Friday record high closes. The Nasdaq was 1% away from its February record close. (CNBC)

* Today's biggest analyst calls of the day: Tesla, Amazon, Alphabet, Microsoft (CNBC Pro)

The Labor Department on Thursday reported 547,000 new filings for unemployment benefits during last week, lower than expected and a new Covid pandemic low. The prior week's initial jobless claims were upwardly revised to 586,000, but these are the first readings under 600,000 since the 256,000 reported for the week ending March 14, 2020. (CNBC)

* Treasury yields remain flat after better-than-expected jobless claims data (CNBC)

IN THE NEWS TODAY

Southwest Airlines (LUV) said Thursday that leisure travel bookings continue to rise and it expects breakeven cash flow "or better" by June. The airline posted first-quarter net income of $116 million, compared with a $94 million loss a year earlier. Revenue of $2.1 billion fell nearly 52% from the year-earlier period. Shares rose 2.5% in the premarket. (CNBC)

American Airlines (AAL) posted a $1.25 billion net loss, its fifth consecutive quarterly loss. The carrier, like its large-carrier rivals Delta and United, has been forced to do without much of the business and international travel revenue they long relied on. American's revenue came in at just over $4 billion, down nearly 53% from the more than $8.5 billion it posted a year ago. Shares jumped 3%. (CNBC)

Credit Suisse (CS) reported Thursday a net loss of $275 million in the first quarter after warning of heavy losses earlier this month in the meltdown of U.S. hedge fund Archegos Capital. Shares of the Swiss bank that trade on Wall Street fell 5.5% in the premarket. However, the loss was narrower than expectations. (CNBC)

Credit Suisse CEO Thomas Gottstein said that had it not been for Archegos, Q1 would have been "one of our best quarters in the history" of the bank. "Definitely the best quarter in the last 10 years," he told CNBC, while calling the Archegos losses unacceptable.

President Joe Biden is pledging to cut U.S. greenhouse gas emissions in half by 2030, the White House announced ahead of hosting a global climate summit Thursday and Friday. That target roughly doubles America's prior commitment under the 2015 Paris climate agreement. The virtual gathering is a chance for the U.S. to rejoin global efforts on climate after the Trump administration exited the Paris accord. (CNBC)

India reported a record number of daily Covid cases Thursday as the country's second wave of coronavirus shows no signs of slowing. There were 314,835 new cases over a 24-hour period. That surpassed the world's previous highest single-day increase held by the United States in January. There's also growing concern about the double mutation of a Covid variant that was discovered in India. (CNBC)

India is second to the U.S. in the most cumulative infections — nearly 16 million, roughly half the U.S. total and about 2 million more than No. 3 Brazil. However, unlike India and Brazil, which are in the midst of surges, new daily cases in the U.S. have been trending lower. (JHU data)

The $100 million company that owns only a single New Jersey deli was delisted "for not complying with the rules" and slapped with a warning label for would-be buyers. Last night's action came six days after the deli owner, Hometown International, was flagged as a warning to retail stock customers in a client letter by hedge fund manager David Einhorn. (CNBC)

* NJ deli linked to E-Waste, whose stock has soared despite having no real business (CNBC)

Sports media company Overtime has secured an $80 million fundraising round with investors including Jeff Bezos' investment firm, global entertainer Drake, Reddit co-founder Alexis Ohanian and several National Basketball Association players. (CNBC)

* Apple's AirTag relies on a feature no competitor can match: 1 billion iPhones (CNBC)
* 'We're all afraid' of Google and Apple, app makers tell Congress (CNBC)
* GOP lawmaker Ken Buck urges colleagues to stop taking Big Tech money (CNBC)

A home in the Hamptons rented for $2 million for the summer, as demand far outstrips a record low supply of homes for sale and for rent, according to brokers. The number of homes listed for sale in the Hamptons plunged 41% in the first quarter, marking the fastest decline on record. (CNBC)

STOCKS TO WATCH

AT&T (T) reported quarterly earnings of 86 cents per share, 8 cents a share above estimates. Revenue also came in above forecasts and AT&T added more wireless customers during the quarter than analysts had anticipated. The stock rose about 3.5% in premarket trading.

Alaska Air (ALK) posted a first-quarter loss of $3.51 per share, smaller than the loss that analysts had anticipated. Revenue came in above consensus estimates. The company said improved conditions allowed it to achieve positive cash flow during March. The stock added 1.3% in the premarket.

Chipotle Mexican Grill (CMG) shares gained 1.2% in premarket trading after the restaurant chain reported better-than-expected earnings and a 17.2% increase in comparable-store sales. Digital sales more than doubled during the quarter. Chipotle expects a better than 30% jump in comparable sales this quarter as customers return to its physical locations.

Teradata (TDC) shares soared 27% in premarket trading after the database and analytics software provider presented preliminary first-quarter data well above prior earnings guidance. Teredata continues to benefit from its ongoing growth in cloud computing.

Shares of Equifax (EFX), the credit reporting agency, jumped 8.5% in premarket trading after it reported better-than-expected earnings and raised its annual guidance. The company's performance was helped by a 59% increase in revenue from its workforce solutions business.

Discover Financial (DFS) earned $5.04 per share for its latest quarter, beating the $2.82 a share consensus estimate by a wide margin. The stock rallied 3.7% in the premarket.

Tractor Supply (TSCO) earned $1.55 per share for its latest quarter, well above the 97 cents a share estimate. Revenue also came in above forecasts as comparable-store sales jumped nearly 39%. The farm equipment and supplies firm also raised its full-year outlook. Shares surged 7% in Thursday's premarket.

D.R. Horton (DHI) shares added 1.8% in the premarket after the luxury home builder reported better-than-expected sales and earnings for its latest quarter and predicted strong full-year revenue. Strong demand and low mortgage rates helped sales nearly double during its most recent quarter.

Whirlpool (WHR) shares added 1.8% in Thursday's premarket after the appliance maker reported quarterly earnings of $7.20 per share, well above the $5.41 a share consensus estimate. The company also reported better-than-expected revenue. Whirlpool raised its full-year guidance and boosted its quarterly dividend.

Sleep Number (SNBR) shares tumbled 6% in premarket trading after sales fell short of forecasts even as earnings came in better than expected. The mattress retailer's sales were impacted by supply chain issues.

Netgear (NTGR) shares fell 3.5% in premarket trading after giving a weaker-than-expected current-quarter forecast. The computer networking equipment maker beat Wall Street forecasts for its most recent quarter, however, but said it's being impacted by supply chain issues and higher freight costs.

Churchill Downs (CHDN) saw its stock rise 2.1% in the premarket after reporting better-than-expected earnings and revenue for its latest quarter. The operator of the Churchill Downs racetrack saw gaming segment earnings surge 72% from the prior year.

WATERCOOLER

"Jeopardy!" announced its final slate of guest hosts for Season 37 as the popular game show continues its search for a permanent host. CNBC's David Faber, ABC's "Good Morning America" anchors George Stephanopoulos and Robin Roberts, actor LeVar Burton and Fox Sports' Joe Buck have been added to the lineup.