Stock futures traded lower Wednesday with Wall Street expecting the Federal Reserve to boost interest rates for the 11th time since early 2022. There is a lot of uncertainty, however, on the central bank’s next move.
These stocks were poised to make moves Wednesday:
(MSFT) reported fiscal fourth-quarter earnings and revenue that beat Wall Street expectations but the stock was down 3.7% in premarket trading after revenue guidance for the fiscal first quarter came up shy of estimates and the company highlighted the rising costs of its investments in artificial intelligence.
(GOOGL) were rising 6.6% after the parent of search giant Google reported second-quarter earnings that were better than expected and announced that Chief Financial Officer Roth Porat would become president and chief investment officer starting in September. Porat will be responsible for the company’s Other Bets portfolio.
also touted a range of investments in artificial intelligence during its conference call.
(TXN) posted second-quarter earnings that topped analysts’ expectations but issued a revenue forecast for the third quarter that was slightly below estimates.
said it expects third-quarter earnings of $1.68 to $1.92 a share on revenue of between $4.36 billion to $4.74 billion. Analysts had estimated third-quarter earnings of $1.91 a share on revenue of $4.59 billion. The stock fell 3.8%.
(SNAP) was tumbling 19% in premarket trading after the
parent issued a forecast for third-quarter sales that was below expectations. The social-media platform said it expects third-quarter revenue of $1.07 billion to $1.13 billion. The midpoint of that range was below estimates of $1.13 billion.
(PACW) surged 34% in premarket trading to $10.28 after agreeing to be acquired by
Banc of California
(BANC) in an all-stock deal. Under the terms of the deal, shares of PacWest were valued at $9.60 a share, a premium over its closing price of $7.69 a share on Tuesday. PacWest avoided the regional banking turmoil that led to the collapse of Silicon Valley Bank and two other lenders, but the stock has tumbled 66% this year amid deposit outflows.
(WFC) was rising 2.9% in premarket trading after the bank announced it would buy back $30 billion in stock, and its board approved an increase in the quarterly dividend to 35 cents a share from 30 cents.
(TDOC) jumped 6.2% after its second-quarter loss narrowed from a year earlier and the telemedicine provider issued an improved outlook for the year.
(DISH) was rising 13%. A report from Bloomberg said the company will begin selling its premium wireless service on
‘s website later this week.
(T) is expected by analysts to post second-quarter earnings of 60 cents a share on revenue of nearly $30 billion. The earnings report will be watched for the company’s cash flow and subscriber gains, but those numbers could take a backseat to
‘s potential liability over lead-sheathed cables. The shares dipped in premarket trading.
(BA) is expected by analysts to report a quarterly loss of 89 cents a share on sales of $18.6 billion. Estimates, however, were wide, ranging from a loss of almost $1.30 a share to a loss of 35 cents. Wall Street has had difficulty determining what
will earn in the years following the 2019 worldwide grounding of the 737 MAX and the Covid-19 pandemic.
Earnings reports are expected Wednesday before the opening from
Thermo Fisher Scientific
(NOW) are scheduled for after markets close.
Write to Joe Woelfel at firstname.lastname@example.org