Stock futures pointed to a slightly higher start for Wall Street on Wednesday after equities slumped following retail sales data that sent bond yields surging. The Federal Reserve will be releasing the minutes of the central bank’s July 25-26 meeting in the afternoon.
These stocks were poised to make moves Wednesday:
(TGT) reported second-quarter adjusted earnings that beat estimates but the retailer lowered its fiscal-year forecast, saying it now expects adjusted earnings of $7 to $8 a share vs. previous guidance of $7.75 to $8.75. Target shares rose 10%.
(COHR) was falling 22% after the optoelectronics company’s forecasts for its fiscal first quarter and year were weaker than expected. Coherent expects first-quarter adjusted earnings of 5 cents to 20 cents a share on revenue of $1 billion to $1.1 billion, well off analysts’ estimates for earnings of 47 cents a share on revenue of $1.17 billion. The company said the forecast “assumes no meaningful improvement in the macroeconomic environment,” including in China.
(CAVA), the Mediterranean restaurant chain, reported a second-quarter profit of 21 cents a share while analysts were expecting a loss of 2 cents. Revenue of $171.1 million also topped forecasts. It was Cava’s first report since it went public in June. The stock jumped 12%.
(TSEM) declined 12% after
(INTC) terminated its proposed $5.4 billion acquisition of the Israeli chip maker after failing to receive regulatory approval from China. Intel rose 0.1%.
(DLO) was rising 28% after the online payments company reported second-quarter results that topped estimates and maintained revenue guidance of $620 million to $640 million for the year.
also named Pedro Arnt as co-chief executive. Arnt previously worked as chief financial officer at
(MELI), the Latin American e-commerce giant.
Shares of VinFast (VFS), the Vietnamese electric-vehicle maker, were falling 16% in premarket trading. The stock jumped more than 250% on Tuesday after the company began trading following the closing of its merger with the SPAC Black Spade Acquisition.
(MRCY) was down 10% after the military chip maker’s adjusted fourth-quarter earnings of 11 cents a share widely missed analysts’ expectations of 52 cents. The company’s outlook for the current fiscal year also was lower than forecasts.
(HRB) rose 5% after the tax preparer’s fiscal fourth-quarter earnings and fiscal 2024 outlook topped expectations.
also raised its quarterly dividend by 10%.
(TSLA) fell 1.6% after the electric-vehicle maker cut prices in China for the second time in less than a week.
U.S.-listed shares of
(JD) were down 4.5%. The Chinese e-commerce company topped earnings expectations but the stock’s slide was aa reflection of gloom across Chinese markets amid worries over a slowdown in the world’s second-largest economy.
Earnings reports are expected after the closing bell Wednesday from
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