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Stock futures were falling Thursday after three straight days of losses for Wall Street.
Dreamstime
Stock futures were falling following three straight days of losses for Wall Street. Federal Reserve Chairman Jerome Powell again will be delivering testimony before Congress. His comments on Wednesday that the central bank likely would be raising rates further this year pushed markets lower.
These stocks were poised to make moves Thursday:
Tesla
(TSLA) was falling 1.4% in premarket trading after shares of the electric-vehicle maker tumbled 5.5% in the previous session following a downgrade to Hold from Buy from analysts at Barclays.
Nvidia
(NVDA) declined 0.7% to $427.37. Lynx analyst KC Rajkumar on Wednesday said “investor expectations of NVDA have reached frothy levels.” He set a $360 target price on the stock. Wall Street analysts, on average, see the shares rising to $445.38, according to estimates on
FactSet
.
Intel
(INTC) and
Advanced Micro Devices
(AMD) edged slightly higher in premarket trading. The stocks fell 6% and 5.7%, respectively, on Wednesday after Intel disclosed plans to make its foundry business more competitive.
Spirit AeroSystems
(SPR) was falling 9% as the
Boeing
(BA) supplier said it would suspend factory production after union workers at the company voted to strike.
KB Home
(KBH) was down 0.3% in premarket trading. The home builder reported fiscal second-quarter earnings that beat analysts’ estimates and said it expects revenue in 2023 of between $5.8 billion to $6.2 billion for 2023, higher than its previous forecast. Analysts had been expecting fiscal-year revenue of $5.62 billion.
Logitech International
(LOGI) was rising 1.8% after the board of the computer peripherals maker approved a new stock buyback program of up to $1 billion. Shares of Logitech fell 2.7% on Wednesday following reports that said one of its gamepads was used to steer the missing Titanic submersible.
Activist investor Elliott Investment Management is seeking to oust the chief executive of
NRG Energy
(NRG), The Wall Street Journal reported, citing people familiar with the matter. Elliott is in talks with potential candidates to replace CEO Mauricio Gutierrez as well as other top executives, the people told the Journal. The activist investor last month disclosed it had acquired a stake of about $1 billion in
NRG Energy
.
Steelcase
(
SCS
) reported fiscal first-quarter adjusted earnings and sales that were better than Wall Street expectations but the office furniture maker issued a sales forecast for the second quarter that missed.
Earnings reports are expected Thursday from
Accenture
(ACN),
Darden Restaurants
(DRI),
FactSet Research
(FDS),
Commercial Metals
(CMC), and
Methode Electronics
(
MEI
).
Write to Joe Woelfel at joseph.woelfel@barrons.com
