Stock futures fluctuated Tuesday after equities surged Monday, with the
Dow Jones Industrial Average
gaining more than 500 points, and the
S&P 500
rising 1.2%. Weaker data on Chinese manufacturing and continued tensions in the Middle East dented sentiment Tuesday.
These stocks were poised to make moves Tuesday:
Arista Networks
(ANET) rose 9.3% in premarket trading after the networking-equipment provider reported adjusted earnings in the third quarter of $1.83 a share, better than analysts’ estimates of $1.58. The company said it expects fourth-quarter revenue of $1.5 billion to $1.55 billion versus expectations of $1.47 billion.
Lattice Semiconductor
(LSCC) reported better-than-expected adjusted third-quarter earnings but the stock sank 16% after the company said it expects fourth-quarter sales of between $166 million and $186 million, lower than estimates of $196 million.
Pinterest
(PINS) reported third-quarter adjusted earnings of 28 cents a share, topping Wall Street estimates of 21 cents. Revenue of $763.2 million was up 11% from a year earlier and also was better than forecasts. The social-media site said it expects fourth-quarter revenue to increase between 11% and 13%. Shares rose 16% in premarket trading.
Wolfspeed
(WOLF) reported a fiscal first-quarter loss that was narrower than expected. For the second quarter,
Wolfspeed
said it anticipates an adjusted loss from continuing operations of 56 cents to 70 cents a share. Analysts forecast a loss of 69 cents. Shares of the silicon-carbide company were up 14%.
VF Corp.
(VFC) missed fiscal second-quarter earnings estimates and pulled its guidance for fiscal 2024, saying that efforts to turn around sales of its Vans brand have been faltering. The stock fell 8.8%.
Third-quarter profit at
BP
(BP) missed analysts’ expectations and U.S.-listed shares of the the British oil company were down 4.3% in premarket trading. BP reported an underlying replacement cost profit of $3.29 billion in the quarter, up from $2.59 billion in the second quarter. Analysts were expecting third-quarter underlying replacement cost profit of $4.13 billion.
Anheuser-Busch InBev
(BUD) maintained its full-year guidance despite a hit to U.S. sales as some drinkers boycotted Bud Light. Revenue in the U.S. declined by 14% in the third quarter as AB InBev’s flagship American brand Bud Light faced a conservative boycott over its marketing partnership with transgender influencer Dylan Mulvaney. American depositary receipts of AB InBev rose 3.5%.
Stellantis
(STLA) beat revenue expectations in the third quarter but the Jeep maker said it incurred production losses of €3 billion from the six-week strike by the United Auto Workers union. Stellantis and the union reached a tentative labor deal over the weekend. The stock was rising 3.2%.
Amkor Technology
(AMKR) declined 16% after the provider of semiconductor packaging and test services reported third-quarter earnings and revenue that fell from a year earlier and forecast a profit drop in the fourth quarter.
Earnings reports are expected Tuesday from
Pfizer
(PFE),
Advanced Micro Devices
(AMD),
Caterpillar
(CAT),
Amgen
(AMGN),
GE HealthCare Technologies
(GEHC),
Match Group
(MTCH),
First Solar
(FSLR), and
Caesars Entertainment
(CZR).
Write to Joe Woelfel at [email protected]
Read the full article here
