Stock futures slipped Wednesday after the
S&P 500
closed lower for the second day in a row and attention turned to Federal Reserve Chairman Jerome Powell’s testimony before Congress.
These stocks were poised to make moves Wednesday:
FedEx
(FDX) was falling 2.7% in premarket trading after the shipping giant reported fiscal fourth-quarter earnings that beat analysts’ estimates but issued guidance that disappointed. The company said it expects earnings for the current fiscal year of between $16.50 and $18.50 a share, up from nearly $15 a share in fiscal 2023. Wall Street had been expecting about $18.30 a share.
FedEx
also said it sees sales growing “flat to low-single-digit-percent” in fiscal 2024.
Shares of competitor
United Parcel Service
(UPS) were down 1%.
Tesla
(TSLA) was rising 1.3% to $277.98. CEO Elon Musk met with India’s prime minister, Narenda Modi, on Tuesday and said he was confident the electric-vehicle maker “will be in India and will do so as soon as humanly possible.” Musk said Modi was pushing
Tesla
to make “significant investments in India,” and that’s “something we intend to do.”
Separately, analysts at Barclays downgraded Tesla to Equal Weight from Overweight but raised their price target to $260 from $220.
Amazon.com
(AMZN) was up slightly, rising to $126.24 in premarket trading. Analysts at Jefferies raised their price target on the stock to $150 from $135, saying they see the company as a “core beneficiary” from the
rise of artificial intelligence as “AWS benefits from increased usage to train and run AI models.”
Amazon,
meanwhile, announced that Prime Day, the online retailer’s annual promotional event, will take place on July 11-12. It has been estimated that Amazon reaped sales of about $12 billion in last year’s Prime Day.
Winnebago Industries
(WGO), the recreational-vehicle maker, was falling 3.9% after reporting a decline of 38% in fiscal third-quarter sales.
La-Z-Boy
(LZB), the furniture maker, said it expects fiscal first-quarter sales of $470 million to $490 million, down $604.1 million a year earlier and below analysts’ expectations of about $522 million. Shares fell 2.3%.
Peloton Interactive
(PTON) was falling 2.5% in premarket trading to $8.05 after shares of the digital exercise company were assumed at Wolfe Research at Underperform with a price target of $6.
Write to Joe Woelfel at joseph.woelfel@barrons.com
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