Stock futures were mostly lower Thursday as investors digested further data that pointed to a slowing of U.S. inflation.
These stocks were poised to make moves Thursday:
PacWest Bancorp
(ticker: PACW) fell 23% in premarket trading after the regional bank said deposits fell 9.5% last week. It said the majority of that decline occurred on May 4 and May 5 after news reports said PacWest was exploring all of its options and holding talks with potential investors and partners.
Walt Disney
(DIS) reported fiscal second-quarter earnings and sales that matched Wall Street estimates but the stock was falling 5.7% in premarket trading after a surprise decline in
Disney
+ subscribers. The media giant said Disney+ subscribers in the period were 157.8 million, below analysts’ estimates of 163.5 million and down 2% from the first quarter.
Sonos
(SONO) sank 23% after the maker of audio products slashed guidance for fiscal 2023, with CEO Patrick Spence saying the company was reducing “expectations for the second half of fiscal 2023 due to softening consumer demand and channel partner inventory tightening.”
Applovin
(APP), which makes tools for app developers to improve marketing and revenue generation, said it expects second-quarter revenue of $710 million to $730 million, higher than analysts’ predictions of $695.7 million. The stock jumped 17% in premarket trading.
Unity Software
(U) reported a first-quarter loss that was narrower than analysts expected and its revenue forecast for the second quarter exceeded estimates. Shares rose 8.3%.
Tapestry
(TPR) rose 8.2% after the parent company of Coach and Kate Spade posted better-than-expected fiscal third-quarter earnings and raised guidance.
Trade Desk
(TTD), the advertising-technology company, reported first-quarter adjusted profit of 23 cents a share, beating estimates of 13 cents. The stock was rising 4.5%.
Trading app
Robinhood Markets
(HOOD) reported first-quarter results that exceeded expectations and the stock was up 3.9% in premarket trading. Robinhood also said that starting next week it would allow investors to trade a select group of stocks 24 hours a day, five days a week.
U.S.-listed shares of
JD.com
(JD) were up 3.9% in premarket trading after first-quarter earnings at the Chinese e-commerce giant beat analysts’ estimates and the company appointed a new chief executive.
Albemarle
(ALB) gained 1.8% to $198 in premarket trading after shares of the lithium miner were raised to Overweight from Sector Weight with a $270 price target by analysts at KeyBanc.
Norfolk Southern
(NSC) shares gained 1.5% after the railroad company was upgraded to Overweight from Neutral by analysts at J.P. Morgan.
Beyond Meat
‘s (BYND) losses in the first quarter narrowed and while revenue declined at the plant-based meat company sales topped forecasts. The company also issued full-year revenue guidance of $375 million to $415 million vs. expectations of $390.1 million. The stock fell 1.4% in premarket trading.
Write to Joe Woelfel at [email protected]
Read the full article here
