Stock futures traded lower Tuesday as Wall Street began August deep in the heart of corporate earnings season. The
S&P 500
closed Monday at a 16-month high and has risen for five straight months.
These stocks were poised to make moves Tuesday:
Arista Networks
(ANET), the data center networking hardware provider, posted better-than-expected second-quarter earnings and said it expects third-quarter revenue of between $1.45 billion and $1.5 billion, higher than analysts’ forecasts of $1.39 billion. The stock jumped 15% in premarket trading.
Shares of
ZoomInfo Technologies
(ZI) fell 18% after the provider of database information for corporate sales and marketing teams, reduced its full-year revenue guidance. ZoomInfo said it expects revenue of $1.225 billion to $1.235 billion, down from a previous forecast of $1.275 billion to $1.285 billion. “We are cognizant of the ongoing macro challenges and acknowledge that our improvements could be offset by further deterioration in buyer sentiment and behavior,” said Chief Financial Officer Cameron Hyzer said ZoomInfo’s conference call.
Caterpillar
‘s (CAT) second-quarter earnings easily beat estimates but shares of the maker of heavy construction equipment were down slightly in premarket trading.
Merck
(MRK) was rising 1.4% after posting a narrower-than-expected second-quarter loss and revenue that beat estimates. In an interview with Barron’s, Merck Chief Financial Officer Caroline Litchfield said sales of the company’s cancer treatments and vaccines were growing, and more M&A could be on the horizon.
Pfizer
(PFE) rose 0.2% after the drug maker’s second-quarter adjusted earnings of 67 cents a share beat forecasts by 10 cents.
Harmonic
(HLIT) was falling 10% after the maker of fiber-optic and other telecommunications systems issued an outlook for the third quarter and year that were below analysts’ estimates.
Avis Budget Group
(CAR), the car-rental company, reported second-quarter profit that beat analysts’ expectations. Chief Executive Joe Ferraro said the company capitalized “on a strong and increasing travel demand environment.” The stock rose 1.7%.
CVS Health
(CVS) shares were up 0.4% in premarket trading after a report from The Wall Street Journal said the retail pharmacy giant would be cutting 5,000 jobs. According to a staff memo that was reviewed by the Journal, Chief Executive Karen Lynch said the changes would enable CVS to “be at the forefront of a once-in-a-generation transformation in health care.”
U.S.-listed shares of
BP
(BP) rose 1.3% after the British energy giant reported second-quarter net income fell to $1.79 billion from $9.26 billion a year earlier. Underlying replacement-cost profit was $2.59 billion in the quarter, down from $8.45 billion a year earlier and below analysts’ estimates. BP said it would be buying back $1.5 billion of stock over the next three months and raised its dividend by 10%.
American depositary receipts of
Li Auto
(LI) were rising 1.8% after the Chinese electric-vehicle maker delivered 34,134 vehicles in July, an increase of 227.5% from a year earlier. U.S.-listed shares of
XPeng
(XPEV) fell 1.6%. The company said it delivered 11,008 Smart EVs in July, a 28% increase from the prior month.
NIO
(
NIO
) delivered 20,462 vehicles in July, up more than 100% from the same month a year earlier. The shares fell 0.9%.
Write to Joe Woelfel at [email protected]
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