Stock futures pointed to a modestly higher start for Wall Street on Wednesday after equities slumped following retail sales data that sent bond yields surging. The Federal Reserve will be releasing the minutes of the central bank’s July 25-26 meeting in the afternoon.
These stocks were poised to make moves Wednesday:
Coherent
(COHR) was falling 20% after the optoelectronics company’s forecasts for its fiscal first quarter and year were weaker than expected. Coherent expects first-quarter adjusted earnings of 5 cents to 20 cents a share on revenue of $1 billion to $1.1 billion, well off analysts’ estimates for earnings of 47 cents a share on revenue of $1.17 billion. The company said the forecast “assumes no meaningful improvement in the macroeconomic environment,” including in China.
Cava Group
(CAVA), the Mediterranean restaurant chain, reported a second-quarter profit of 21 cents a share while analysts were expecting a loss of 2 cents. Revenue of $171.1 million also topped forecasts. It was Cava’s first report since it went public in June. The stock jumped 12%.
Tower Semiconductor
(TSEM) declined 10% in premarket trading after
Intel
(INTC) terminated its proposed $5.4 billion acquisition of the Israeli chip maker after failing to receive regulatory approval from China. Intel rose 0.3%.
DLocal
(DLO) was rising 25% in premarket trading after the online payments company reported second-quarter results that topped estimates and maintained revenue guidance of $620 million to $640 million for the year.
DLocal
also named Pedro Arnt as co-chief executive. Arnt previously worked as chief financial officer at
MercadoLibre
(MELI), the Latin American e-commerce giant.
Shares of VinFast (VFS), the Vietnamese electric-vehicle maker, were falling 7.4% in premarket trading. The stock jumped more than 250% on Tuesday after the company began trading following the closing of its merger with the SPAC Black Spade Acquisition.
Mercury Systems
(MRCY) was down 10% after the military chip maker’s adjusted fourth-quarter earnings of 11 cents a share widely missed analysts’ expectations of 52 cents. The company’s outlook for the current fiscal year also was lower than forecasts.
Earnings reports are expected before the opening bell Wednesday from
Target
(TGT),
TJX Cos.
(TJX), and
JD.com
(JD).
Cisco Systems
(CSCO) is scheduled to report earnings after markets close, as are
Synopsys
(SNPS) and
Wolfspeed
(WOLF).
Write to Joe Woelfel at [email protected]
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