Stock futures suggested a slightly higher start for markets Tuesday with Wall Street preparing for the start of the two-day Federal Reserve meeting and earnings reports from some of the biggest U.S. corporations.
These stocks were poised to make moves Tuesday:
General Electric (GE) reported second-quarter adjusted earnings of 68 cents a share on sales of $15.9 billion, higher than Wall Street estimates that called for earnings of 46 cents a share on sales of $14.8 billion.
GE
also raised full-year guidance and the stock jumped 3.6% in premarket trading.
General Motors
(GM) earned $1.91 a share on an adjusted basis in the second quarter, topping analysts’ estimates. Revenue of $44.8 billion also beat forecasts of $42.1 billion. Shares of the auto maker were up 1.9%.
3M
(MMM) rose 2.4% after the company posted better-than-expected second-quarter profit and sales and raised its full-year outlook.
Spotify Technology
(SPOT) fell 7.3% in premarket trading even after the music streaming service posted better-than-expected subscriber growth in the second quarter. It was the company’s best-ever quarter for new users but the stock tumbled after revenue missed forecasts.
Shares of telecommunications giant
Verizon Communications
(VZ) rose 2.7% after second-quarter earnings beat analysts’ estimates even as revenue missed.
F5 (FFIV), the cloud security company, reported fiscal third-quarter earnings of $3.21 on revenue of $702.6 million. Analysts had been estimating earnings of $2.86 a share on revenue of $698.9 million. Shares jumped 10% in premarket trading.
Logitech International
(LOGI), the computer peripherals maker, jumped 7.1% after beating fiscal first-quarter earnings estimates and hiking its guidance.
Cadence Design Systems
(CDNS) raised its forecast for the year, saying it expects earnings of $5.05 to $5.11 a share on revenue of $4.05 billion to $4.09 billion. Wall Street expects earnings for the year of $5.03 a share on revenue of $4.06 billion. The stock fell 4.1%.
NXP Semiconductors
(NXPI) beat analysts’ second-quarter earnings and revenue expectations and the Netherlands-based chip maker forecast third-quarter profit of $3.39 to $3.82 a share vs. expectations of $3.44 a share. The stock rose 1.2% in premarket trading.
Walmart
(WMT) was upgraded to Overweight from Neutral at
Piper Sandler
with a price target of $210. Shares of the world’s largest retailer rose 1.1% to $160.90 in premarket trading.
Goldman Sachs
(GS) declined 0.5% to $357.05 after shares of the investment bank were downgraded to Neutral from Buy by analysts at Citi. The price target was raised to $400 from $370.
The fiscal fourth-quarter report from software giant
Microsoft
(MSFT) is scheduled for after the stock market closes Tuesday. investors will be zeroed in on the outlook for the company’s Azure cloud computing arm and its rapidly expanding work on artificial intelligence.
Moves into artificial intelligence also will be watched by analysts and investors when
Alphabet
(GOOGL), the parent of Google, posts earnings after the closing bell. Investors also will be monitoring signs of improvement in the advertising market and cloud spending trends.
Write to Joe Woelfel at [email protected]
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