Stock futures were getting a well-needed lift Friday from solid earnings reports from
Amazon.
com and Intel. The
S&P 500
has fallen 2.6% over the last two trading sessions and the
Nasdaq Composite
has slumped 4.1%. Wall Street will be monitoring the Federal Reserve’s preferred inflation gauge, which will be released before markets open Friday.
These stocks were poised to make moves Friday:
Amazon.com
(AMZN) reported third-quarter earnings of 94 cents a share, well above analysts’ consensus of 58 cents. Sales rose 13% from a year earlier to $143.1 billion. Amazon Web Services revenue rose 12%, about in line with Wall Street estimates. Amazon said it expects fourth-quarter revenue of between $160 billion and $167 billion versus analysts’ projections of $167.1 billion. The stock rose 6.5% in premarket trading.
Chip maker
Intel
(INTC) reported third-quarter adjusted earnings that were better than expected and issued upbeat profit guidance. Intel said it expects fourth-quarter adjusted profit of 44 cents a share and revenue ranging from $14.6 billion to $15.6 billion. At the midpoint, the revenue forecast was higher than Wall Street consensus of $14.4 billion. Perhaps even more importantly, Intel said it has been signing up more customers for its chip manufacturing services. The stock jumped 6.8%.
Chevron
(CVX) reported third-quarter adjusted earnings of $3.05 a share, well below analysts’ estimates of $3.70. Revenue of $51.9 billion topped Wall Street forecasts. The stock was down 1.3% in premarket trading.
Shares of
Exxon Mobil
(XOM) were down slightly after the oil major reported third-quarter profit of $9.07 billion, down from $19.66 billion a year earlier. Production declined 0.8% in the period.
Ford Motor
(F) reported weaker-than-expected third-quarter earnings and withdrew its guidance for the year, citing the tentative labor agreement with the United Auto Workers that was reached earlier this week. The company’s electric-vehicle business, called Model e, reported a loss of $1.3 billion on sales of 36,000 vehicles for a per-vehicle loss of about $36,000. Shares of the auto maker declined 3.9%.
Enphase Energy
(ENPH) projected that the current slowdown in solar-product sales would last through the first quarter of 2024, sending the stock down 20% in premarket trading. Third-quarter earnings slightly beat estimates but the company’s fourth-quarter revenue outlook was well below Wall Street’s expectations.
Enphase
said it expects revenue in the fourth quarter of $300 million to $350 million, well below estimates of $579 million.
DexCom
(DXCM), the maker of glucose monitoring systems, reported third-quarter earnings that handily beat analysts’ expectations, and boosted its revenue forecast for 2023. Shares surged 17%.
Masimo
(MASI) was up 10% in premarket trading after the U.S. International Trade Commission trade agency on Thursday found that
Apple
(AAPL) violated
Masimo
patents for blood-oxygen reading technology. The ruling could lead to an import ban for certain models of the Apple’s Watch.
Deckers Outdoor
(DECK), the maker of Ugg boots and Hoka sneakers, reported better-than-expected fiscal second-quarter earnings and revenue and raised its fiscal-year sales forecast to about $4.025 billion. “The strength of demand for our Hoka and Ugg brands continued to drive exceptional performance,” the company said in a statement.
Deckers
rose 9.4% in premarket trading.
Write to Joe Woelfel at [email protected]
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