Stock futures edged lower Wednesday ahead of commentary from Federal Reserve Chairman Jerome Powell and a host of other U.S. central bank officials that Wall Street hopes will offer clues as to the future path of interest rates.
Stocks were entering Wednesday fresh off the longest winning streaks since 2021 for the
S&P 500
and
Nasdaq Composite.
These stocks were poised to make moves Wednesday:
Rivian Automotive
(RIVN), the electric-vehicle maker, raised its production guidance for 2023, saying it now expects to produce 54,000 cars, up from previous guidance of 52,000. The company also reported a narrower third-quarter loss. The stock was up 6.5% in premarket trading.
Lucid Group
‘s (LCID) third-quarter sales missed Wall Street estimates and the electric-vehicle start-up reduced production guidance to a range of 8,000 to 8,500 vehicles this year from about 10,000.
Lucid
shares fell 3.7%.
Robinhood Markets
(HOOD) missed Wall Street’s third-quarter revenue expectations as transaction revenue and monthly active users both slowed. Shares of the trading app declined 7.5%.
Upstart Holdings
(UPST) fell 23% after the artificial intelligence lending platform posted an adjusted loss of 5 cents a share in the third quarter while analysts were expecting a loss of 2 cents. Revenue of $135 million missed forecasts of $140 million. The company’s revenue outlook for the fourth quarter also was shy of estimates.
Toast
(TOST), the cloud-based platform for restaurant operations, said it expects full-year revenue of $3.83 billion to $3.86 billion, narrower than a previous forecast of $3.81 billion to $3.87 billion. The reduction to the top end of revenue guidance sent shares of
Toast
down 18%.
Microsoft
(MSFT) was down slightly in premarket trading after shares of the software maker closed at an all-time high of $360.53 on Tuesday. The stock has risen for eight consecutive days, its longest winning streak since Jan. 28, 2021.
EBay
(EBAY) issued fourth-quarter revenue guidance of $2.47 billion to $2.53 billion, with growth on a currency-adjusted basis ranging from a 1% decline to a 2% increase. Analysts had been estimating revenue of $2.6 billion for eBay’s fourth quarter. Shares of the online marketplace were falling 6.3%.
Akamai Technologies
(AKAM) posted better-than-expected third-quarter adjusted earnings and revenue and boosted its outlook for the full year, driven by strength in its security software business. Shares of Akamai rose 4.8%.
Array Technologies
(ARRY) was falling 11% after the solar tracking solutions company issued weak guidance for the full year. For 2023, Array said it expects revenue in the range of $1.525 billion to $1.575 billion while analysts had been forecasting revenue of $1.64 billion.
Upwork
(UPWK) surged 20% after third-quarter earnings and revenue at the platform for freelancers topped Wall Street estimates.
IT infrastructure provider
Kyndryl
(KD) posted third-quarter revenue of $4.1 billion, about $100 million better than analysts’ estimates. The company also reported adjusted earnings before interest, taxes, depreciation and amortization, or Ebitda, of $574 million, well above Wall Street consensus of $487 million. The stock roe 12%.
Sleep Number
(SNBR) was down 31% after the mattress maker posted a surprise third-quarter loss and predicted a loss for the full year of 70 cents a share that includes restructuring charges from job cuts and store closures the company announced Tuesday.
Occidental Petroleum
(OXY) reported third-quarter earnings that fell from a year earlier but profit on an adjusted basis that topped analysts’ estimates. The stock was up 1%.
Earnings reports are expected Wednesday from
Walt Disney
(DIS),
Arm Holdings
(ARM),
Biogen
(BIIB),
Warner Bros. Discovery
(WBD),
Take-Two Interactive Software
(TTWO),
Roblox
(RBLX),
Kellanova
(K),
Applovin
(APP),
MGM Resorts
(MGM),
Unity Software
(U),
Lyft
(LYFT),
AMC Entertainment
(AMC),
Under Armour
(UAA),
Ralph Lauren
(RL), and
Affirm Holdings
(AFRM),
Write to Joe Woelfel at [email protected]
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