Stock futures traded higher on Wednesday after heavy losses in the previous session, driven by investors’ realization that the Federal Reserve will keep interest rates high for a longer period of time and a decline in consumer confidence.
Costco Wholesale (ticker: COST) reported fiscal fourth-quarter earnings and sales that beat analysts’ estimates, but the stock fell 1.7% in premarket trading after the retailer failed to provide an update on a potential increase in membership fees. %, a move that many people took. Wall Street believes it is overdue.
Furniture company Miller Knoll (MLKN) raised its fiscal 2024 outlook, saying it expects adjusted earnings of $1.85 to $2.15 per share, better than its previous guidance for a profit of $1.70 and $2 per share. Is. Miller Knoll also posted first-quarter earnings and sales that beat analysts’ expectations. The stock jumped 16%.
Blink Charging (BLNK) rose 9.9% to $3.22 after UBS initiated coverage of the electric-vehicle charging equipment company with a buy rating and a price target of $7.
Advertisement – Scroll to continue
AAR Corp (AIR), which provides aviation services to commercial and government operators, expects to turn a profit in the second quarter of the current fiscal year amid rising operating margins, Chief Executive John Holmes said in an interview with The Wall Street Journal. told. On Tuesday, the company reported first-quarter adjusted earnings of 78 cents per share, above analysts’ estimates, on sales growth of 23%. Shares were 2.3% higher in premarket trading.
Hasbro (HAS) and Mattel (MAT) were rising 2% and 2.5%, respectively, after Morgan Stanley initiated coverage of the toy makers at Overweight.
Elf Beauty (ELF) rose 1.8% to $111.20 after the cosmetics company started with a Buy rating and a $138 price target at UBS.
Zions Bancorp
Advertisement – Scroll to continue
ZION (ZION) fell 1.8% to $33.37 after Morgan Stanley downgraded the lender from equal weight to underweight, but raised the price target to $32 from $27.
Paramount (PARA) rose 1.4% after Hollywood writers agreed to a deal to end their strike. Shares of Netflix (NFLX) were up 0.6%, while Walt Disney (DIS) rose 0.5%.
Amazon.com (AMZN) was up 0.3% in premarket trading after falling 4% on Wednesday after the Federal Trade Commission sued the online retailer and cloud company. The agency alleged that Amazon strategically stifles competition with its dominant online marketplace.
Micron Technology (MU), Paychex (PAYX), and Jefferies Financial Group are expected to report earnings on Wednesday.
Advertisement – Scroll to continue
(JEF).
Write to Joe Woelfel at [email protected]
Source: www.barrons.com
