Stock futures were declining Wednesday as investors focused their attention on corporate earnings reports.
These stocks were poised to make moves Wednesday:
Netflix was falling 1.5% in premarket trading after the streaming video market leader issued a disappointing second-quarter outlook. First-quarter earnings and revenue at Netflix largely were in with Wall Street’s expectations, though it only added 1.75 million net new subscribers in the quarter, about 500,000 less than analysts had expected. Netflix also said it expects to launch “paid sharing,” its program for cracking down on password sharing, in the U.S. in second quarter.
United Airlines reported a narrower-than-expected first-quarter loss and said travel demand was strong heading into the summer, especially for international flights. The airline said it remains confident in its 2023 target for earnings of $10 to $12 a share. The stock rose 0.7%.
ASML , the Dutch semiconductor-equipment maker, said it was seeing “mixed signals” on demand despite improved first-quarter profit and sales. The stock declined 2.3%.
Western Alliance surged 15.2% in premarket trading after the regional lender said deposits in the first quarter have stabilized. End-of-quarter deposits were $47.6 billion, down 11% from the prior quarter, but the bank said it added about $2 billion in deposits through April 14. Western Alliance and other regional banks suffered a run on deposits following the collapse of Silicon Valley Bank in March.
Tesla , the electric-vehicle giant, is scheduled to report first-quarter earnings after the closing bell Wednesday. Wall Street will be weighing how gross profit margins in the automotive business have been holding up following price cuts at Tesla that have helped lift deliveries to record levels. Tesla was down 1.4% in premarket trading.
A continued slowdown in deal making is expected to weigh on Morgan Stanley when the investment bank posts first-quarter earnings before trading opens Wednesday. The stock was rising 0.2% in premarket trading.
International Business Machines is scheduled to report first-quarter earnings after the stock market closes Wednesday.
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