U.S. stock futures were higher Wednesday as Wall Street tried to regain its footing following a decline in the previous session.
Market Snapshot
At 08:20 a.m. ET, Dow e-minis were up 35 points, or 0.10%, S&P 500 e-minis were up 7.25 points, or 0.16%, and Nasdaq 100 e-minis were up 25.25 points, or 0.16%.
Pre-Market Movers
Upstart Holdings, Inc. - It issued an earnings and revenue forecast for the third quarter that was below expectations. Stocks tumbled over 17% in premarket trading.
Lyft, Inc. - It posted adjusted earnings in the second quarter of 16 cents a share, well ahead of estimates that called for a loss of 1 cent, and issued a third-quarter sales forecast also ahead of expectations. Stocks fell nearly 7% in premarket trading.
Rivian Automotive, Inc. - It posted better-than-expected Q2 results and raised its full-year production forecast. It expects to make 52,000 vehicles in 2023, up from previous expectations of 50,000. Stocks rose slightly in premarket trading.
Penn National Gaming - Its Barstool Sportsbook app would be rebranded as ESPN Bet this fall as part of a 10-year agreement with ESPN, which is owned by Walt Disney. Stocks surged nearly 15% in premarket trading.
WeWork - The company said as a result of its “losses and projected cash needs, combined with increased member churn and current liquidity levels, substantial doubt exists about the company’s ability to continue as a going concern.” Stocks slipped over 5% in premarket trading.
Coupang, Inc. - It came out with quarterly earnings of $0.08 per share, beating the Zacks Consensus Estimate of $0.06 per share. This compares to loss of $0.04 per share a year ago. Stocks gained over 6% in premarket trading.
Twilio - It expects operating income for the full year of $350 million to $400 million, higher than prior guidance of $275 million to $350 million. Analysts were expecting an operating income of $329 million. Stocks jumped over 5% in premarket trading.
Doximity, Inc. - It would be cutting 10% of its workforce, about 100 employees, and reduced revenue guidance for fiscal 2024 to a range of $452 million and $468 million, down from previous guidance of $500 million to $506 million. Stocks tumbled over 23% in premarket trading.
Market News
Amazon.com is in talks about joining other technology companies as a cornerstone investor in SoftBank Group Corp's Arm Ltd ahead of its initial public offering (IPO), people familiar with the matter said on Tuesday.
NVIDIA Corp announced on Tuesday the release of a "groundbreaking" next-generation chip as it seeks to fend off growing competition within the booming AI industry.
Netflix has launched a mysterious new gaming controller app for iOS on the App Store. The free app, simply called “Netflix Game Controller,” can be downloaded now and says you can “connect to your TV to play” but doesn’t yet have a listed compatible game.
Rivian Automotive, Inc. lost $1.2 billion, or $1.88 a share, in the second quarter, compared with a loss of $1.7 billion, or $1.89 a share, a year ago. Adjusted for one-time items, Rivian lost $1.08 a share.Revenue rose to $1.12 billion thanks to quarterly sales that exceeded expectations, the company said.
Upstart Holdings, Inc. reported a second-quarter net loss of $28.2 million, or 34 cents a share, compared with a loss of $29.9 million, or 36 cents a share, in the year-earlier period. Revenue fell to $136 million from $228.2 million.
Lyft, Inc. ended the quarter with 21.49 million active riders, up from 19.86 million in the same period a year ago. Revenue grew 3% to $1.02 billion. Net loss narrowed to $114.3 million. In the quarter ending September, it expects revenue in the range of $1.13 billion to $1.15 billion.
Taiwan Semiconductor Manufacturing, along with Bosch, Infineon, and NXP, will build a multibillion-dollar chip factory in Dresden, Germany, the companies announced Tuesday. The deal to create the European Semiconductor Manufacturing Company (ESMC) GmbH plant is part of a joint venture that will be 70% owned by Taiwan Semiconductor Manufacturing, with Infineon, NXP, and Bosch holding 10% equity apiece.
SoFi Technologies Inc. has integrated Galileo Financial Technologies’ conversational artificial intelligence (AI) engine into its personal finance app. The intelligent digital assistant (IDA), Cyberbank Konecta, has increased member satisfaction, improved response time by 65%, and freed up agents to solve more complex and higher-touch problems.
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