U.S. stock index futures steadied on Wednesday after Tuesday’s losses in technology stocks- triggered by weak earnings from chipmaking bellwether ASML- dragged Wall Street off record highs. Focus remained on more corporate results, with the third-quarter earnings season set to continue this week.
These stocks made moves Wednesday:
ASML - ASML shares dropped another 5% in premarket trading. The computer chip equipment maker forecast on Tuesday lower than expected 2025 sales and bookings on sustained weakness in parts of the semiconductor market, pushing its shares down 16.3%.
Intel - Intel shares sank 4% in pre-market as China Cybersecurity Association suggested review of company's products in China.
Phunware, Trump Media & Technology, Rumble - Trump-related stocks jumped again in premarket trading. Phunware rose 13%; Trump Media & Technology rose 3%; Rumble rose 1%.
NIO - NIO shares rose 2% in premarket trading. For the week of October 7-13, NIO saw 4,700 vehicle insurance registrations in China, up 4.44 percent from 4,500 the week before. Moreover, NIO's executive flagship sedan, the ET9, has entered a regulatory filing to pave the way for deliveries to begin in the first quarter of 2025.
Tencent Music - Tencent Music shares gained 4% in premarket trading. Citibank expects Tencent Music's third-quarter performance to meet expectations, maintains 'Buy' rating with a target price of $15.
Versus Systems - Versus Systems said Wednesday it has secured a $2.5 million funding and a technology licensing deal from Aspis Cyber Technologies. The shares soared 165% in premarket trading.
KE Holdings - KE Holdings shares gained 4% in premarket trading as investors anticipate more support measures for the troubled sector from a housing ministry press conference scheduled for Thursday.
Penguin Solutions - Penguin Solutions , previously called Smart Global Holdings, was dropping 17% after fourth-quarter adjusted earnings and revenue missed Wall Street expectations.
Morgan Stanley - Earnings reports are expected Wednesday from Morgan Stanley. Analysts expect Morgan Stanley to postthird-quarter earningsof $2.6 billion, up from $2.4 billion a year earlier. Investors will be closely watching the company’s results from its investment-banking and wealth management units. Shares of Morgan Stanley were up 0.4% in premarket trading.
Comments