By Joe Woelfel
Stock futures slipped Wednesday following solid gains Tuesday that came after Federal Reserve Chairman Jerome Powell said inflation was easing but that more interest rate hikes would be needed to cool inflation as the U.S. labor market remains strong.
These stocks were poised to make moves Wednesday:
Enphase Energy (ENPH) rose 9.3% after the supplier of solar and battery systems reported fourth-quarter revenue rose to $724.7 million from $412.7 million a year earlier and guided for first-quarter revenue higher than analysts' estimates.
Chipotle Mexican Grill $(CMG)$, the Tex-Mex burrito and taco chain, was falling 5.2% in premarket trading after reporting fourth-quarter adjusted earnings, revenue, and same-store sales that fell short of Wall Street's expectations.
New Relic (NEWR) gained 16.5% after adjusted fiscal third-quarter profit topped estimates and the software company issued an upbeat forecast for its fourth quarter.
Microsoft $(MSFT)$ rose 1.9% in premarket trading. The company announced an upgrade to its Bing search engine to include the generative artificial intelligence technology behind ChatGPT.
Online marketplace eBay $(EBAY)$ announced it would cut about 4% of its staff. The stock declined 0.4%.
Cybersecurity company Fortinet $(FTNT)$ jumped 12% after posting better-than-expected fourth-quarter earnings and its forecast for annual revenue and billings topped estimates.
Illumina (ILMN), the San Diego-based DNA sequencer, was down 4% after fourth-quarter earnings missed Wall Street expectations.
CVS Health $(CVS)$ and Uber Technologies $(UBER)$ are scheduled to report quarterly earnings before the stock market opens Wednesday, while entertainment giant Walt Disney $(DIS)$ will be reporting after Wall Street closes.
Write to Joe Woelfel at joseph.woelfel@barrons.com
(END) Dow Jones Newswires
February 08, 2023 04:53 ET (09:53 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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