Stock futures suggested a mostly weaker start for Wall Street Tuesday as a deal to raise the U.S. debt ceiling remains elusive. House Speaker Kevin McCarthy, however, called his meeting on Monday with President Biden “productive.”
These stocks were poised to make moves Tuesday:
Tesla (TSLA) shares fell 0.7% in premarket trading. Shares of the electric-vehicle company rose 4.9% on Monday, the stock’s fifth consecutive gain. It has gained 14% over the five days. The move higher Monday followed Ford ‘s (F) investor day, in which the auto maker committed to building its roster of electric vehicles.
Zoom Video Communications (ZM) was rising 0.9% in premarket trading after the videoconferencing company reported fiscal first-quarter adjusted earnings and revenue that topped Wall Street expectations. Zoom Video also issued an upbeat forecast, saying it expects fiscal-year adjusted earnings of $4.25 to $4.31 a share on revenue of $4.47 billion to $4.49 billion, above analysts’ forecasts that called for profit of $4.21 a share on revenue of $4.45 billion.
PacWest Bancorp (PACW) was up 8.9% in premarket trading, extending sharp gains from Monday after the regional lender said it would sell a portfolio of 74 real estate construction loans with a total balance of about $2.6 billion outstanding to Kennedy-Wilson Holdings (KW).
The Wall Street Journal reported that activist investor TCS Capital Management has built a stake in Yelp (YELP), the provider of local-market restaurant and business recommendations and is calling on the company to explore strategic alternatives including a sale. TCS Capital owns more than 4% of Yelp ‘s outstanding common shares, making it one of the company’s five biggest shareholders, people familiar with the matter told the Journal. Yelp shares jumped 13.3%.
Heico (HEI), which makes jet engine and aircraft parts, posted fiscal second-quarter profit that beat estimates as sales in the period jumped 28% to $687.8 million and also beat expectations.
Nordson (NDSN) reported fiscal second-quarter sales that beat analysts’ estimates and said fourth-quarter sales likely would be “the strongest of the year.”
Companies scheduled to report earnings before the stock market opens Tuesday include Lowe’s (LOW), AutoZone (AZO), Dick’s Sporting Goods (DKS), and Williams-Sonoma (WSM). Those reporting after Wall Street closes are Intuit (INTU), Palo Alto Networks (PANW), VF Corp. (VFC), and Toll Brothers (TOL).
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