Stock futures were up slightly Monday ahead of a week filled with interest-rate decisions from the Federal Reserve and European Central Bank, and earnings from more than 150 companies in the S&P 500, including tech giants Microsoft, Alphabet, Meta Platforms, and Amazon.com.
These stocks were poised to make moves Monday:
Shares of AMC Entertainment (AMC) were jumping 63% in premarket trading after the movie-theater chain filed a revised stock conversion proposal after a judge blocked the company’s plan to convert its so-called APE shares into common stock. If the court agrees with the plan, AMC hopes to implement the plan “as soon as possible,” CEO Adam Aron said on Twitter over the weekend. The APE shares were down 9%.
Tesla (TSLA) was falling 1.5% to $256.14 after shares of the electric-vehicle maker were downgraded to Neutral from Buy at UBS. The analysts, however, raised the price target on the stock to $270 from $220. UBS said for the next 12 months it thinks “upside risk to consensus earnings is very limited with significant volumes from new product (first Cybertruck, then the affordable model) not kicking in before H2/24, and with some initial margin-dilutive impact.”
Chevron (CVX) released a second-quarter performance update on Sunday that was better than analysts’ expectations. Adjusted profit of $3.08 a share topped consensus of $2.97. A year earlier, Chevron reported adjusted earnings of $5.82 a share. The major oil company is scheduled to report quarterly earnings on Friday. Chevron also announced that it was waiving its mandatory retirement age of 65 for CEO Mike Wirth, who will turn 63 later this year. The stock was up 0.2% in premarket trading.
Domino’s Pizza (DPZ) is scheduled to report second-quarter before the opening bell Monday, while after markets close reports are expected from NXP Semiconductors (NXPI), Logitech International (LOGI), F5 (FFIV), Cleveland-Cliffs (CLF), and Whirlpool (WHR).
Reports are expected later in the week from tech giants Microsoft (MSFT), Alphabet (GOOGL), Meta Platforms (META), and Amazon.com (AMZN).
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