Stock futures fell Thursday, suggesting equities would extend a selloff following a downgrade of U.S. government debt. Apple and Amazon.com will be the highlights of a busy day for corporate earnings.
These stocks were poised to make moves Thursday:
Qualcomm $(QCOM)$ shares declined 8.7% in premarket trading after the maker of mobile processors and 5G wireless chipsets issued a fiscal fourth-quarter revenue forecast below analysts' expectations. Qualcomm blamed a slower recovery in China and a challenging macro environment for the disappointing guidance. On a conference call, Qualcomm executives said they don't see an immediate rebound in demand.
PayPal (PYPL) tumbled 8% in premarket trading after the payments platform reported second-quarter adjusted earnings that slightly beat estimates but adjusted operating margin was 21.4%, below the 22% that PayPal previously estimated.
Shopify $(SHOP)$ posted better-than-expected adjusted second-quarter earnings and revenue at the e-commerce software provider rose 31% from a year earlier and beat Wall Street estimates. The stock declined 1.2%.
Occidental Petroleum $(OXY)$ was down 2.5% after the energy company reported earnings that missed analysts' earnings estimates on weaker crude oil prices.
DoorDash $(DASH)$ was rising 5.8% after second-quarter revenue rose to $2.13 billion from $1.61 billion a year earlier and topped analysts' forecasts.
Albemarle $(ALB)$ jumped 5% after the lithium producer's second-quarter earnings handily topped Wall Street forecasts and raised its earnings forecast for the full year.
EVgo $(EVGO)$, the electric-vehicle charging network and equipment provider, reported better-than-expected second-quarter results and said it expects full-year sales of $120 million to $150 million, compared with a prior range of $105 million to $150 million. The stock jumped 15%.
Earnings reports are expected Thursday from Apple $(AAPL)$, Amazon.com $(AMZN)$, Amgen $(AMGN)$, Coinbase Global $(COIN)$, ConocoPhillips $(COP)$, Booking Holdings (BKNG), Anheuser-Busch InBev $(BUD)$, Airbnb $(ABNB)$, Gilead Sciences $(GILD)$, Regeneron Pharmaceuticals $(REGN)$, Block (SQ), Moderna $(MRNA)$, Wayfair (W), and Opendoor Technologies $(OPEN) dYdX
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