Stock futures edged lower Tuesday as Wall Street began August deep in the heart of corporate earnings season. The S&P 500 closed Monday at a 16-month high and has risen for five straight months.
These stocks were poised to make moves Tuesday:
American Superconductor stock skyrockets 103.77% in premarket trading as viral room-temperature superconductor claims spark excitement. Taj Quantum has received a key patent for a room temperature superconducting material that could see the material enter production.
Arista Networks $(ANET)$, the data center networking hardware provider, posted better-than-expected second-quarter earnings and said it expects third-quarter revenue of between $1.45 billion and $1.5 billion, higher than analysts' forecasts of $1.39 billion. The stock jumped 14% in premarket trading.
Shares of ZoomInfo Technologies $(ZI)$ fell 20% after the provider of database information for corporate sales and marketing teams, reduced its full-year revenue guidance. ZoomInfo said it expects revenue of $1.225 billion to $1.235 billion, down from a previous forecast of $1.275 billion to $1.285 billion. "We are cognizant of the ongoing macro challenges and acknowledge that our improvements could be offset by further deterioration in buyer sentiment and behavior," said Chief Financial Officer Cameron Hyzer said ZoomInfo's conference call.
Harmonic $(HLIT)$ was falling 12% after the maker of fiber-optic and other telecommunications systems issued an outlook for the third quarter and year that were below analysts' estimates.
Avis Budget Group $(CAR)$, the car-rental company, reported second-quarter profit that beat analysts' expectations. Chief Executive Joe Ferraro said the company capitalized "on a strong and increasing travel demand environment." The stock rose 1.6%.
CVS Health $(CVS)$ shares wavered in premarket trading after a report from The Wall Street Journal said the retail pharmacy giant would be cutting 5,000 jobs. According to a staff memo that was reviewed by the Journal, Chief Executive Karen Lynch said the changes would enable CVS to "be at the forefront of a once-in-a-generation transformation in health care."
U.S.-listed shares of BP $(BP)$ rose 0.9% after the British energy giant reported second-quarter net income fell to $1.79 billion from $9.26 billion a year earlier. Underlying replacement-cost profit was $2.59 billion in the quarter, down from $8.45 billion a year earlier and below analysts' estimates. BP said it would be buying back $1.5 billion of stock over the next three months and raised its dividend by 10%.
Earnings reports are expected before the opening bell Tuesday from Pfizer $(PFE)$, Merck $(MRK)$, Caterpillar $(CAT)$, Uber Technologies $(UBER)$, and Altria $(MO)$, while Advanced Micro Devices $(AMD)$, Starbucks $(SBUX)$, and Electronic Arts $(EA)$, are scheduled to post reports after markets close.
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