US stock futures were trading little changed Wednesday as Federal Reserve officials in recent days have said the central bank would be cautious in lowering interest rates.
These stocks were poised to make moves Wednesday:
Snap (SNAP) - Shares of Snap were plunging 31.1% after the social-media company posted fourth-quarter revenue of $1.36 billion, below Wall Street estimates of $1.38 billion, and said it expects an adjusted Ebitda loss for the first quarter of between $55 million and $95 million, much wider than the Wall Street consensus forecast for a loss of $21 million.
Ford (F) - Ford Motor reported fourth-quarter adjusted earnings and sales that beat analysts’ estimates and the auto maker said it expects to generate an operating profit in 2024 of between $10 billion and $12 billion. Ford also declared a special dividend of 18 cents a share in addition to its regular quarterly dividend of 15 cents. The stock rose 6%.
Enphase Energy (ENPH) - Enphase Energy reported fourth-quarter adjusted earnings of 54 cents a share on revenue of $302.6 million, down 58% from a year earlier. Analysts had been expecting an adjusted profit of 55 cents a share on revenue of $328 million. The stock was rising 13.7%. It has declined 54% over the past year.
Yum China (YUMC) - Yum China Holdings Inc. comparable sales beat estimates in the fourth quarter, as the fast-food operator rolls out new deals to lure cautious Chinese diners amid an economic downturn in the mainland. Comparable sales were 4%, ahead of estimates of 3.24%. Adjusted earnings per share also topped expectations. The shares jumped 14.3%.
Disney (DIS), Warner Bros. Discovery (WBD), FuboTV (FUBO) - Walt Disney was down 1% ahead of its report. Wall Street expects the entertainment giant to report fiscal first-quarter profit of 99 cents a share on revenue of $23.71 billion, up from $25.31 billion a year earlier. On Tuesday, Disney, Fox Corp., and Warner Bros. Discovery said they were creating a sports streaming platform that will cover a variety of professional and college sports, including football, basketball, baseball, hockey, and soccer. Warner Bros. Discovery rose 3, FuboTV fell 11.2%.
Fortinet (FTNT) - Fortinet surged 8.3% after the cybersecurity company posted fourth-quarter adjusted earnings of 51 cents a share, topping estimates of 43 cents. Fortinet also reported a 10% jump in revenue to $1.42 billion, and billings of $1.86 billion, higher than analysts’ estimates of $1.63 billion.
Sonos (SONO) - Sonos was rising 8.1% after the maker of wireless audio speakers reported a first-quarter profit that rose from a year earlier and beat analysts’ forecasts. The company backed its previous outlook for fiscal 2024 sales to be down 3% to up 3%.
New York Community Bancorp (NYCB) - Shares of New York Community Bancorp dropped another 9.8% in premarket trading after losing 22% yesterday, extending a sell-off since the lender reported a surprise quarterly loss last week, as Moody's downgraded its long-term debt ratings to junk status.
VF Corp. (VFC) - VF Corp. was down 7.8% after the parent company of Vans and The North Face reported fiscal third-quarter adjusted earnings and revenue that missed Wall Street estimates.
Chipotle Mexican Grill (CMG) - Fourth-quarter earnings from Chipotle Mexican Grill were better than expected and shares of the restaurant chain rose 2.2%. Chipotle reported adjusted earnings in the period of $10.36 a share, topping forecasts of $9.71. The company said same-store sales rose 8.4%, better than predictions for 7.1% growth, and operating margins expanded to 14.4% from 13.6% a year earlier.
Earnings reports are expected Wednesday from Walt Disney, Alibaba, Uber Technologies, CVS Health, Arm Holdings, PayPal Holdings, Roblox, Wynn Resorts, and Mattel.
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