Stock futures rose Wednesday and technology shares rallied on the back of Tesla, which surged after its earnings report.
These stocks were set to make moves Wednesday:
Tesla reported first-quarter adjusted earnings of 45 cents a share on revenue of $21.3 billion, missing analysts' estimates that called for a profit of 49 cents a share on revenue of $22.2 billion. Net income in the quarter fell 55% from a year earlier to $1.1 billion, while revenue declined 9%. Operating profit margin in the period was 5.5%, below expectations of 6.6%. The stock, however, was rising 10% in premarket trading after the electric-vehicle maker said it updated its "future vehicle lineup to accelerate the launch of new models," including "more affordable models."
Texas Instruments posted first-quarter earnings of $1.11 billion, or $1.20 a share, down from year-earlier profit of $1.71 billion, or $1.85 a share. The earnings, however, beat analysts' expectations of $1.07 a share and shares of the chip maker jumped 7% in premarket trading. Revenue fell 16% to $3.66 billion, but came in better than estimates of $3.61 billion. For the second quarter, Texas Instruments said it expects revenue of between $3.65 billion to $3.95 billion, with profit ranging from $1.05 to $1.25 a share. Analysts had been calling for revenue of $3.7 billion and and earnings of $1.15 a share.
Enphase Energy posted first-quarter adjusted earnings and revenue that missed analysts' estimates and the solar inverter provider's forecast for second-quarter revenue of $290 million to $330 million was below expectations of $347 million and year-earlier revenue of $711 million. The stock slumped 7%.
Visa's fiscal second-quarter adjusted earnings, which strip out one-time items, were $2.51 a share, better than analysts' forecasts of $2.44. Revenue rose 10% to $8.78 billion and topped estimates of $8.62 billion. Payments volume in the period rose 8% and cross-border volume jumped 16%. Visa shares rose 2.8%.
Seagate Technology's fiscal third-quarter adjusted earnings beat estimates and revenue of $1.66 billion fell 11% from a year earlier but came in roughly in line with forecasts. For its fourth quarter, Seagate said it expects revenue of $1.85 billion, give or take $150 million, with adjusted profit of 70 cents a share, plus or minus 20 cents. Wall Street had called for revenue of $1.84 billion and earnings of 59 cents a share. Shares of the disk-drive company rose 1.7%.
HashiCorp shares rose 2.2% in premarket and jumped 19% on Tuesday after The Wall Street Journal reported International Business Machines was nearing an agreement to acquire the cloud-software provider. A deal for HashiCorp could come together in the coming days, the Journal reported, citing people familiar with the matter.
Earnings reports are expected Wednesday from Meta Platforms, AT&T, International Business Machines, Boeing, Ford Motor, ServiceNow, Humana, Thermo Fisher Scientific, Lam Research, Chipotle Mexican Grill, Biogen, and General Dynamics.
Boeing was up 1.4% in premarket trading ahead of first-quarter earnings scheduled for before the stock market opens Wednesday. There's a lot to focus on in the aerospace giant's report, particularly production quality. The stock has fallen more than 30% since an emergency door plug blew off a 737 MAX 9 jet operated by Alaska Air on Jan. 5.
Meta Platforms gained 2.1%. The parent of Facebook and Instagram is expected by analysts to report first-quarter profit of $4.30 a share on revenue of $36.1 billion, up 26% from a year earlier. The report is expected to show the benefits of a strengthening advertising environment, as well as ads and targeted content powered by artificial-intelligence software.
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