Stock futures were slipping Tuesday, with equities cooling off after a rally following a weaker-than-expected jobs report that boosted expectations of an interest-rate cut from the Federal Reserve this year.
These stocks were poised to make moves Tuesday:
Palantir Technologies reported first-quarter earnings that were better than expected on a revenue jump of 21% to $634 million as the data analytics software company continued to gain traction with its artificial intelligence tools, particularly with U.S. commercial customers. Palantir said it expects revenue in the second quarter of between $649 million and $653 million, ahead of analysts' consensus of $643 million, and adjusted operating income in the period of of between $209 million and $213 million, above Wall Street expectations of $201 million. The stock was falling 9.6% in premarket trading. The stock closed 8.1% higher on Monday ahead of the earnings release.
First-quarter losses at Lucid Group narrowed from a year earlier and sales at the electric-vehicle maker rose 21% to $173 million. Lucid produced 1,728 vehicles in the quarter, an increase of 40% from a year earlier, and said it still expects to make 9,000 units in 2024. The stock was down 8.5% in premarket trading. It closed Monday with a gain of 9.5%.
Shares of Boeing were down 1.1% in premarket trading after the first crewed launch of the company's Starliner spacecraft was scrubbed two hours before its scheduled liftoff. The launch was postponed because of a problem with an oxygen relief valve on the United Launch Alliance Atlas V rocket. Meanwhile, the Federal Aviation Administration on Monday opened an investigation into inspection documentation for Boeing's 787 jets.
U.S.-listed shares of BP were falling 2.1% after the British oil giant reported first-quarter underlying replacement-cost profit of $2.72 billion, down from $4.96 billion in the year-earlier period and below company-compiled forecasts of $2.87 billion.
Hims & Hers Health was rising 16% after the online wellness platform raised its full-year sales forecast as subscribers in the first quarter rose 41% from a year earlier to 1.7 million.
Microchip Technology fell 3.4% after saying it expects first-quarter revenue of between $1.22 billion and $1.26 billion, below analysts' estimates of $1.34 billion, and adjusted earnings of between 48 cents and 56 cents a share, below expectations of 58 cents.
Beyond, formerly Overstock.com, reported a wider-than-expected adjusted loss in the first quarter and the stock was declining 8.6% in premarket trading.
Earnings reports are expected Tuesday from Walt Disney, Arista Networks, Rivian Automotive, Ferrari, Occidental Petroleum, Datadog, Kenvue, Electronic Arts, Rockwell Automation, Reddit, and GlobalFoundries.
Disney was up 0.6% ahead of the release of its fiscal second-quarter earnings before the stock market opens Tuesday. Analysts expect the entertainment giant to report earnings of $1.10 a share, down from the first quarter but better than the 93 cents earned a year ago. Streaming numbers will be a focus for investors. Analysts call for core subscribers to the Disney+ streaming service in the second quarter to rise to 117 million from 111.3 million in the first quarter.
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