Stock futures pointed lower Tuesday after the previous session saw equities end higher following President Joe Biden's withdrawal from the presidential race. Investors on Tuesday were gearing up for the start of earnings season from Big Tech.
These stocks were poised to make moves Tuesday:
Tesla was up 0.5% in premarket trading ahead of the electric-vehicle maker's second-quarter earnings scheduled for after the closing bell Tuesday. Analysts expect Tesla to report earnings in the period of 61 cents a share on sales of $24.5 billion. A year earlier, Tesla reported a profit of 91 cents on sales of $24.9 billion. The expected year-over-year declines could be attributed to lower sales volume and lower prices.
Alphabet was rising 0.3% after a report from The Wall Street Journal said talks that its Google unit were having to acquire cybersecurity start-up Wiz for a planned $23 billion have fallen apart and ahead of second-quarter earnings from the search giant. Analysts expect Alphabet to earn $1.84 a share in the second quarter on revenue of $84.2 billion, up from profit of $1.44 a share on revenue of $74.6 billion a year earlier.
CrowdStrike rose 1.5% in premarket trading. Shares of the cybersecurity company fell more than 13% on Monday following a decline of 11% on Friday after CrowdStrike's faulty software update led to a global IT outage. The stock has fallen for five straight days, slumping more than 30% over that timespan.
U.S.-listed shares of SAP jumped 6.1% after the German business-software company posted second-quarter revenue that topped analysts' estimates, getting a lift from a 25% increase in cloud revenue.
Shares of NXP Semiconductors were tumbling 8.3% in premarket trading following second-quarter adjusted earnings from the company that missed Wall Street estimates.
Medpace Holdings declined 13%. The clinical services provider reduced its fiscal-year revenue guidance after reporting a 4.1% drop in net new business awards in the second quarter.
In addition to Tesla and Alphabet, earnings reports are expected Tuesday from GE Aerospace, Visa, Coca-Cola, General Motors, Texas Instruments, Philip Morris International, United Parcel Service, Lockheed Martin, Comcast, Freeport-McMoran, PulteGroup, Capital One, and Spotify Technology.
Beverage giant Coca-Cola slipped 0.1% in premarket trading. Wall Street expects the company to post second-quarter revenue of $11.8 billion, down 1.6% from a year earlier, which would mark the first year-over-year decline since the fourth quarter of 2020. Coca-Cola shares
General Motors is expected by analysts to report second-quarter operating profit of $3.9 billion and earnings of $2.71 a share. Management at the auto maker has indicated it expects GM to do better than that. The stock was up 1.2% in premarket trading.
GE Aerospace is scheduled to report second-quarter earnings before the opening bell Tuesday. The report, essentially, will be GE Aerospace's first as an independent company. Analysts expect the aerospace company to report earnings in the period of 99 cents a share on sales of $8.4 billion.
Comments