By Joe Woelfel
Stock futures declined modestly Thursday, a day after the Dow Jones Industrial Average and S&P 500 closed at record highs and as Wall Street awaited the latest reading on U.S. consumer inflation.
These stocks were poised to make moves Thursday:
Tesla was up 1.2% ahead of its highly anticipated Robotaxi Day scheduled for Thursday evening. The electric-vehicle maker likely will discuss the state of its self-driving technology and provide a road map to the start of its self-driving cab service within a couple of years. Analysts at Wedbush said they see Robotaxi Day as a "seminal and historical day for [CEO Elon} Musk and Tesla and marks a new chapter of growth around autonomous, FSD, and AI future."
Delta Air Lines was tumbling 3.9% after the carrier's third-quarter adjusted earnings of $1.50 a share missed analysts' forecasts of $1.52. Delta said the CrowdStrike IT outage in July cut 45 cents a share from adjusted per-share profit. Delta also issued a fourth-quarter revenue forecast below expectations.
Super Micro Computer declined 0.4% to $47.12. Analysts at Barclays reduced their estimates for the server maker's fiscal 2025 earnings to $3.09 a share from $3.50, writing in a research note it expects gross margins at the company likely below expectations. Barclays maintained its Equal Weight rating on the stock and price target of $42.
10x Genomics was falling 27% after the life-sciences technology company said it expects third-quarter revenue of about $151.7 million, down 1% from a year earlier and below analysts' estimates of $162.2 million. CEO Serge Saxonov said in a statement that modifications made to the company's commercial processes and organization 'to increase effectiveness represented a significant change in how we engage with customers. The transition 'was more disruptive than we anticipated, especially in the Americas."
E2open Parent, a provider of cloud-based supply chain management technology, cut its outlook for fiscal 2025, saying it expects revenue of $607 million to $617 million, down from a prior outlook of $630 million to $645 million. The company said large deals were taking longer to close than expected. Analysts has been expecting fiscal-year revenue of $632.7 million. Shares dropped 23%.
Toronto-Dominion Bank was down 6.3%. The Canadian bank expected to pay about $3 billion in penalties and have limits placed on its growth in the U.S. as part of a settlement over charges it failed to properly monitor money laundering by drug cartels.
Skyworks Solutions was down 2.7% to $95.19 after shares of the semiconductor company were downgraded by Barclays to Underweight from Equal Weight and the price target was cut to $87 from $115.
Domino's Pizza reported third-quarter earnings that topped analysts' expectations but the pizza chain said it expects to add 800 to 850 new stores worldwide in 2024, lower than a forecast it made in July. The stock was up 1.6%.
Write to Joe Woelfel at joseph.woelfel@barrons.com
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(END) Dow Jones Newswires
October 10, 2024 07:58 ET (11:58 GMT)
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