Joe Woelfel and Mackenzie Tatananni
Stock futures were falling Thursday after Wall Street rallied following a pause by the Federal Reserve on interest rates and as the central bank held to a previous forecast for two rate reductions this year.
These stocks were poised to make moves Thursday:
Nvidia fell 0.8% in premarket trading. The stock closed 1.8% higher on Wednesday. Chief Executive Jensen Huang told the Financial Times that Nvidia, the leading maker of artificial-intelligence chips, plans to spend hundreds of billions of dollars on chips and other electronics manufactured in the U.S. over the next four years. The FT noted the company's supply-chain shift from Asia comes amid President Donald Trump's "America First" trade policies.
Intel was down 1.2% in premarket trading after the chip maker slumped 6.9% on Wednesday and ended a five-session winning streak. Intel was the worst performer in the S&P 500 and Nasdaq 100 during the session. The stock has risen sharply since the company said last week it would appoint former board member Lip-Bu Tan as its new chief executive. Intel remains up 20% for the year.
Tesla finished Wednesday's session up 4.7% but was falling 0.7% to $234.23 in premarket trading. Piper Sandler analysts trimmed their price target on Tesla to $450 from $500 but maintained their Overweight rating. The Piper Sandler price cut followed an upgrade Wednesday from Cantor Fitzgerald, which raised its recommendation on Tesla to Buy from Hold, citing "material catalysts" for the stock. Analyst Andres Sheppard cited as catalysts, among other things, Tesla's coming launch of Full Self-Driving in China and Europe, and the rollout of a robotaxi in the second half of 2025.
Rivian Automotive fell 2.4% to $11.09. Analysts at Piper Sandler cut their rating on shares of the EV maker to Neutral from Overweight, and reduced their price target to $13 from $19.
Carvana rose 3.2% to $181.77 after Piper Sandler raised its recommendation on the car dealer to Overweight from Neutral, and kept the price target at $225. Demand is relatively stable, regardless of the macro environment, the analysts said in a research note, the Fly reported.
U.S.-listed shares of PDD Holdings, the parent company of e-commerce platform Temu, were falling 3.9% after the Chinese retailer reported fiscal fourth-quarter revenue that rose 24% from a year earlier but missed analysts' forecasts.
Accenture slumped 4.4%, even after posting fiscal second-quarter earnings and revenue that narrowly topped Wall Street expectations. The consulting company also raised the low end of its fiscal-year earnings forecast. However, new bookings decreased 3% from the previous year to $20.9 billion in the quarter.
Five Below jumped 8.8% after the teen-centric discount retailer reported fourth-quarter adjusted earnings that beat analysts' estimates and reported a same-store sales decline of 3%, narrower than analysts' expectations for a drop of 3.3%. Five Below expects revenue in its current fiscal first quarter of $905 million to $925 million, better than estimates for $897 million, according to FactSet.
ProAssurance soared 50% to $23.29 after the specialty insurer reached an agreement to be acquired by The Doctors Co. for $25 a share in cash. The deal is expected to close in the first half of 2026.
Earnings reports are expected after the closing bell Thursday from Micron Technology, FedEx, Nike, and Lennar.
Memory-chip maker Micron fell 0.7% ahead of the release of its fiscal second-quarter earnings. Analysts expect the company to post adjusted earnings per share of $1.43 for the quarter, up from 42 cents a year earlier, on revenue of $7.9 billion, an increase from $5.82 billion.
Write to Joe Woelfel at joseph.woelfel@barrons.com and Mackenzie Tatananni at mackenzie.tatananni@barrons.com
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(END) Dow Jones Newswires
March 20, 2025 09:25 ET (13:25 GMT)
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