US stock futures fell modestly Wednesday after the S&P 500 closed higher for the third-straight session, the first time the index has done so since early February.
These stocks were poised to make moves Wednesday:
GameStop was rising 12% after the videogame retailer said its board approved a plan to add Bitcoin as a treasury reserve asset. The move wasn't a surprise since it had been the subject of recent speculation with the company seeking new sources of growth. Meanwhile, GameStop reported fourth-quarter earnings of 29 cents a share on net sales of $1.28 billion, compared with year-earlier profit of 21 cents a share on sales of $1.79 billion.
Tesla declined 1.3% after shares of the maker of electric vehicles rose for a fifth-straight trading day even as sales in Europe slumped in February. The next catalyst for the stock will be first-quarter deliveries, expected around April 2. Coming into Wednesday, Tesla shares have declined 29% this year.
Boeing was down 0.5% after a federal judge ordered the airplane maker to go to trial in June in a criminal case related to two 737 MAX crashes in 2018 and 2019. The Wall Street Journal reported Monday that Boeing sought to withdraw an earlier agreement to plead guilty in the case that blamed it for deceiving regulators before the two deadly crashes.
United Parcel Service was up 0.4% in premarket trading, a day after shares of the shipping giant tumbled 5.1% to $109.95, the stock's lowest close since June 29, 2020, when it finished at $109.48. Analysts at BofA Securities lowered their price target on the stock to $129 from $133 while maintaining their Buy rating. BofA also cut its first-quarter earnings estimate for UPS to $1.31 a share from $1.55, citing weak volumes and tariff uncertainty.
Worthington Enterprises, the industrial manufacturing company, reported fiscal third-quarter adjusted earnings of 90 cents a share, topping analysts' estimates of 70 cents, while net sales declined 4% to $304.5 million. Shares rose 0.7%.
Earnings reports are expected Wednesday from Cintas, Paychex, Dollar Tree, Chewy, Jefferies Financial Group, and SailPoint.
Chewy, the online retailer of pet products, was down 0.4% ahead of the release of its fourth-quarter earnings. Chewy shares have risen less than 1% this year but have gained 120% over the past 12 months.
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