Stock futures were tumbling Tuesday as investors awaited delayed U.S. jobs data that could help sway the Federal Reserve's next policy decision.
These stocks were poised to make moves Tuesday:
Ford rose 0.5% ahead of the opening bell after the auto maker announced a pivot toward hybrids and away from electric cars. There'll be some pain attached: Ford is taking $19.5 billion in one-time charges, including $8.5 billion in electric-vehicle asset write-downs.
Tesla slipped 0.8% in premarket trading as traders opted to lock in profits after shares on Monday hit their highest closing price, $475.31, this year. The pivot away from EVs by Ford shouldn't be too much of a worry for investors, whose focus has shifted to Tesla"s robo-taxi push. The closing price Monday values Tesla at about $1.5 trillion, or about twice as much as 12 of the largest global auto makers combined.
GitLab dropped 3% after the software company received a downgrade. KeyBanc analysts slashed their rating on the stock to Sector Weight from Overweight, citing weaker pricing power and the threat posed by artificial-intelligence coding models.
Roku jumped 4.7% to $114.12 as Morgan Stanley upgraded the smart TV developer to Overweight from Equal Weight and the bank raised its forecast for revenue growth next year. Morgan Stanley hiked its price target to $135 from $85, suggesting the shares could rally 24% from their level as of Monday's close of $109.03.
ServiceNow climbed 1%. The software developer plummeted 12% on Monday for its worst day in 11 months, felled by the double whammy of reports that the software company was eyeing a major acquistion and a downgrade from analysts at KeyBanc.
Broadcom slid 0.4%, putting the chip maker on pace to extend a recent losing streak. Shares just locked in their worst three-day run since 2020, with Broadcom's fourth-quarter earnings failing to ease investors' worries about the pace of growth in its AI chip business and its effect on margins.
Navan, the corporate travel and expense-management company that went public in October, declined 4.3% after reporting a wider third-quarter loss and revealing that Chief Financial Officer Amy Butte would be stepping down Jan. 9.
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