Stock futures were getting a well-needed lift Friday from solid earnings reports from Amazon. com and Intel. The S&P 500 has fallen 2.6% over the last two trading sessions and the Nasdaq Composite has slumped 4.1%. Wall Street will be monitoring the Federal Reserve’s preferred inflation gauge, which will be released before markets open Friday.
These stocks were poised to make moves Friday:
Amazon.com reported third-quarter earnings of 94 cents a share, well above analysts’ consensus of 58 cents. Sales rose 13% from a year earlier to $143.1 billion. Amazon Web Services revenue rose 12%, about in line with Wall Street estimates. Amazon said it expects fourth-quarter revenue of between $160 billion and $167 billion versus analysts’ projections of $167.1 billion. The stock rose 5.5% in premarket trading.
Chip maker Intel reported third-quarter adjusted earnings that were better than expected and issued upbeat profit guidance. Intel said it expects fourth-quarter adjusted profit of 44 cents a share and revenue ranging from $14.6 billion to $15.6 billion. At the midpoint, the revenue forecast was higher than Wall Street consensus of $14.4 billion. Perhaps even more importantly, Intel said it has been signing up more customers for its chip manufacturing services. The stock jumped 8%.
Ford Motor reported weaker-than-expected third-quarter earnings and withdrew its guidance for the year, citing the tentative labor agreement with the United Auto Workers that was reached earlier this week. The company’s electric-vehicle business, called Model e, reported a loss of $1.3 billion on sales of 36,000 vehicles for a per-vehicle loss of about $36,000. Shares of the auto maker declined 2.7%.
Enphase Energy projected that the current slowdown in solar-product sales would last through the first quarter of 2024, sending the stock down 20% in premarket trading. Third-quarter earnings slightly beat estimates but the company’s fourth-quarter revenue outlook was well below Wall Street’s expectations. Enphase said it expects revenue in the fourth quarter of $300 million to $350 million, well below estimates of $579 million.
DexCom, the maker of glucose monitoring systems, reported third-quarter earnings that handily beat analysts’ expectations, and boosted its revenue forecast for 2023. Shares surged 16%.
Masimo was up 10% in premarket trading after the U.S. International Trade Commission trade agency on Thursday found that Apple violated Masimo patents for blood-oxygen reading technology. The ruling could lead to an import ban for certain models of the Apple ‘s Watch.
Deckers Outdoor, the maker of Ugg boots and Hoka sneakers, reported better-than-expected fiscal second-quarter earnings and revenue and raised its fiscal-year sales forecast to about $4.025 billion. “The strength of demand for our Hoka and Ugg brands continued to drive exceptional performance,” the company said in a statement. Deckers rose 8.4% in premarket trading.
Earnings reports are expected Friday from Exxon Mobil, Chevron, AbbVie, Charter Communications, Colgate-Palmolive, Phillips 66, and LyondellBasell Industries.
