U.S. stock futures pointed higher Thursday after the Federal Reserve raised interest rates to the highest level in more than 22 years. But many on Wall Street believe the central bank has completed this hiking cycle.
These stocks were poised to make moves Thursday:
Shares of Meta Platforms (META) rose 7.9% in premarket trading after the parent company of Facebook, Instagram, WhatsApp, and Threads, reported better-than-expected second-quarter earnings and said it anticipates third-quarter revenue of $32 billion to $34.5 billion, higher than Wall Street estimates of $31.2 billion.
“We had a good quarter. We continue to see strong engagement across our apps and we have the most exciting roadmap I’ve seen in a while with Llama 2, Threads, Reels, new AI products in the pipeline, and the launch of Quest 3 this fall,” Meta CEO Mark Zuckerberg said in a statement.
Chipotle Mexican Grill (CMG) declined 8.7% after the burrito chain’s second-quarter earnings beat expectations but revenue of $2.51 billion fell short. Same-store sales also were softer than projected, growing 7.4% in the quarter, while analysts had expected an increase of 7.5%.
ServiceNow (NOW) posted better-than-expected earnings in the second and lifted its full-year outlook, but the stock was falling 2.3% in premarket trading. The software company also unveiled two major additions to its suite of generative artificial intelligence tools, and announced an alliance with Nvidia (NVDA) and Accenture (ACN) to help companies develop generative AI software.
Lam Research (LRCX) was rising 2.7% in premarket trading after the maker of chip equipment said it expects fiscal first-quarter revenue of between $3.1 billion and $3.7 billion, while analysts forecast $3.3 billion. The company also said it expects adjusted earnings in the period of between $5.30 and $6.80 a share vs. analysts’ expectations of $5.56 a share.
STMicroelectronics NV (STM) revenue in the second quarter rose 13% from a year earlier, beating expectations, as demand from the auto industry drove sales. The shares rose 4.7% in premarket trading.
American depositary receipts of Shell (SHEL) were falling 0.9% in premarket trading after second-quarter adjusted earnings of $5.1 billion missed expectations on weaker oil and natural-gas prices, lower refining margins, and lower volumes. The oil giant announced a $3 billion buyback of stock and said it would be raising its dividend.
Align Technology (ALGN) rose 13% after maker of clear tooth straighteners posted second-quarter adjusted earnings that beat expectations and said it expects third-quarter revenue of $990 million to $1.01 billion vs. consensus of $990 million.
Earnings reports are expected before the opening bell Thursday from Mastercard (MA), AbbVie (ABBV), McDonald’s (MCD), Royal Caribbean (RCL), Comcast (CMCSA), Honeywell (HON), and Bristol Myers Squibb (BMY). After stock markets close, reports are scheduled from Ford (F), T-Mobile (TMUS), Intel (INTC), and KLA Corp. (KLAC).