Stock futures pointed lower Tuesday as an increase in bond yields and growing worries about the Chinese economy pressured investor sentiment. Wall Street closed the previous session with gains, led by the best day in two weeks for tech stocks.
These stocks were poised to make moves Tuesday:
Tesla slid nearly 1% in premarket trading as it introduced two cheaper versions of its Model S sedan and Model X SUV in the U.S. with shorter driving ranges, the automaker's website showed on Monday, continuing its focus on driving down costs to prioritize sales growth.
Sea fell nearly 3% in premarket trading, it is set to release its second-quarter 2023 results today. The Zacks Consensus Estimate for earnings has narrowed by 6 cents to 69 cents per share in the past 30 days. The consensus mark for revenues is currently pegged at $3.42 billion, indicating a 24.04% growth from the year-ago quarter’s reported figure.
Vinfast surged over 110% in premarket trading as the company and Black Spade Acquisition Co (NYSE: BSAQ) ("Black Spade") yesterday announced the completion of their previously announced business combination (the "Business Combination"). The listed company following the Business Combination is VinFast Auto Ltd., and its shares and warrants will commence trading on the Nasdaq Stock Market LLC ("Nasdaq") under the ticker symbols "VFS" and "VFSWW," respectively, on August 15, 2023.
Intuitive Machines slumped nearly 6% in premarket trading after pulling its full-year financial guidance citing uncertainty regarding the U.S. federal budget, an unclear cadence of new contract awards and delays to government customer acquisition timelines.
Warren Buffett's Berkshire Hathaway $(BRK.B)$ took a new equity position in D.R. Horton $(DHI)$, the country's largest home builder, and smaller positions in home builders Lennar $(LEN)$ and NVR $(NVR)$. Berkshire took a stake of about 6 million shares in D.R. Horton that's now worth more than $700 million. Berkshire reduced its stake in General Motors $(GM)$ by 45% to 22 million shares now worth about $750 million, according to a 13-F regulatory filing released late Monday.
D.R. Horton was rising 3.1% in premarket trading. GM was down 0.6%.
U.S. Steel $(X)$ fell 1.8% to $30.53 in premarket trading after finishing 37% higher on Monday after rejecting a $7.3 billion unsolicited offer from Cleveland-Cliffs $(CLF)$. The cash-and-stock offer for U.S. Steel was valued at $35 a share. It was revealed late Monday that privately held Esmark offered to buy U.S. Steel for $35 a share, all in cash. Esmark is headed by James Bouchard, a former vice president for U.S. Steel's European business.
Hawaiian Electric Industries $(HE)$ extended declines in premarket trading, falling 0.9% after tumbling 34% in the previous session amid accusations that downed power lines may have caused the wildfires that destroyed the town of Lahaina, Hawaii, and killed at least 99. Hawaii's state attorney general has announced an investigation into the cause of the fires. While no official cause has been determined, some are accusing Hawaiian Electric, the state's largest power provider, of failing to implement safety measures. The company has told has told Bloomberg that it doesn't have information on what caused the fires.
Discover Financial $(DFS)$ announced that CEO and President Roger Hochschild would be stepping down, effective immediately, and appointed board member John Owen to lead the financial services company. Discover's board has formed a special search committee to look for a permanent chief executive and president. Shares of Discover fell 5.7%.
Getty Images $(GETY)$ was declining 19% in premarket trading after the stock-photo company swung to a loss in the second quarter and cut its revenue outlook for 2023.
Home Depot $(HD)$ is forecast by analysts to report second-quarter profit of $4.45 a share on revenue of $42.2 billion. Same-store sales, a measure of revenue growth in stores open for at least a year, are projected to decline by 3.9%. Home Depot was down 0.5% in premarket trading ahead of the results.
Other companies scheduled to issue earnings reports Tuesday include Cardinal Health $(CAH)$, Agilent Technologies $(A)$, Cava $(CAVA)$, and H&R Block $(HRB)$.