U.S. stock futures were slightly lower Thursday following the fourth-straight day of gains for the Dow Jones Industrial Average that came on the back of soft U.S. inflation data.
These stocks were poised to make moves Thursday:
Cisco Systems (CSCO) reported fiscal first-quarter adjusted earnings that beat analysts’ estimates but the networking-equipment maker reduced its outlook for the fiscal year and the stock was tumbling 11%. The company said it expects adjusted profit for fiscal 2024 of $3.87 to $3.93 a share, down from a previous projection of $4.01 to $4.08 a share, and said it sees revenue of $53.8 billion to $55 billion, below its prior forecast of $57 billion to $58.2 billion. Cisco cited a slowdown in product orders.
Palo Alto Networks (PANW) reported fiscal first-quarter earnings and revenue that beat Wall Street estimates and raised its adjusted earnings outlook for the fiscal year, but the stock was falling 5.1% after the cybersecurity company reduced guidance for total billings. For fiscal 2024, Palo Alto said it expects billings of $10.7 billion to $10.8 billion, an increase of 16% to 17% from a year earlier but below consensus of $10.96 billion.
Chinese videogame publisher NetEase (NTES) Q3 Non-GAAP EPADS of $1.84 beat by $0.37, revenue of $3.7B missed by $80M. The shares dropped 3.6% in premarket trading.
Maxeon Solar Technologies (MAXN) reduced its revenue guidance for the fiscal year a second time and reported a third-quarter loss that wider than a year earlier. The stock fell 3.3%.
Walmart (WMT) is expected by analysts to report third-quarter revenue growth of 4.4% to $159.7 billion in the quarter and an increase in same-store sales of 3.7%. Wall Street expects adjusted earnings from Walmart in the quarter of $1.52 a share, up from $1.50 a share a year earlier. The stock was up 0.3% ahead of the report scheduled before the stock market opens Thursday.
Earnings reports are also expected Thursday from Alibaba (BABA), Macy’s (M), Applied Materials (AMAT), Gap (GPS), and Bath & Body Works (BBWI).