Stock futures traded higher Wednesday ahead of earnings from artificial-intelligence chip maker Nvidia.
These stocks were poised to make moves Wednesday:
Nvidia was down 0.3% ahead of third-quarter earnings from the leading maker of chips for AI applications. Wall Street expects earnings in the period of 75 cents a share, up from 40 cents a year earlier, and revenue to rise to $33.15 billion from $18.12 billion. A particular focus for investors will be on how quickly the company can ramp up sales of its Blackwell AI chips. Coming into Wednesday, Nvidia shares have risen 197% this year, including gains of 4.9% on Tuesday.
NIO stock dropped 5.6% in premarket trading after earnings. NIO's net loss widened in the third quarter as revenue fell, dragged by lower selling prices amid an intense price war in China's electric-vehicle market.
Comcast is expected to announce Wednesday a plan to spin off its NBCUniversal cable TV networks, The Wall Street Journal reported, citing people familiar with the situation. The company, the Journal reported, will spin off MSNBC, CNBC, USA, Oxygen, E!, Syfy and Golf Channel, assets that generated about $7 billion in revenue in the 12-months ended Sept. 30. Comcast shares were up 2.3%.
Keysight Technologies jumped 10% after fiscal fourth-quarter earnings at the test-equipment maker topped analysts' expectations. On an adjusted basis, Keysight earned $1.65 a share in the period, better than estimates of $1.57. Revenue declined 1.8% to $1.29 billion but beat estimates of $1.26 billion. For its fiscal first quarter, the company said it anticipates adjusted earnings of $1.65 to $1.71 a share on revenue of $1.27 billion to $1.29 billion. Wall Street has been forecasting adjusted earnings of $1.57 a share on revenue of $1.24 billion.
Super Micro Computer was down 2.6% in premarket trading following the stock's surge of 31% on Tuesday after the server maker submitted a plan to remain listed on the Nasdaq exchange.
Netflix rose 0.5% in premarket trading. The stock closed up 2.9% to a record high of $871.32 on Tuesday after the streaming giant announced the boxing event between YouTube personality Jake Paul and former heavyweight champion Mike Tyson drew 108 million global viewers. Netflix said the boxing match was the most-streamed global sporting event ever.
Powell Industries fell 15%. The company, which provides complex packaged engineering solutions for large-scale industrial, energy, municipal and transportation clients, reported fiscal fourth-quarter earnings that jumped 74% from a year earlier and revenue that surged 32% to $275 million but new orders in fiscal 2024 fell to $1.1 billion from $1.4 billion in fiscal 2023.
Fiscal fourth-quarter earnings of 61 cents a share at Dolby Laboratories, the audio and imaging technology developer, beat Wall Street estimates of 45 cents. Revenue in the period rose to $305 million from $291 million a year earlier. Shares jumped 14% in after-hours trading Tuesday.
Fiscal second-quarter profit and revenue at La-Z-Boy beat analysts' estimates and shares of the furniture maker rose 6.4%. The company acknowledged, however, that "furniture and home furnishings related spending continues to be soft" but said it was "outperforming the industry in a sustainable manner."
In addition to Nvidia, earnings reports are expected Wednesday from Target, TJX, Palo Alto Networks, Snowflake, Williams-Sonoma.
Wall Street expects retailer Target to report third-quarter earnings of $2.30 a share on revenue of $25.87 billion, up from year-earlier profit of $2.10 a share on revenue of $25.4 billion. Shares were up 0.1% in premarket trading.
