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Stock futures rose modestly on Wednesday.
Dream time
Stock futures signaled a slightly higher start on Wall Street on Wednesday after stocks fell after retail sales data sent bond yields higher. The Federal Reserve will release the minutes of the central bank’s meeting on July 25-26 in the afternoon.
These stocks were poised to make moves on Wednesday:
Goal
(TGT) reported adjusted earnings for the second quarter that beat estimates, but the retailer lowered its forecast for the fiscal year, saying it now expects adjusted earnings of $7 to $8 per share versus previous guidance of $7.75 to $8.75. Target stocks are up 10%.
coherent
(COHR) fell 22% after the optoelectronics company’s forecasts for the first quarter and fiscal year were weaker than expected. Coherent expected first-quarter adjusted earnings 5 cents to 20 cents per share on revenue of $1 billion to $1.1 billion, far from analyst estimates for earnings of 47 cents per share on revenue of $1.17 billion. The company said the outlook “does not assume any appreciable improvement in the macroeconomic environment,” including in China.
Kava group
(CAVA), the Mediterranean restaurant chain, posted second-quarter earnings of 21 cents per share while analysts had expected a loss of 2 cents. Revenue of $171.1 million also exceeded expectations. This was Cava’s first report since it was published in June. The stock jumped 12%.
Semiconductor tower
(TSEM) fell 12% after
Intel
INTC has terminated its proposed $5.4 billion acquisition of the Israeli chipmaker after failing to win regulatory approval from China. Intel rose 0.1%.
DLocal
(DLO) was up 28% after the online payments company reported second-quarter results that beat estimates and maintained revenue guidance from $620 million to $640 million for the year.
DLocal
He also named Pedro Arendt as co-CEO. Arendt previously served as Chief Financial Officer
Free market
(MELI), a Latin American e-commerce giant.
shares VinFast (VFS), the Vietnamese electric car maker, was down 16% in pre-market trading. The stock jumped more than 250% on Tuesday after the company began trading following the closing of its merger with SPAC Black Spade Acquisition.
Mercury systems
(MRCY) fell 10% after the military chip maker’s fourth-quarter earnings of 11 cents per share missed analysts’ expectations of 52 cents. The company’s expectations for the current fiscal year were lower than expected.
H&R block
(HRB) stock rose 5% after the tax preparer’s fiscal fourth-quarter earnings and fiscal 2024 outlook beat expectations.
H&R block
It also raised its quarterly dividend by 10%.
Tesla
(TSLA) fell 1.6% after the electric car maker cut prices in China for the second time in less than a week.
Stocks listed in the United States
JD.com
(JD) decreased by 4.5%. The Chinese e-commerce company beat earnings expectations, but the stock’s decline was a reflection of gloom in Chinese markets amid fears of a slowdown in the world’s second-largest economy.
Earnings reports are expected after the closing bell on Wednesday
Cisco systems
(CSCO),
Synopsys
(SNPS) and
wolfspeed
(wolf).
Write to Joe Woelfel at joseph.woelfel@barrons.com
