Stock futures traded higher on Wednesday after sharp losses in the previous session that were driven by investors’ perception that the Federal Reserve will keep interest rates higher for longer as well as lower consumer confidence.
Costco Wholesale (ticker: COST) reported fiscal fourth-quarter earnings and sales that beat analysts’ estimates, but the stock fell 1.7% in pre-market trading after the retailer failed to provide an update on a potential increase in membership fees, a move that many believe… Wall Street has lagged.
MillerKnoll Furniture Company (MLKN) It raised its financial forecasts for 2024Saying it expects adjusted earnings of between $1.85 and $2.15 per share, better than its previous earnings guidance of $1.70 to $2 per share. MillerKnoll also reported first-quarter earnings and sales that exceeded analysts’ expectations. The stock jumped 17%.
Blink Charging (BLNK) rose 11% to $3.24 after UBS initiated coverage of the electric vehicle charging equipment company with a buy rating and a $7 price target. ChargePoint (CHPT) rose 3.9% after it also started buying into UBS.
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AAR Corp (AIR), which provides aviation services to commercial and government operators, expects to turn a profit in the current fiscal second quarter amid rising operating margins, CEO John Holmes told The Wall Street Journal in an interview. The company on Tuesday reported first-quarter adjusted earnings of 78 cents per share, above analyst estimates, with sales up 23%. Shares rose 4.2% in premarket trading.
Shares of Hasbro (HAS) and Mattel (MAT) rose 0.3% and 3.4%, respectively, after coverage of the toymakers in Overweight at Morgan Stanley began.
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Zions Bancorp (ZION) stock fell 1.9% to $33.36 after Morgan Stanley downgraded the lender to below equal weight but raised its price target to $32 from $27.
The beauty of the goblin
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(ELF) rose 1.8% to $111.20 after starting the cosmetics company with a buy rating and a $138 price target at UBS.
Amazon.com (AMZN) stock fell 0.3% in premarket trading after falling 4% on Wednesday after the Federal Trade Commission said it had filed a lawsuit against the online retailer and cloud company. The agency alleged that Amazon was strategically preventing competition with its dominant online marketplace.
Paramount (PARA) stock rose 0.2% after Hollywood writers agreed to an agreement to end their strike. Netflix (NFLX) shares rose 0.5%, while Walt Disney (DIS) shares rose 0.2%.
Earnings reports are expected after the closing bell on Wednesday from Micron Technology (MU) and Jefferies Financial Group
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(Jeff).
Write to Joe Woelfel at [email protected]
“Amateur organizer. Wannabe beer evangelist. General web fan. Certified internet ninja. Avid reader.”
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