Stock futures traded higher Tuesday and Treasuries jumped as dovish comments from Federal Reserve policymakers helped boost risk appetite. Wall Street continued to assess the impacts of the Israel-Hamas war as the conflict enters its fourth day.
These stocks were poised to make moves Tuesday:
PepsiCo
(PEP) reported third-quarter adjusted earnings of $2.25 a share, topping analysts’ estimates of $2.15. Revenue of $23.5 billion also beat expectations. The beverage and snacks maker also raised its full-year guidance. The stock rose 2.9%.
Unity Software
(U) rose 7.4% in premarket trading after the announcement that John Riccitiello would be retiring as president, chief executive and chairman of the game development platform company. Unity last month announced a controversial new price hike plan that was met with a revolt from customers. The company was forced to apologize and backtrack on some parts of the plan.
Northrop Grumman
(NOC), like other defense stocks, led the
S&P 500
on Monday following the Hamas attack on Israel. Northrop jumped 11% and was rising an additional 1.2% in premarket trading.
Lockheed Martin
(LMT), which gained 8.9% on Monday, rose 0.9% in premarket trading.
Rivian Automotive
(RIVN) rose 3.5% in premarket trading to $19.43 after shares of the electric-truck maker were upgraded to Buy from Neutral with a price target of $24. The stock fell sharply last week after Rivian announced it was selling $1.5 billion in convertible notes to raise additional cash.
Skyworks Solutions
(SWKS) fell 3.3% to $94.95 and
Qorvo
(QRVO) declined 2.4% to $92.60 after
Citi
downgraded both stocks to Sell from Neutral. Citi cut its target price on Skyworks to $87 from $116, and its target on
Qorvo
to $78 from $116.
PagerDuty
(PD), a provider of incident management software, declined 6.3% after announcing it planned to offer $350 million of convertible senior notes.
Topline results released by
Ventyx Biosciences
(VTYX) from its trial of VTX002 in patients with moderate-to-severely active ulcerative colitis were at the lower end of company guidance and the stock sank 21% in premarket trading.
Write to Joe Woelfel at [email protected]
Read the full article here