Stock futures rose modestly Tuesday after the
S&P 500
closed lower for the fifth straight session, the index’s longest losing streak in 2023. The losses came as the yield on the 10-year Treasury yield briefly topped 5% Monday for the first time since in 16 years. A focus for traders Tuesday will be earnings reports from the likes of
Microsoft,
Alphabet,
General Motors,
General Electric, and 3M.
These stocks were poised to make moves Tuesday:
General Electric
(
GE
) reported third-quarter earnings Tuesday of 82 cents a share, beating Wall Street estimates of 56 cents. The company also raised full-year guidance and the stock jumped 6.5%.
General Motors
(GM) posted third-quarter earnings of $2.28 a share on sales of $44.1 billion, topping analysts’ expectations. Shares rose 2.7%.
3M
(MMM) was up 4.6% after the company posted its second consecutive big earnings beat.
Spotify Technology
‘s (SPOT) third-quarter subscribers numbers beat expectations but the stock was falling 4.3% in premarket trading.
Redfin
(RDFN) was rallying 8.2% after the real estate brokerage said Apollo Capital Management, the private-equity giant, agreed to commit up to $250 million in financing.
Logitech
‘s (LOGI) second-quarter earnings beat Wall Street estimates and the computer, gaming, and videoconferencing peripherals company raised its forecast for fiscal 2024 revenue to $4 billion to $4.15 billion from its prior outlook of $3.8 billion to $4 billion. Shares rose 10%.
Coinbase Global
(COIN) rose 7.2% as Bitcoin prices have surged 12% over the past 24 hours to above $34,100.
Agilysys
(AGYS) reported fiscal second-quarter earnings and revenue that beat analysts’ estimates and the maker of hospitality software boosted its fiscal 2024 revenue guidance.
Agilysys
was rising 12% in premarket trading.
Cadence Design Systems (CDNS) reported third-quarter earnings that beat analysts’ expectations but its outlook for the fourth quarter disappointed investors. The maker of electronic-design-automation software said it expects fourth-quarter revenue of between $1.04 billion and $1.08 billion and adjusted profit of $1.30 to $1.36 a share. Wall Street was expecting revenue pf $1.07 billion and adjusted earnings of $1.37 a share. The stock was down 3.3%.
Cleveland-Cliffs (CLF) was rising 2.2% after reporting third-quarter adjusted profit of 54 cents a share, better than analysts’ expectations. The steel producer’s chief executive, Lourenco Goncalves, said the company’s unit cost per ton of steel fell in the quarter as cost-cutting measures took effect.
Microsoft
(MSFT) is scheduled to report fiscal first-quarter earnings after the stock market closes Tuesday. The question for Wall Street is when generative artificial intelligence could materially boost the company’s financial performance.
Alphabet
(GOOGL) will report third-quarter earnings after the closing bell. Analysts are optimistic about the current state of the digital advertising environment as well as the strength of Alphabet’s cloud computing business.
Write to Joe Woelfel at [email protected]
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