Stock futures rose modestly Thursday after the Federal Reserve left interest rates unchanged and Chairman Jerome Powell said tight monetary policy has been putting downward pressure on economic activity.
“Given how far we have come along with the uncertainties and risks we face, the committee is proceeding carefully,” Powell said at a press conference after the central bank kept the target for the federal-funds rate at 5.25% to 5.5%.
These stocks were poised to make moves Thursday:
Qualcomm
(QCOM) issued a fiscal first-quarter revenue forecast of $9.1 billion to $9.9 billion, above the consensus of $9.2 billion at the midpoint of the range. It expects earnings in the period of between $2.25 and $2.45 a share, above estimates of $2.22. The chip maker reported fiscal fourth-quarter earnings that topped Wall Street expectations. Shares rose 5.2%.
Starbucks
(SBUX) jumped 7.4% after the coffee chain reported fiscal fourth-quarter earnings of $1.06 a share, topping estimates of 97 cents. Revenue rose 11% to a record $9.4 billion.
Short-term real-estate rental company
Airbnb
(ABNB) forecast fourth-quarter revenue of between $2.13 billion and $2.17 billion, below expectations of $2.18 billion. Shares fell 1.7%.
Third-quarter adjusted earnings at
PayPal
(PYPL) beat Wall Street’s expectations and the payments company raised its full-year earnings forecast. The stock was rising 7.2% in premarket trading.
SolarEdge
(SEDG) was falling 18% in premarket trading after the solar-power company reported a surprise loss and a 13% drop in third-quarter revenue and issued a weak revenue forecast for the fourth quarter, citing a “slow market environment.”
Electronic Arts
(EA), the videogame maker, reported fiscal second-quarter net revenue of $1.91 billion, up from $1.9 billion a year earlier and better than analysts’ forecasts of $1.8 billion. EA said it expects expect fiscal 2024 net revenue of $7.3 billion to $7.7 billion versus analysts’ forecasts of $7.57 billion. EA shares rose 5.3%.
DoorDash
(DASH) reported a narrower-than-expected third-quarter loss and total orders that rose 24% to 543 million, better than analysts’ expectations. Revenue in the period rose 27% to $2.2 billion. Shares of the food delivery company rose 9.5%.
E.l.f. Beauty
‘s (ELF) fiscal second-quarter adjusted earnings and revenue smashed Wall Street estimates as demand for its low-priced cosmetic products remained strong. The company raised its full-year revenue expectations, saying it anticipates $896 million to $906 million, higher than projections of $851.6 million. Shares rose 14%.
Roku
‘s (ROKU) third-quarter revenue of $912 million rose a year earlier and topped estimates of $857 million. The stock jumped 19% in premarket trading. Active account of 75.8 million rose 2.3 million from the second quarter. The streaming-media company said it expects fourth-quarter revenue of $955 million, better than consensus of $952 million, and anticipates adjusted earnings before interest, taxes, depreciation and amortization of $10 million versus estimates of a loss of $52 million.
Etsy
(ETSY) was down 4.2% after the online-shopping site warned of a decline in gross merchandise sales for the fourth quarter, with CEO Josh Silverman saying there’s “no doubt this is an incredibly challenging environment for spending on consumer discretionary items.”
Novo Nordisk
‘s (NVO) third-quarter earnings and revenue surged as the drugmaker continues to benefit from the popularity of its weight-loss drugs. U.S.-listed shares of
Novo Nordisk
were up 2.1%.
Apple
(AAPL) was rising 0.9% ahead of its quarterly earnings report scheduled for after the closing bell Thursday.
Write to Joe Woelfel at [email protected]
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