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Ford said it was pausing a $3.5 billion electric-vehicle battery plant.
Bing Guan/Bloomberg
Stock futures declined Tuesday and Treasury yields moved higher as belief is growing on Wall Street that the Federal Reserve likely will keep interest rates higher for longer.
These stocks were poised to make moves Tuesday:
Ford
(F) said it was pausing a $3.5 billion electric-vehicle battery plant. The auto maker told Barron’s in an emailed statement that it was a construction pause. “We haven’t made any final decision about the planned investment there,” said a company spokesman in the statement. “There are a number of considerations. We want to be confident about our ability to competitively operate the plant.” Ford announced plans for the plant in February. It was scheduled to open in 2026. Ford shares fell 0.2% in premarket trading.
The auto maker, along with
General Motors
(GM) and
Stellantis
(STLA), has been facing a strike by the United Auto Workers.
Thor Industries
(THO), the recreational-vehicle maker, said it expected fiscal 2024 earnings of $6,.25 to $7.25 a share on sales of $10.5 billion to $11 billion. Analysts had been forecasting earnings of $7.12 a share on sales of about $10.9 billion. Thor said “current mixed macroeconomic data and cautious dealer sentiment serve as a reminder that the retail environment, though showing signs of improvement over the course of the summer selling season, continues to be challenging.” The stock was falling 2.3%.
Costco Wholesale
(COST) is scheduled to report fiscal fourth-quarter earnings after the closing bell Tuesday. Analysts expect
Costco
to post adjusted earnings of $4.79 a share on sales of $77.7 billion. Costco shares dipped in premarket trading.
Other companies with earnings scheduled for Tuesday include
Cintas
(CTAS), and
United Natural Foods
(UNFI).
DraftKings
(DKNG) was upgraded to Overweight from Neutral at
J.P. Morgan
and the firm raised its price target on shares of the sports-betting company to $37 from $26. The stock rose 3.4% to $28.30.
Cosmetics company
Coty
(COTY) launched a global offering of 33 million shares. The offering is being made in the U.S. and in Paris. Coty had said in May that it was considering a second stock listing in Paris as part of efforts to boost its European presence. Coty shares declined 2.7% in premarket trading.
Write to Joe Woelfel at joseph.woelfel@barrons.com