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Chinese electric-vehicle maker NIO said it plans to raise $1 billion by issuing convertible senior notes.
Odin Jaeger/Bloomberg
Stock futures rose slightly Tuesday as investors readied for the start of the two-day Federal Reserve meeting, at which the central bank is expected to hold steady on interest rates.
These stocks were poised to make moves Tuesday:
U.S.-listed shares of
NIO
(
NIO
) were down 4.3% in premarket trading after the Chinese electric-vehicle maker said it plans to raise $1 billion by issuing convertible senior notes. NIO said it plans to use a portion of the proceeds from the offering to pare its debt, with the remainder “mainly to further strengthen its balance sheet position as well as for general corporate purposes.”
Moderna
(MRNA) rose 0.8% in premarket trading following a decline of more than 9% in the previous session after
Pfizer
‘s (PFE) chief financial officer predicted weaker demand for Covid shots this year.
Moderna
was the worst performer in the
S&P 500
on Monday.
Block
(SQ) declined 1.4% after it was announced that Alyssa Henry, the head of the company’s Square payments platform, would be stepping down Oct. 2. Henry has been with Block for more than nine years. Jack Dorsey, who leads the overall Block business, will assume Henry’s role, the company said in a filing Monday.
U.S. Steel
(X) issued fiscal third-quarter guidance that was better than expected. Shares of the steel maker fell slightly in premarket trading.
U.S. Steel
forecast adjusted earnings of $1.10 to $1.15 a share, beating analysts’ estimates of $1.01. The steel producer said the guidance reflects the anticipated impact of the strike by the United Auto Workers.
Rackspace Technology
(RXT) was up 8.8% to $1.61 after shares of the cloud-computing company were upgraded to Outperform from Market Perform at Raymond James with a price target of $3.50.
Stitch Fix (SFIX) reported a 22% decline in fiscal fourth-quarter revenue as the online personal styling company saw its active client base fall to 3.3 million from 3.4 million in the previous quarter and 3.8 million a year earlier. The company said it expects first-quarter revenue of $355 million to $365 million, down 18% to 20% from a year earlier, and below analysts’ estimates of about $402 million.
Earnings reports are scheduled Tuesday from
AutoZone
(AZO) and
Apogee Enterprises
(APOG).
Write to Joe Woelfel at joseph.woelfel@barrons.com