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Stock futures fell Thursday after three straight days of losses for Wall Street.
The time of dreams
Stock futures were down after three straight days of losses for Wall Street. Federal Reserve Chairman Jerome Powell will again testify before Congress. His comments on Wednesday that the central bank would likely raise rates this year sent markets lower.
These stocks were set to move on Thursday:
You’re here
(TSLA) fell 1.4% in premarket trading after the electric vehicle maker’s shares fell 5.5% in the previous session following a downgrade to Hold from Buy by the company. Barclays analysts.
Nvidia
(NVDA) fell 0.7% to $427.37. Lynx analyst KC Rajkumar said on Wednesday that “investor expectations for NVDA have reached frothy levels.” He set a target price of $360 on the stock. Wall Street analysts see stocks on average climbing to $445.38, according to estimates on
set of facts
.
Intel
(INTC) and
Advanced micro-systems
(AMD) rose slightly in premarket trading. Shares fell 6% and 5.7%, respectively, on Wednesday after Intel announced plans to make its foundry business more competitive.
Spirit AeroSystems
(SPR) fell 9% while
Boeing
(BA) said it would suspend production at the plant after the company’s unionized workers voted to strike.
Knowledge base home
(KBH) fell 0.3% in premarket trading. The homebuilder reported fiscal second-quarter earnings that beat analysts’ estimates and said it expects 2023 revenue of between $5.8 billion and $6.2 billion for 2023, higher than its previous forecasts. Analysts had expected revenue of $5.62 billion for the fiscal year.
International Logitech
(LOGI) rose 1.8% after the computer peripherals maker’s board approved a new share buyback program of up to $1 billion. Logitech shares fell 2.7% on Wednesday following reports that one of its gamepads was used to steer the missing Titanic submersible.
Activist investor Elliott Investment Management is seeking to oust the chief executive of
NRG Energy
(NRG), the Wall Street Journal reported, citing people familiar with the matter. Elliott is in talks with potential candidates to replace CEO Mauricio Gutierrez as well as other senior executives, the people told the Journal. The activist investor revealed last month that he had acquired a roughly $1 billion stake in
NRG Energy
.
Steel case
(
SCS
) reported fiscal first-quarter adjusted earnings and sales that beat Wall Street expectations, but the office furniture maker released a second-quarter sales guidance that missed.
Reports on the results are expected on Thursday from
Accenture
(ACN),
Dard Restaurants
(DRI),
FactSet Search
(MSDS),
Trade metals
(MCC), and
Electronic Method
(
MEI
).
Write to Joe Woelfel at joseph.woelfel@barrons.com