Stock futures fell Wednesday, a day after the S&P 500 closed higher for a sixth-straight session and ahead of earnings reports from Microsoft and Meta Platforms and data on first-quarter gross domestic product and the Federal Reserve's preferred inflation gauge.
These stocks were poised to make moves Wednesday:
SUPER MICRO COMPUTER INC slumped 15% after the maker of artificial-intelligence servers said its fiscal third-quarter earnings would be well below previously-issued guidance. The company expects revenue of $4.5 billion to $4.6 billion compared with a prior estimate of $5 billion to $6 billion. Adjusted earnings in the period will be in a range of 29 cents to 31 cents a share, while analysts were expecting 53 cents. "During Q3 some delayed customer platform decisions moved sales into Q4," the company said.
NVIDIA , the leading maker of AI chips, was down 1.4% following the guidance from Super Micro.
Tesla Motors was down 1% in premarket trading. The stock's winning streak stood at six entering Wednesday. It has risen 28% over the period, which began the day before the company reported first-quarter earnings.
Booking Holdings declined 3.6%. The online travel booking services company's first-quarter earnings and sales topped analysts' expectations. Chief Financial Officer Ewout Steenbergen, on a conference call, said the company expects revenue growth of 10% to 12% in the second quarter, higher than forecasts.
Starbucks tumbled 6.5% after the coffee chain posted fiscal second-quarter earnings that missed Wall Street estimates on revenue of $8.8 billion that also came in below forecasts. U.S. same-store sales fell 2% in the period. "My initial optimism has turned to clear confidence," CEO Brian Niccol said in a statement. "We are where we should be at this point in our turnaround."
Seagate Technology PLC rose 7.7% after the data storage company reported fiscal third-quarter adjusted earnings of $1.90 a share, up from 33 cents a year earlier, and issued a forecast for the fourth quarter that was better than expected.
First Solar, the country's largest solar manufacturer, was down 12% after saying tariffs would significantly reduce revenue and earnings this year. The company also missed Wall Street's consensus expectations for the first quarter, reporting earnings of $1.95 a share versus estimates of $2.49.
Snap Inc posted a narrower first-quarter loss than Wall Street expected but withheld its guidance for the second quarter. Snap said in a letter to shareholders that it doesn't intend to share formal second-quarter guidance "given the uncertainty with respect to how macro economic conditions may evolve in the months ahead." Snap said its "topline revenue has continued to grow," but it as "experienced headwinds to start the current quarter, and we believe it is prudent to continue to balance our level of investment with realized revenue growth." Snap shares slumped 13% in premarket.
Earnings reports are expected Wednesday from Microsoft, Meta Platforms, Qualcomm, Caterpillar, Humana, GE HealthCare Technologies, Norwegian Cruise Line, KLA Corp., Allstate, MetLife, Robinhood Markets, and eBay.
Microsoft was up 0.2% ahead of fiscal third-quarter earnings from the software giant.
Meta Platforms, Inc. , the parent company of Facebook and Instragram, was down 0.6%. The company is scheduled to report first-quarter earnings after the closing bell Wednesday.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.