US stock futures fell Wednesday, continuing the tech selloff from the previous trading session, as markets awaited earnings from big-name retailers.
These stocks were poised to make moves Wednesday:
Palantir fell 1% in premarket trading. The company, which sells artificial-intelligence software to manage and analyze large amounts of data, closed down 9.35% on Tuesday, its fifth consecutive trading day of declines.
It was the stock's worst percentage decrease since June 27, when it dropped 9.37%. Palantir, which trades at more than 200 times projected earnings, has closed lower for six of the past seven trading days as investors have unloaded hot -- and expensive -- AI stocks. Coming into Wednesday trading, Palantir was up 109% so far this year.
Intel was down 1.5% after the chip maker's share price rose nearly 7% on Tuesday to $25.31, its highest close since March 18. Driving the stock higher was a $2 billion investment from Japan's SoftBank. Intel stock has risen seven of the past eight trading sessions and has gained almost 28% in August, according to Dow Jones Market Data.
Home builder Toll Brothers reported fiscal third-quarter adjusted earnings of $3.73 a share on home sales revenue of $2.88 billion, topping Wall Street estimates on both metrics, according to FactSet. The company said it delivered 2,959 homes in the period and expects fourth-quarter deliveries of 3,350 units with an average price per home of between $970,000 and $980,000. The stock fell 3%.
Alcon shares fell 11.3%. The eye-care company's second-quarter revenue of $2.58 billion missed consensus expectations and it trimmed its fiscal-year revenue guidance, saying it anticipates revenue of $10.3 billion to $10.4 billion, lower than previous guidance of $10.4 billion to $10.5 billion.
La-Z-Boy stock tumbled 24.4% after its fiscal first-quarter adjusted earnings missed analysts' forecasts and the furniture maker said it expects second-quarter revenue of $510 million to $530 million. Analysts had been forecasting revenue for the second quarter of about $532 million.
James Hardie Industries shares tumbled 26% after the Australian building materials maker cautioned that economic uncertainty is dragging on the US housing market.
Chinese search engine giant Baidu's quarterly revenue fell and was just shy of market estimates on Wednesday. While U.S.-listed shares of the company rose about 1% in premarket trading.
Earnings reports are expected Wednesday from Target, TJX Cos., Lowe's, Analog Devices, Estée Lauder, and Baidu.
Estée Lauder fell 5.4% ahead of its quarterly earnings report expected early Wednesday. The cosmetics company is forecast to report adjusted earnings of 9 cents a share on revenue of $3.4 billion, according to FactSet.
Target slid 0.4% in premarket trading ahead of second-quarter earnings from the big-box retailer. Analysts expect the company to post adjusted earnings in the period of $2.04 a share on net sales of $24.9 billion.
Lowe's was down 1.1%. The home-improvement retailer and smaller rival to Home Depot is expected to post second-quarter adjusted profit of $4.24 a share on sales of $24 billion. Home Depot ended Tuesday's session up 3.1% after reporting second-quarter earnings that missed estimates but stuck to its fiscal-year guidance.
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