Stock futures traded higher Wednesday after the previous session saw steep losses that were driven by investors’ realization that the Federal Reserve will keep interest rates higher for longer and also a decline in consumer confidence.
These stocks were poised to make moves Wednesday:
Costco Wholesale (COST) reported fiscal fourth-quarter earnings and sales that beat analysts’ estimates but the stock declined 1.9% in premarket trading after the retailer failed to provide an update on a potential increase in membership fees, a move that many on Wall Street believe is overdue.
Furniture company MillerKnoll (MLKN) raised its fiscal 2024 outlook, saying it expects adjusted earnings $1.85 to $2.15 a share, better than its previous guidance for profit of $1.70 and $2 a share. MillerKnoll also posted first-quarter earnings and sales that beat analysts’ expectations. The stock jumped 19%.
Amazon.com (AMZN) was rising 0.2% in premarket trading after slumping 4% on Wednesday after the Federal Trade Commission said it was suing the online retailer and cloud company. The agency alleged that Amazon strategically prevents competition with its dominant online marketplace.
Zions Bancorp (ZION) declined 1.7% to $33.43 after Morgan Stanley downgraded the lender to Underweight from Equal Weight but raised the price target to $32 from $27.
AAR Corp. (AIR), which provides aviation services to commercial and government operators, expects to swing to a profit in the current fiscal second quarter amid growing operating margins, Chief Executive John Holmes told The Wall Street Journal in an interview. On Tuesday, the company reported first-quarter adjusted earnings of 78 cents a share, higher than analysts’ estimates, on a sales increase of 23%.
Peloton Interactive (PTON) was rising 0.4% after naming Nick Caldwell as its next chief product officer. Caldwell, who has more than 20 years of experience, primarily across the technology sector, will succeed Peloton’s co-founder, Tom Cortese.
Write to Joe Woelfel at [email protected]
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