US stock futures moved higher Friday following the previous session’s sharp declines that were led by a selloff in technology shares. Wall Street looked ahead Friday to the release of the Federal Reserve’s preferred inflation gauge, the monthly personal consumption expenditures price index.
These stocks were poised to make moves Friday:
Nvidia was up 0.5% in premarket trading after dropping 8.5% on Thursday even as the leading maker of artificial-intelligence chips reported better-than -expected quarterly earnings but narrower profit margins. The drop Thursday was the stock’s largest post-earnings daily percentage decrease since Nov. 6, 2018, according to Dow Jones Market Data.
Tesla rose 0.3% in premarket trading to $282.87. The electric-vehicle maker fell 3% on Thursday and closed at $281.95, the stock’s lowest close since Election Day in November, when it finished at $251.44. Shares have declined for six consecutive days, down 22% over the period. Shares of the company’s EVs have been falling across the globe, as CEO Elon Musk’s politics rankle Tesla’s core buyers—politically left-leaning consumers looking to go green.
Dell Technologies posted better-than-expected fourth-quarter earnings. “Our prospects for AI are strong, as we extend AI from the largest cloud-service providers, into the enterprise at-scale, and out to the edge with the PC,” said Chief Operating Officer Jeff Clarke in a statement. Dell shares fell 2.3% after the company said it expects first-quarter adjusted earnings of $1.65 a share on revenue of between $22.5 billion to $23.5 billion, versus analysts’ calls for adjusted profit of $1.78 on revenue of $23.6 billion.
HP Inc declined 3.4%. The personal computer and printer maker postedfiscal first-quarter adjusted earningsof 74 cents a share, in line with estimates, as revenue rose 2% to $13.5 billion and topped expectations of $13.39 billion. HP said it anticipates adjusted second-quarter earnings of 80 cents a share at the midpoint of its forecast range, compared with predictions of 86 cents. For the fiscal year, the company called for adjusted earnings of about $3.60 a share versus expectations of $3.57. HP also said it would be laying off up to 2,000 more employeesas part of an ongoing cost-cutting plan.
SoundHound AI gained 5.8% after the maker of voice-based artificial-intelligence technologyraised its revenue outlook for the current fiscal yearfollowing a narrower-than-expected fourth-quarter loss and revenue that topped analysts’ expectations. SoundHound said it expects fiscal-year revenue of between $157 million to $177 million, compared with previous guidance of $155 million to $175 million.
Rocket Lab USA posted fourth-quarter revenue that beat Wall Street estimates but shares of the space-launch company fell 11.6% following a weaker-than-expected first-quarter outlook.
Fourth-quarter earnings at Duolingo rose from a year earlier and the language-learning app issued upbeat guidance for its first quarter and fiscal year. Bookings were $271.6 million, up 42% from a year earlier. Daily active users were 40.5 million, an increase of 51%, while monthly active users rose 32% to 116.7 million. The stock, however, was down 8.4%.
NetApp was tumbling 13% after the enterprise data storage company reported fiscal third-quarter revenue that missed analysts’ expectations and adjusted earnings and revenue guidance for the current fourth quarter that also came up short.
Data analytics company Elastic jumped 14% after posting better-than-expected fiscal third-quarter adjusted earnings and revenue.
Redfin’s fourth-quarter loss was wider than expected and shares of the online brokerage and real-estate services company fell 11% in premarket trading.
Autodesk said it planned to cut about 9% of its workforce as the design-software company said it was “reallocating internal resources” toward “critical areas” of business, such as artificial intelligence. Autodesk made the announcement in conjunction with the release of fourth-quarter earnings that saw adjusted profit top analysts’ forecast on a 12% increase in revenue to $1.64 billion. The stock was up 0.7%.
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