By Joe Woelfel

Stock futures fell Thursday, coming off gains made in the previous session following consumer inflation data that have Wall Street believing the Federal Reserve will cut interest rates when it meets next week. A reading on wholesale inflation will be released Thursday.

These stocks were poised to make moves Thursday:

Tesla shares were up 0.8% in premarket trading at $428.33, after rising Wednesday by 5.9% to $424.77, an all-time closing high. During the session, the stock traded as high as $424.88, an intraday record high. Shares of the electric-vehicle maker have risen for six consecutive consecutive sessions, gaining 21% over the period. They have gotten a boost -- jumping 69% -- since Donald Trump was elected U.S. president on Nov. 5 -- investors believe CEO Elon Musk's relationship with Trump will benefit the EV company.

Alphabet also set a record closing high, ending Wednesday at $195.40, up 5.5%. The parent company of Google announced Gemini 2.0, an update to the company's flagship artificial-intelligence model. Alphabet said developers will be the first to have access to Gemini 2.0, with general availability in January. In premarket trading, Alphabet was rising 0.5%.

Adobe was falling 10% after the software company and creator of apps such as Photoshop and Illustrator posted fiscal fourth-quarter adjusted earnings and revenue that beat analysts' estimates but issued first-quarter and fiscal-year revenue guidance below expectations. Adobe anticipates revenue in the first quarter of between $5.63 billion to $5.68 billion, below consensus of $5.72 billion. The company expects fiscal 2025 revenue of between $23.3 billion and $23.6 billion, which is below estimates of $23.8 billion.

Nordson, the maker of adhesives and other industrial products, said it expects fiscal first-quarter adjusted earnings of $1.95 to $2.15 a share, below consensus of $2.26, on revenue of $615 million to $655 million, below forecasts of $681.9 million. Shares declined 5.8% in after-hours trading Wednesday.

Oxford Industries, the owner of Tommy Bahama, Lilly Pulitzer and Johnny Was, reported a third-quarter loss and cut its fiscal-year outlook, saying "several years of high inflation combined with distractions from the U.S. elections and other world events, led to less frequent and more tentative consumer spending behavior during the third quarter." Oxford reported an adjusted loss of 11 cents, well off analysts' estimates that called for adjusted profit of 9 cents. Shares of Oxford fell 2.6% in after-hours trading Wednesday.

Earnings reports are expected Thursday from Broadcom, Costco Wholesale, Ciena, and RH.

Broadcom was down 0.3% ahead of fiscal fourth-quarter earnings from the semiconductor company. Broadcom stock has risen 64% this year, getting a lift from spending on artificial-intelligence data centers. Shares rose 6.6% on Wednesday on a report that Broadcom will make custom AI accelerator chips for Apple.

Write to Joe Woelfel at joseph.woelfel@barrons.com

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December 12, 2024 04:45 ET (09:45 GMT)

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