Stock futures suggested a weaker start for Wall Street Tuesday as a deal to raise the U.S. debt ceiling remains elusive. House Speaker Kevin McCarthy, however, called his meeting on Monday with President Biden “productive.”
These stocks were poised to make moves Tuesday:
Lowe’s
(ticker: LOW) reported first-quarter adjusted earnings of $3.67 a share, beating analysts’ estimates of $3.45, but the stock was down 1.1% in premarket trading after the home-improvement retailer cut its profit and sales outlook for the fiscal year.
Zoom Video Communications
(ZM) was down 0.7% in premarket trading. The videoconferencing company reported fiscal first-quarter adjusted earnings and revenue that topped Wall Street expectations. Zoom Video also issued an upbeat forecast, saying it expects fiscal-year adjusted earnings of $4.25 to $4.31 a share on revenue of $4.47 billion to $4.49 billion, above analysts’ forecasts that called for profit of $4.21 a share on revenue of $4.45 billion.
The Wall Street Journal reported that activist investor TCS Capital Management has built a stake in
Yelp
(YELP), the provider of local-market restaurant and business recommendations and is calling on the company to explore strategic alternatives including a sale. TCS Capital owns more than 4% of
Yelp
‘s outstanding common shares, making it one of the company’s five biggest shareholders, people familiar with the matter told the Journal. Yelp shares jumped 11%.
Tesla
(TSLA) shares fell 0.4% in premarket trading. Shares of the electric-vehicle company rose 4.9% on Monday, the stock’s fifth consecutive gain. It has gained 14% over the five days. The move higher Monday followed
Ford
‘s (F) investor day, in which the auto maker committed to building its roster of electric vehicles.
PacWest Bancorp
(PACW) was up 17% in premarket trading, extending sharp gains from Monday after the regional lender said it would sell a portfolio of 74 real estate construction loans with a total balance of about $2.6 billion outstanding to
Kennedy-Wilson Holdings
(KW).
AutoZone
(AZO) fell 2.9% after the automotive replacement parts maker beat earnings estimates in its fiscal third quarter but net sales and domestic same-store sales missed consensus.
Dick’s Sporting Goods
(DKS) rose 1.8% after the retailer of sports equipment and apparel maintained its fiscal-year outlook after beating first-quarter earnings expectations.
Nordson
(NDSN) reported fiscal second-quarter sales that beat analysts’ estimates and said fourth-quarter sales likely would be “the strongest of the year.” The stock gained 0.8%.
Companies expected to reporti earnings after Wall Street closes Tuesday include
Intuit
(INTU),
Palo Alto Networks
(PANW),
VF Corp.
(VFC), and
Toll Brothers
(TOL).
Write to Joe Woelfel at [email protected]
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