Stock futures on Monday pointed to a higher start for Wall Street following the
S&P 500
‘s third-consecutive losing week.
Nvidia
‘s earnings report this week will be a highlight as will remarks from Federal Reserve Chairman Jerome Powell at the central bank’s annual conference in Jackson Hole, Wyo.
These stocks were poised to make moves Monday:
Palo Alto Networks
(PANW), the cybersecurity, topped fiscal fourth-quarter earnings expectations, and its profit forecast for the first quarter also beat estimates. Palo Alto said Friday it expects first-quarter billings of $2.05 billion to $2.08 billion, up 17% to 19%. The company’s fiscal 2024 forecasts for adjusted earnings and billings also were better than expectations. The stock was rising 13% in premarket trading.
Meta Platforms
(META) is expected this week to launch of desktop version of its microblogging app Threads, a competitor to X, the former Twitter, The Wall Street Journal reported. When Threads launched in July, it became the fastest app to reach 100 million downloads, but its use has fallen in recent weeks. Shares of
Meta,
the parent company of Facebook and Instagram, were up 0.5%.
Napco Security Technologies
(NSSC), which makes electronic security equipment and wireless communication devices for intrusion and fire alarm systems, was falling 34% in premarket trading after saying it identified errors related to the calculation of cost of goods sold and inventory for each of the first three quarters of fiscal 2023. Napco said inventories were overstated and cost of goods sold was understated “resulting in overstated gross profit, operating income and net income for each period.”
U.S.-listed shares of
XPeng
(XPEV) were rising 5.8% to $15.85 after analysts at BofA raised their recommendation on the Chinese electric-vehicle maker to Buy from Neutral and lifted the price target to $22 from $16.30. The stock fell 4.3% on Friday after reporting second-quarter earnings and issuing solid third-quarter guidance. EV giant
Tesla
(TSLA) was rising 3.4%.
Broadcom
(AVGO) rose 0.9% and
VMware
(VMW) gained 1.8% after the U.K.’s Competition and Markets Authority cleared
Broadcom
‘s $69 billion acquisition of the cloud infrastructure company.
Zoom Video Communications
(ZM) is scheduled to report second-quarter earnings after the stock market closes. Shares of the videoconferencing company were up 0.7%.
In addition to
Nvidia
‘s report on Wednesday, companies reporting later this week include
Lowe’s
(LOW),
Snowflake
(SNOW),
Macy’s
(M),
Toll Brothers
(TOL),
Advance Auto Parts
(AAP),
Affirm
(AFRM),
Analog Devices
(ADI),
Baidu
(BIDU),
Dollar Tree
(DLTR),
Intuit
(INTU), and
Nordstrom
(JWN).
Write to Joe Woelfel at [email protected]
Read the full article here
