On Thursday, stock futures demonstrated an upward trend following the recent attainment of record highs by the three major Wall Street indexes. This surge came in the wake of reaffirmed projections by Federal Reserve officials, who indicated a likelihood of three interest-rate cuts in 2024. Among the stocks expected to experience notable movements on Thursday were:
Micron Technology: The chip maker witnessed an impressive 17% surge in premarket trading subsequent to reporting an unexpected profit during its fiscal second quarter. Micron’s earnings of 71 cents per share marked a substantial turnaround from the previous year’s loss of $2.12. Moreover, the company’s adjusted earnings of 42 cents per share surpassed analysts’ expectations. Additionally, Micron provided optimistic forecasts for its third-quarter adjusted earnings and revenue. Following suit, shares of fellow memory-chip maker Western Digital also saw a significant increase, jumping by 5.9%.
Apple: Despite its usual prominence, the tech giant experienced a 1.1% decline in premarket trading. This dip was attributed to looming expectations of a lawsuit by the Department of Justice, alleging antitrust behavior by Apple. The anticipated legal action has led to discussions between Apple representatives and officials from the DOJ’s antitrust division in an attempt to address the matter, although both parties remain at odds.
Five Below: Shares of the discount retailer plummeted by 12% after it issued a fiscal-year forecast for earnings and sales that fell below Wall Street’s expectations. Furthermore, the company reported fourth-quarter earnings that missed estimates, citing significant impact from “shrink,” which encompasses merchandise theft and damage.
Chewy: Despite reporting better-than-expected fourth-quarter earnings and a 4.2% increase in sales, shares of the online pet products retailer fell by 1.4%. Chewy’s cautious outlook, forecasting only modest growth in the pet markets industry, led to the decline.
Guess: The clothing, footwear, and accessories maker experienced an 11% increase following its announcement of better-than-expected fourth-quarter earnings. Additionally, Guess forecasted a revenue increase for fiscal 2025.
Paramount Global: Shares of Paramount Global rose by 1.7% in premarket trading, with a 12% surge recorded the previous day. This increase followed reports of a bid from Apollo Global Management to purchase Paramount’s film and TV studio.
Astera Labs: The semiconductor company, which enjoyed a successful trading debut on Wednesday with shares soaring by 72%, witnessed a further 6.6% increase in premarket trading.
In addition to these developments, investors were eagerly anticipating earnings reports from several major companies, including FedEx, Nike, Accenture, Lululemon Athletica, Darden Restaurants, FactSet Research Systems, Commercial Metals, and Winnebago Industries. FedEx and Nike, both scheduled to report earnings after the closing bell, showed slight gains ahead of their respective reports.