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Advanced Micro Devices issued a disappointing revenue forecast for the second quarter.
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Stock futures were rising modestly Wednesday as traders await the Federal Reserve’s latest decision on monetary policy. Wall Street expects the U.S. central bank to boost interest rates by 25 basis points.
These stocks were poised to make moves Wednesday:
Advanced Micro Devices (AMD) was falling 5.8% in premarket trading after the chip maker reported a steep drop in first-quarter margins and issued a second-quarter forecast for revenue that roughly equaled revenue from the prior quarter.
PacWest Bancorp (PACW) fell 11% in premarket trading, while Western Alliance (WAL) was down 7% after shares of both regional lenders fell sharply on Tuesday. The reasons for the steep declines were unclear. They came a day after JPMorgan Chase (JPM) agreed to take over First Republic Bank (FRC).
Coffee chain Starbucks (SBUX) topped fiscal second-quarter earnings and sales expectations, and comparable-store sales in China saw growth. The stock was falling 4.9% in premarket trading. Coming into Wednesday, the stock has gained more than 15% in 2023.
Ford (F) was down 0.8% in premarket trading after the auto maker swung to a profit in the first quarter but left its guidance for the full year unchanged. The company still expects operating profit of between $9 billion and $11 billion in 2023.
Livent (LTHM) was rising 8.5% after the lithium company reported first-quarter earnings that beat forecasts and raised its outlook for the year.
Match Group’s (MTCH) first-quarter earnings topped Wall Street expectations, but revenue missed. The online dating company also issued a second-quarter revenue forecast below estimates. The stock gained 4.3%.
Unity Software (U) will be cutting about 600 jobs, or 8% of its workforce, the San Francisco-based company’s third and largest round of layoffs in the past year, The Wall Street Journal reported, citing people familiar with the matter. Shares rose 0.6% in premarket trading.
Earnings reports before the opening bell Wednesday will be coming from CVS Health (CVS), Kraft Heinz (KHC), and Emerson Electric (EMR). After Wall Street closes reports will be issued from Qualcomm (QCOM), Albemarle (ALB), and SolarEdge Technologies (SEDG).
Write to Joe Woelfel at joseph.woelfel@barrons.com
