Stock futures traded lower on Monday amid concerns that the Federal Reserve will continue to raise interest rates to quell inflation, and as investors await earnings reports from several of the largest technology companies.
coca cola (KO) reported first-quarter adjusted earnings of 68 cents per share on sales of $11 billion. Analysts had expected a profit of 65 cents per share on sales of $10.8 billion. Average selling prices increased 11% during the quarter. The beverage giant’s stock was up 1.5% in premarket trading.
Bed Bath & Beyond (BBBY) has filed for Chapter 11 bankruptcy protection in a New Jersey district court after a series of financial maneuvers designed to turn the retailer’s business fall short. Bed Bath stock was down 30.4% in premarket trading to about 20 cents.
First Republic (FRC) will report its quarterly earnings after the stock market closes. Investors will be watching to what extent the First Republic’s deposit base has declined, and whether the regional bank is still turning a profit. The bank’s fortunes changed in March after the collapse of the Silicon Valley bank, causing turmoil in regional bank stocks and prompting the banks’ customers to withdraw deposits. The stock rose 0.9%.
Announcement – scroll to continue
Reports are expected later in the week the alphabet (GOOGL) general motors (GM), Microsoft (MSFT), United Parcel Service (UPS), Verizon (VZ), visa (Fifth), Meta platforms (meta), Boeing (Bachelor’s) , Amazon.com (AMZN), Larva (cat), Intel (INTC), chevronAnd Exxon Mobil (XOM).
Credit Suisse (CS) gained 2.5% in pre-market trading after the Swiss bank, which was acquired by UBS, reported a profitable first quarter after writing down $17 billion in bonds related to the acquisition. Credit Suisse said customers withdrew about $75 billion in deposits during the first quarter.
US shares listed in Dutch health tech company Philips (PHG) rose 12% on strong first-quarter earnings.
C3.ai shares
Announcement – scroll to continue
(AI), an artificial intelligence software company, is downgraded to Underperform from Peer Perform at Wolfe Research with a price target of $14. The stock fell 5.3% in pre-market trading, at $18.99.
First Solar (FSLR) stock fell 2.6% in premarket trade to $211.35 after the solar company’s stock was downgraded to Sell from Neutral with a price target of $194, down from $220.
Comcast Corporation (CMCSA) announced that NBCUniversal CEO Jeff Shell was leaving the company following an investigation led by outside counsel into accusations of improper conduct. Comcast shares were slightly lower in pre-market trading.
Write to Joe Woelfel at [email protected]
“Extreme travel lover. Bacon fanatic. Troublemaker. Introvert. Passionate music fanatic.”
More Stories
A Utah cat with a love for cardboard makes a surprise trip to California in an Amazon box
Luxury automaker Aston Martin's stock fell 12% as losses nearly doubled
Starbucks is revising its 2024 guidance, after badly missing second-quarter earnings estimates