Stock futures fell Wednesday and oil prices jumped on rising tensions in the Middle East after a blast at a hospital in Gaza killed more than 500 people. President Joe Biden arrived in Tel Aviv in a show of support for Israel.
Corporate earnings, meanwhile, remained a focus for investors. Highlights Wednesday are reports from
Tesla
(TSLA) and
Netflix
(NFLX) after the closing bell.
These stocks were poised to make moves Wednesday:
United Airlines
(UAL) reported third-quarter earnings that beat Wall Street’s expectations but shares were down 5.2% in premarket trading after the carrier issued a gloomier fourth-quarter outlook, citing higher fuel costs and interruptions in service to Israel that will hit its results. The Israel-Hamas war has raged for more than a week.
Procter & Gamble
(PG) reported fiscal first-quarter core earnings of $1.83 a share, beating analysts’ forecasts of $1.72. The consumer-goods giant behind Tide and many other household products lowered its all-in sales forecast for fiscal 2024 to a range of 2% to 4%, from previous guidance of 3% to 4%, citing headwinds from foreign exchange. Shares rose 1.7%.
Morgan Stanley
(MS) reported third-quarter earnings of $1.38 a share, topping forecasts of $1.31. Overall profit at the investment bank slid 8% to $2.4 billion. The stock was falling 3% in premarket trading.
J.B. Hunt Transport Services
(JBHT), the trucking and logistics company, reported third-quarter earnings that fell from a year earlier and missed expectations amid weaker freight demand. Revenue of $3.16 billion was down 18% from a year earlier. The stock declined 3.1%.
Abbott Laboratories
(ABT) rose 2.5% after the healthcare products company reported better-than-expected third-quarter earnings and boosted profit guidance for the full year.
ASML
(ASML), the Amsterdam-listed semiconductor company, reported better-than-expected third-quarter earnings but said it expects revenue in 2024 similar to 2023 as “customers continue to be uncertain about the shape of the demand recovery in the industry.” ASML shares traded in the U.S. declined 3.3%.
Nvidia
(NVDA) declined for a second day, falling 1.5% in premarket trading, after slumping 4.7% on Tuesday following an announcement from the Biden administration that it would be tightening its restriction on exports of artificial intelligence chips to China.
Winnebago Industries
(WGO) was falling 1.8% after fiscal fourth-quarter revenue of $771 million from the recreational-vehicle maker missed analysts’ forecasts.
Interactive Brokers Group
(IBKR) declined 3.8%. The electronic brokerage posted third-quarter adjusted earnings and revenue that beat estimates and said customer accounts rose 21% to 2.43 million.
Write to Joe Woelfel at joseph.woelfel@barrons.com
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