Stock futures traded lower Wednesday with the Federal Reserve expected to leave interest rates unchanged at the conclusion of its two-day policy meeting.
Wall Street begins a new month Wednesday after the
S&P 500
closed out October with its third-straight month of losses.
These stocks were poised to make moves Wednesday:
Advanced Micro Devices
(AMD) reported third-quarter adjusted earnings of 70 cents a share, beating analysts’ estimates by 2 cents, but the chip maker’s revenue forecast for the fourth quarter was shy of expectations. AMD said it expects revenue in the period of “approximately $6.1 billion, plus or minus $300 million,” while Wall Street was estimating revenue of $6.4 billion. CEO Lisa Su said AMD expects data-center GPU products to generate about $400 million of revenue in the fourth quarter and surpass $2 billion in 2024. AMD shares fell 2.5% in premarket trading.
Shares of
Paycom Software
(PAYC) plunged 36% after the provider of cloud-based human capital management software said it expects fourth-quarter revenue of $420 million to $425 million, below analysts’ estimates of $452 million. Paycom also forecast adjusted earnings before interest, taxes, depreciation and amortization of $169 million to $174 million versus expectations of $189 million.
Solar panel company
First Solar
(FSLR) reported third-quarter earnings that topped estimates but revenue of $801.1 million that missed forecasts of $904.1 million. The company raised the lower end of its 2023 earnings guidance. The stock rose 4.4% in premarket trading.
Match Group
(MTCH), the parent company of online dating platforms Tinder, Hinge, and OkCupid, fell 7.3% after saying it anticipates fourth-quarter revenue of $855 million to $865 million, below analysts’ estimates of $894.2 million. Match also said it expected revenue growth for the full year at the low end of its guidance range.
WeWork
(WE) was down 36% at $1.45 after The Wall Street Journal reported that the flexible-office-space provider was planning to file for bankruptcy as early as next week. The Journal cited people familiar with the matter.
Yum China
(YUMC) tumbled 12% after the owner of Pizza Hut, KFC, and other fast-food brands in China reported third-quarter earnings that came up short of estimates and said it had “observed softening consumer demand.”
Caesars Entertainment
(CZR) was up 4.6% after the casino operator reported third-quarter profit higher than a year earlier as revenue rose 3.7% to $2.99 billion, beating analysts’ estimates.
Livent
(LTHM) dropped 4.5% after the lithium-ore miner missed third-quarrer earnings and revenue expectations and reduced revenue guidance for the full year.
Earnings reports are expected Wednesday from
Qualcomm
(QCOM),
CVS Health
(CVS),
Airbnb
(ABNB),
Humana
(HUM),
PayPal
(PYPL),
Kraft Heinz
(KHC),
Mondelez
(MDLZ),
Electronic Arts
(EA),
DuPont
(DD),
DoorDash
(DASH),
Etsy
(ETSY), and
Albemarle
(ALB).
Write to Joe Woelfel at [email protected]
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