Equity futures were lower on Monday as investors waited for earnings reports from many big tech companies and fears the U.S. Federal Reserve would continue to raise interest rates to keep inflation in check. traded at a lower price.
Coca-Cola (KO) reported adjusted first-quarter earnings of 68 cents per share on sales of $11 billion. Analysts had expected earnings of 65 cents per share on sales of $10.8 billion. Average selling prices increased 11% during the quarter. Shares of the beverage giant were up 1.5% in premarket trading.
Bed Bath & Beyond (BBBY) has filed for Chapter 11 bankruptcy protection in New Jersey District Court after a series of failed financial maneuvers designed to turn the retailer’s business around. Bed Bath shares fell 30.4% in pre-market trading to about 20 cents.
First Republic (FRC) will report quarterly earnings after the stock market closes. Investors are interested in how far First Republic’s deposit base has fallen and whether local banks are still profitable. The fortunes of banks changed in March following the collapse of Silicon Valley Bank. This sent local bank stocks crashing, prompting bank customers to withdraw their deposits. Shares rose 0.9%.
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Reports from Alphabet (GOOGL), General Motors (GM), Microsoft (MSFT), United Parcel Service (UPS), Verizon (VZ), Visa (V), Meta Platforms (META) and Boeing (BA) later this week Scheduled. ), Amazon.com (AMZN), Caterpillar (CAT), Intel (INTC), Chevron, Exxon Mobil (XOM).
Credit Suisse (CS) rose 2.5% in pre-market trading after UBS-acquired Swiss bank reported a profit in the first quarter after writing off $17 billion in bonds related to the deal . Customers withdrew about $75 billion in deposits in the first quarter, according to Credit Suisse.
The US-listed shares of Dutch health technology company Philips (PHG) rose 12% after strong first-quarter earnings.
Stocks of C3.ai
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Artificial intelligence software company (AI) has been downgraded from Peer Perform to Underperform by Wolfe Research with a price target of $14. The stock fell 5.3% to $18.99 in pre-market trading.
First Solar (FSLR) fell 2.6% to $211.35 in pre-market trading after the stock was downgraded from neutral to sell and the price target was lowered from $220 to $194.
Comcast (CMCSA) has announced that NBCUniversal CEO Jeff Shell is leaving the company following an outside attorney investigation into allegations of improper conduct. Comcast shares fell slightly in premarket trading.
Please contact Joe Woelfel (joseph.woelfel@barrons.com).
