Stock futures were mostly higher on Tuesday as investors looked ahead to economic data coming this week that will cover the second quarter and first six months of 2023.
Dow Jones Industrial Average
closed lower for a sixth straight session on Monday, but remains higher for June.
Electric truck maker Lordstown Motors (RIDE) has filed for Chapter 11 bankruptcy protection and said it is putting itself up for sale. Lordstown also said it has filed a lawsuit against Foxconn
,
The Taiwan-based contract manufacturing company, after Foxconn’s deal to provide the startup with about $170 million in cash fell through. “Foxconn’s actions resulted in material harm to the company as well as its future prospects,” Lordstown said in a statement. Shares fell 57% to $1.18 in premarket trading.
Walgreens Boots Alliance ( WBA ) fell 8.4% after the drugstore chain cut its guidance for the fiscal year after posting third-quarter earnings that missed analysts’ expectations.
Unity Software ( U ) rose 4.9% to $38.51 after the game developer was set at Overweight by Wells Fargo with a $48 price target.
Advertisement – Scroll Continue
Snowflake ( SNOW ) rose 3.7% after Nvidia ( NVDA ) said it was partnering with the company to offer generative AI technology to the cloud-based data storage company’s customers. Nvidia rose in price by 0.6%.
Kellogg ( K ) rose 2.7% after analysts at Goldman Sachs upgraded the cereal maker to buy to neutral.
Eli Lilly ( LLY ) rose 1.9% in premarket trading. The company’s experimental retatrutide drug helped obese patients lose up to 24.2% of their body weight after 48 weeks in a mid-stage trial. The results of the study, published Monday, were published in the New England Journal of Medicine.
Delta Air Lines
Advertisement – Scroll Continue
( DAL ) rose 1.5% after the airline raised its revenue guidance for the June quarter. He also said he sees earnings of $6 per share in 2023, at the high end of the $5 to $6 range previously disclosed.
Meta Platforms ( META ) rose 1.5% to $282.58 after analysts at Citi raised their price target on the stock to $360 from $315.
Robinhood ( HOOD ) will cut about 7% of its full-time workforce, the online brokerage’s third round of layoffs in just a year, The Wall Street Journal reported. About 150 Robinhood employees are being laid off in the latest round, according to an internal company memo seen by the Journal. The layoffs were made to “accommodate volumes and better align team structures,” Chief Financial Officer Jason Warnick said in a statement, the Journal reported. Shares rose 1.5% in premarket trading.
Tesla ( TSLA ) was up 1.1% in premarket trading after shares of the electric car giant fell more than 6% on Monday following another downgrade on Wall Street.
Advertisement – Scroll Continue
Alphabet ( GOOGL ) fell 0.5% to $117.75 after shares of parent company Google were downgraded to Market Perform from Outperform at Bernstein. The share price remained unchanged at $125. UBS downgraded the stock from Buy to Neutral on Monday, but raised its price target to $132 from $123.
Email Joe Woelfel at joseph.woelfel@barrons.com
[ad_2]