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NIO reported second-quarter results that missed analysts’ estimates.
Hector Retamal/AFP via Getty Images
Stock futures were slipping as Wall Street awaits a flood of economic data Tuesday and the rest of the week that will close out what has been a tough month for equities.
These stocks were poised to make moves Tuesday:
NIO
(
NIO
) reported second-quarter results that were worse than expected and U.S.-listed shares of the Chinese electric-vehicle maker fell 6.8% in premarket trading.
AT&T
(T) was rising 1.6% to $14.43 in premarket trading, while
Verizon Communications
(VZ) gained 1.4% to $34.01. Shares of both telecommunications giants were upgraded to Buy from Neutral at
Citi
.
AT&T
‘s price target was left unchanged at $17, while the price target of Verizon stock was increased to $40 from $39.
3M
(MMM) agreed to a $6 billion settlement to resolve claims it sold faulty combat earplugs to the U.S. military. The Wall Street Journal had reported over the weekend that 3M and plaintiffs attorneys were nearing a settlement of $5.5 billion. 3M shares were rising 0.8% in premarket trading after closing Monday with a gain of 5.2%.
Heico
(HEI), a maker of products for the aviation, space, defense, medical, telecommunications, and electronics industries, reported fiscal third-quarter earnings and sales that beat analysts’ estimates but operating margins declined to 20.7% from 22.6% a year earlier. The stock was down 5.2%.
Catalent
(CTLT) shares rose 3.5% after the drug manufacturer reached an agreement with activist investor Elliott Investment to appoint four new independent board members. The company also issued a solid revenue outlook for fiscal 2024.
Oracle
(ORCL) was up 2.6% to $119.85 after analysts at UBS raised the rating on shares of the software company to Buy from Neutral and lifted the stock price target to $140 from $120.
Best Buy
(BBY), the consumer electronics chain, reported fiscal second-quarter adjusted earnings that beat analysts’ estimates and the company said it expected demand for consumer electronics to pick up.
Best Buy
shares gained 2.6%.
PDD Holdings
(PDD), the parent company of e-commerce sites Pinduoduo and Temu, reported second-quarter adjusted earnings that topped analysts’ estimates and the stock jumped 12%.
Big Lots
(BIG) was up 12% after the retailer reported a narrower-than-expected adjusted second-quarter loss.
Write to Joe Woelfel at joseph.woelfel@barrons.com
(Except for the headline, this story has not been edited by PostX News and is published from a syndicated feed.)