Futures spent Wednesday morning bouncing near the unchanged mark as Wall Street searches for direction after pulling back the day before. Aggressive comments from Federal Reserve Chairman Jerome Powell sent shares lower in trading on Tuesday. Here Here are some actions to keep in mind on Wednesday:
- Crowd Strike (NASDAQ:CRWD) rose in premarket trading following the release of a strong quarterly update. Shares of the cybersecurity firm rose about 7% after the company reported fourth-quarter earnings that beat expectations, with revenue up 48% to $637 million from last year. The company also issued an upbeat outlook, forecasting first-quarter revenue of $674.9M-$678.2M.
- Tesla (TSLA) received a downgrade from Berenberg, which cut its rating on Elon Musk’s electric vehicle maker to Hold from Buy. The firm maintained a long-term bullish outlook on TSLA but took a cautious short-term view after the stock’s strong rally so far this year. TSLA is up about 74% in 2023.
- Campbell Soup (CPB) exceeded expectations with its earnings and profits. The packaged food maker reported quarterly revenue of $2.48 billion, an increase of 12% from last year. Meanwhile, CPB also raised its full-year forecast, saying it expects net sales growth to 10% to 8.5%. Shares were up more than 1% before the opening bell.
- Occidental (OXY) showed strength in pre-market trading, rising nearly 4%. The advance came on news that Warren Buffett’s Berkshire Hathaway (BRK.A) (BRK.B) bought another 5.8 million shares of the oil company. Berkshire now has a stake of around 22% in OXY.
- ABM Industries (ABM) reported a mixed quarterly report. The facilities management services provider beat expectations with its fourth-quarter earnings. Revenue growth was slow, rising 3% to $2 billion. The company also reaffirmed its outlook for 2023.
- MongoDB (MDB) is scheduled to announce its quarterly results after the closing bell. Analysts expect the company to earn $0.07 per share. Revenue is forecast to increase 27% to nearly $338 million.
As for the broader market, Seeking Alpha contributor Bill Kort advises investors to “step off the ledge” after aggressive reporting by Fed Chairman Jerome Powell sent the market “into a state of of suspended animation.
