US stock futures were lower in the morning to start a busy Christmas week of tight trading as investors weighed in on earnings from big retailers and weighed in on the prospect of higher interest rates.
walmart
Walmart shares fell about 4.6% before the bell after it shared a cautious outlook for the year. Consumers are negotiating and buying fewer discretionary goods. The stock move also came after the retailer’s leader beat expectations on both top and bottom results during the holiday quarter.
house deposit
Shares of the retailer fell 4.5% in premarket trade after Home Depot’s fourth-quarter report showed weaker-than-expected sales. Home Depot reported $3.31 per share on revenue of $35.84 billion. Analysts had expected $3.27 per share on revenue of $35.98 billion. Home Depot also expects sales to remain flat in the new fiscal year.
See Biotechnology
The immunology company jumped nearly 12% after Goldman Sachs upgraded it to buy from neutral. The Wall Street firm believes shares could double, citing the release of data on Vir’s flu vaccine next year.
AutoNation
The auto dealer fell 2.2% after JPMorgan downgraded it to underweight from neutral. Analyst Rajat Gupta said the company is becoming overvalued amid declining consumer demand for cars.
HSBC holdings
The firm gained about 4.2% after posting fourth-quarter earnings that beat expectations. HSBC cited strong revenue growth and lower operating costs.
Medtronic
The health technology company rose 2.4% after reporting fiscal third-quarter adjusted earnings per share of $1.31, compared with estimates of $1.28, according to StreetAccount. Revenues also exceeded expectations.
general mills
Shares of General Mills rose more than 1.4% before the bell after the maker of Cheerios cut its full-year forecast, citing resilient consumer demand.
Generac holdings
Shares of the companies fell more than 2.4% after Truist downgraded them to buy. The Wall Street firm cited higher interest rates and higher product prices as significant risks to Generac’s finances in 2023.
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