Stock futures pointed to a lower start for Wall Street on Wednesday following another record high for the S&P 500 and as investors awaited Nvidia’s quarterly earnings report.
These stocks were poised to make moves Wednesday:
Nvidia slipped 0.6% in premarket trading ahead of its earnings report scheduled for after the stock market closes. Analysts project that sales jumped almost fourfold in the period to $24.6 billion, with earnings rising fivefold to $5.60 a share, driven by demand for the company’s artificial-intelligence chips. Shares of Nvidia closed at a record high Tuesday, rising 0.6% in the session to finish at $953.86. It was Nvidia’s first record close since late March.
Target was falling 7% after the retailer reported fiscal first-quarter earnings that missed analysts’ estimates. Revenue in the period declined 3.1% to $24.5 billion and same-store sales fell 3.7%.
Fiscal second-quarter earnings at Toll Brothers jumped to $481.6 million, or $4.55 a share, from profit of $320.2 million, or $2.85 a share, a year earlier and beat analysts’ expectations of of $4.14. The luxury homebuilder said delivered homes rose 6% from a year earlier to 2,641. It expects deliveries in the fiscal year of 10,400 to 10,800 homes, up from its previous outlook of 10,000 to 10,500 units. Toll shares rose 1.1%.
ViaSat swung to a fiscal fourth-quarter loss while revenue jumped 73%
to $1.2 billion, driven by a contribution from its recent acquisition of Inmarsat. The satellite communications company said it expects revenue in fiscal 2025 to be roughly flat year over year, excluding a one-time benefit from a litigation settlement, while analysts expected revenue to increase about 7%. ViaSat shares fell 11%.
Urban Outfitters reported fiscal first-quarter adjusted earnings of 69 cents a share, beating analysts’ estimates of 53 cents, as revenue increased 7.8% to $1.20 billion and same-store sales jumped 4.6%. Lifting sales was strength at the company’s Free People and Anthropologie brands. The stock gained 6.4%.
Lululemon Athletica was falling 4.4% after the apparel company restructured its product and brand teams and announced that Chief Product Officer Sun Choe would be departing later this month.
In addition to earnings from Nvidia and Target, reports are expected Wednesday from PDD Holdings, TJX Cos., Analog Devices, Synopsys, Snowflake, Williams-Sonoma, e.l.f. Beauty, and VF Corp.
