CHWY - 4 stocks to watch on Thursday: General Mills Chewy and more

2023-03-23 08:30:46 ET

Stocks looked poised for a rebound in the early stages of Thursday's trading, bouncing back after a sharp slide late in the previous session. A 25-basis-point rate hike and continued anti-inflation rhetoric from the Federal Reserve put pressure on the major averages. Here are some stocks to watch on Thursday:

• General Mills ( NYSE: GIS ) edged higher in premarket trading after the company released better-than-expected quarterly results , with the stock rising more than 1%. Total sales at the packaged food company climbed 13% from last year, advancing to $5.1B. Gross margin also improved. For 2023, the firm predicted organic sales growth of 10% to 11%.
• The release of financial figures sent Chewy ( CHWY ) lower in premarket action. The online pet supply retailer recorded a surprise profit in Q4, with revenue that surged 13% from last year. However, shares dropped more than 5% on a soft 2023 forecast and concerns about customer numbers and the impact international expansion will have on margins.
• Ford ( F ) revealed that it expects its electric vehicle business to lose about $3B in 2023, matching the amount it has lost from the unit over the last two years. The automaker expects the business to be profitable, before taxes, by late 2026.
• Darden Restaurants ( DRI ) reported a Q3 profit that topped expectations , with revenue that climbed 14% from last year. The top-line figure reached $2.79B. The owner of the Olive Garden and LongHorn Steakhouse brands of casual dining restaurants also raised its full-year sales forecast, saying it now expects $10.45B-$10.5B for fiscal 2023.

For more on the banking crisis, Seeking Alpha contributor Columbia Threadneedle Investments takes a deep dive into what's next for the sector, including the likely regulatory response to the recent turmoil .

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