DLO - 4 stocks to watch on Wednesday: FedEx Exxon and more

2023-04-05 08:32:32 ET

Wall Street saw uncertain trading in Wednesday's premarket action. Stocks dipped the previous day, with the S&P 500 and Dow breaking a four-session winning streak, as investors began to look ahead to a jobs report due out at the end of the week. Here are some stocks to watch on Wednesday:

• FedEx ( NYSE: FDX ) advanced in premarket trading after announcing a series of long-term cost savings initiatives . The measures include a corporate reorganization that will see FedEx Express, FedEx Ground, FedEx Services and other FedEx operating companies consolidated under a single unit, to be called Federal Express. All told, the package delivery giant is targeting $4B in cost reductions by 2025.
• Exxon ( XOM ) revealed that lower prices for oil and gas will cut into its Q1 operating profit by $1.0B-$1.8B compared to Q4, when its bottom line totaled $8.2B. Disclosing the information in a regulatory filing, the energy giant added that changes in unsettled derivatives would lower the profit by $1.8B-$2.2B.
• Following a failed first attempt, Johnson & Johnson ( JNJ ) subsidiary LTL Management has refiled for Chapter 11 bankruptcy protection . The unit was created to handle talc litigation. LTL will also pay $8.9B over 25 years to resolve all current and future talc claims.
• dLocal ( DLO ) dropped more than 9% in premarket trading after releasing disappointing quarterly results . The company announced revenue and profit figures that came in below the amounts predicted by analysts, even with a top-line figure that jumped 55% from last year.

Looking at broader market forces, see why Seeking Alpha contributor Zoltan Ban believes the latest production cuts from OPEC+ " might have killed any chance of a Fed pivot this year ."

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