RH - 4 stocks to watch on Wednesday: Micron Lululemon and more

2023-03-29 08:44:02 ET

Sentiment has improved following Tuesday's mild decline, as the futures pointed to a higher open on Wednesday. With the apparent end to the banking crisis in sight, investors are considering the Federal Reserve's likely next move. Here are some stocks to watch on Wednesday:

• Despite a wider-than-expected Q2 loss, Micron ( NASDAQ: MU ) rose in premarket trading, climbing 2% as investors focused on the company's long-term prospects . CEO Sanjay Mehrotra said he was "confident" in the firm's long-term demand outlook. For Q3, the memory chip maker predicted a loss between $1.51 and $1.65 per share, with a revenue projection of $3.5B to $3.9B.
• Lululemon ( LULU ) surged 16% before the opening bell. The advance came after the company released better-than-expected quarterly earnings . Revenue soared 30% to reach $2.8B, topping projections by $100M. Looking ahead, the athletic and leisure apparel maker predicted Q1 EPS of $1.93-$2.00, above the $1.64 that analysts had estimated.
• Macy’s ( M ) revealed that its chief executive, Jeff Gennette, plans to retire in early 2024. The 40-year company veteran expects to step down in February, with Bloomingdale’s chairman and CEO Tony Spring taking over the CEO role of M.
• Luxury furniture company RH ( RH ) is scheduled to report quarterly results after the closing bell. The firm's quarterly profit is projected to drop to $3.36 per share. Revenue is expected to slide to $777M.

Taking a broad look at the market, Seeking Alpha contributor Manning & Napier believes "the synchronized global central bank tightening cycle is long in the tooth," raising the question as to whether a "turning point of global monetary policy" is coming .

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