UNFI - 4 stocks to watch on Wednesday: United Natural Foods Couchbase and more

2023-06-07 08:29:06 ET

Caution continued to dominate Wall Street action going into Wednesday's session, with the futures pointing to mild gains at the start of trading. An uptick at the open would extend a slight drift higher seen the previous day. Here are some stocks to watch on Wednesday:

• United Natural Foods ( NYSE: UNFI ) suffered a major setback in premarket trading, with shares plunging more than 20% after the release of the firm's quarterly report . The organic food company missed expectations with its Q3 earnings, despite revenue that rose 4% from last year. UNFI also slashed its full-year forecast, predicting adjusted EPS between $1.80 and $2.30. This was down from its previous outlook of $3.05 to $3.90.
• Campbell Soup ( CPB ) reported Q3 non-GAAP EPS of $0.68, edging past expectations of $0.65. The packaged food maker disclosed revenue of $2.2B, rising about 5% from last year and matching analysts' projections. CPB also reaffirmed its full-year forecast for net sales and adjusted EPS.
• The release of quarterly results sparked premarket selling in Couchbase ( BASE ). Shares of the cloud database company dropped nearly 17% before the opening bell, despite Q1 results that topped expectations. This included a revenue total that rose 18% from last year to $41M. However, the firm issued a cautious guidance, predicting Q2 revenue of $41.2M-$41.8M.
• GameStop ( GME ) is scheduled to report its quarterly results after the closing bell. The video game retailer is expected to report a loss of $0.12 per share, with revenue projected to slip from last year to reach $1.36B. The one-time meme stock has climbed nearly 44% in 2023, although it remains about 23% lower on a 12-month timeframe.

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