CRWD - 5 stocks to watch on Tuesday: Meta Platforms Rivian and more

2023-03-07 08:30:25 ET

Following a mixed performance the previous day, stocks were pointing to a higher start to Tuesday's action. Congressional testimony from Federal Reserve Chair Jerome Powell will provide the centerpiece of the day's action. Here are some stocks to watch on Tuesday:

• Meta Platforms ( NASDAQ: META ) edged higher in premarket trading amid reports that it will expand its planned job cuts . According to Bloomberg, the Facebook parent will slash thousands more jobs, on top of the approximately 11,000 layoffs it announced in November. Shares rose about 2% on the news.
• News of a convertible note offering sparked selling in Rivian ( RIVN ). Shares of the EV maker dropped 7% after the company proposed a $1.3B private offering of green convertible senior notes. The financial instruments will have a maturity date of 2029 and will be sold to qualified institutional buyers.
• Dick's Sporting Goods ( DKS ) reported a quarterly profit that edged past analysts' expectations . Revenue also topped projections, rising 7% to about $3.6B, with comparable store sales that rose 5.3%. The sports equipment retailer also more than doubled its quarterly dividend to $1 per share. Bolstered by the news, shares climbed nearly 5% before the opening bell.
• Sea Ltd. ( SE ) jumped more than 10% in premarket action, driven higher by a Street-beating quarterly report . The Singapore-based tech company posted an adjusted profit for Q4, compared to a loss projected by analysts. Revenue rose 7% from last year to reach $3.45B.
• CrowdStrike ( CRWD ) is scheduled to report its quarterly results after the closing bell. The cybersecurity firm is projected to see its earnings rise to $0.43 per share. Meanwhile, revenue is expected to climb more than 40% to reach nearly $627M.

The key catalyst during Tuesday's trading will be an appearance by Fed Chair Powell before the Senate Banking Committee, as part of his regular semi-annual testimony on monetary policy. Investors will be looking for signs as to when the central bank might halt its interest rate tightening .

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