TM - 5 stocks to watch on Wednesday: Airbnb Wendy's and more

2023-05-10 08:34:07 ET

Inflation data will provide the focus during Wednesday's session, with the release of the latest consumer price statistics. The major U.S. equity averages slipped on Tuesday ahead of the data, amid worries about the debt ceiling debate. Here are some stocks to watch for Wednesday:

• Airbnb ( NASDAQ: ABNB ) lost ground in premarket trading after the vacation rental platform included an unimpressive outlook in its quarterly update. The company beat expectations with its top and bottom lines, with revenue that climbed about 21% from last year to reach $1.82B. For the current quarter, the firm predicted revenue of $2.35B-$2.45B, compared to analysts' consensus of $2.42B. ABNB slumped almost 14% before the opening bell.
• Rivian Automotive ( RIVN ) rose almost 6% in premarket action on the back of its Q1 report . The EV maker posted a narrower-than-expected loss and said it was on track to produce 50K vehicles in 2023. RIVN also projected that it would reach positive gross profit in 2024.
• Wendy's ( WEN ) reported Q1 earnings that edged past expectations , with revenue that climbed 8% to nearly $529M. Meanwhile, the fast-food chain's systemwide sales jumped 10%, led by a 21% surge in its international business. Looking ahead, the fast food chain predicted global systemwide sales growth of 6% to 8%.
• Toyota Motor ( TM ) reported revenue that climbed 18% from last year, even as basic earnings per share slumped. The automaker expressed confidence in a 2023 rebound, helped by an improving supply chain and continued progress with its EV business.
• Disney ( DIS ) is slated to report its quarterly results after the closing bell. The entertainment giant is projected to post adjusted earnings of $0.94 per share, with revenue of $21.8B. Investors will also look closely at the firm's streaming subscribers, as well as any updates about its ongoing feud with Florida Gov. Ron DeSantis.

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