BA - 5 stocks to watch on Wednesday: Microsoft Alphabet and more

2023-04-26 08:30:27 ET

The futures are pointing to a higher open on Wednesday, as Wall Street attempts to bounce back from a sharp drop the previous day. Amid concerns about corporate earnings, the Nasdaq fell 2% and the S&P retreated 1.6%. Here are some stocks to watch on Wednesday:

• Microsoft ( NASDAQ: MSFT ) surged 7% in premarket trading after the software giant topped projections with its quarterly profit . The company received a boost from strength in its AI and Azure cloud businesses. Revenue climbed 7% to $52.86B, surpassing projections by $1.85B.
• Meanwhile, Activision ( ATVI ) dropped 11% before the opening bell after UK regulators moved to block its deal to be purchased by Microsoft ( MSFT ). The Competition and Markets Authority cited competition concerns in opposing the $69B purchase of the video game maker.
• Alphabet ( GOOG )( GOOGL ) exceeded expectations with both its top and bottom lines. The Google parent reported revenue of $69.8B, rising nearly 3% from last year and beating projections by $950M. The stock rose in after-hours trading immediately after the release, but the gains had dissipated by the premarket action. Shares dipped about 1% before the opening bell.
• Boeing ( BA ) reported a Q1 loss that came in wider than analysts had expected. The airplane maker's revenue figure beat projections on the revenue front, with a top-line total that jumped 28% to $17.9B. Looking ahead, the company reaffirmed its 2023 guidance, including operating cash flow of $4.5B-$6.5B.
• Following MSFT and GOOGL, the list of Big Tech earnings roll on in after-hours action, with Meta Platforms ( META ) set to announce its quarterly results . Analysts expect the Facebook parent to earn $1.95 per share, with revenue projected to come in at $27.7B.

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