UBER - 6 stocks to watch on Thursday: American Express Etsy MongoDB and more

2023-03-09 08:48:01 ET

Following a larger-than-expected rise in jobless claims, the futures jumped on Thursday morning, pointing to a higher start to the session. Stocks finished mixed on Wednesday following a sharp Federal Reserve-inspired decline seen the previous day. Here are some stocks to watch on Thursday:

• American Express ( NYSE: AXP ) edged higher in premarket trading after the company announced a new stock buyback plan and raised its dividend. AXP has approved the repurchase of up to 120M common shares. Meanwhile, the firm raised its dividend by 15%.
• A bearish analyst comment about Etsy ( ETSY ) sparked premarket selling in shares of the online auction platform. Jefferies issued a double downgrade of ETSY, dropping its rating to Underperform from Buy. The firm cited valuation and "deteriorating buyer trends" for its downgrade. Shares dropped nearly 7% before the opening bell.
• MongoDB ( MDB ) slumped almost 11% in premarket trading following the release of its quarterly update . The infrastructure software company topped expectations with its Q4 results but the firm issued a disappointing revenue forecast for the current year. The company predicted a top-line total for the year of $1.48B-$1.51B, compared to an analyst projection of $1.55B.
• Uber ( UBER ) ticked higher following reports that it is considering a divestiture of its freight logistics business. According to Bloomberg, citing people familiar with the matter, the ride-hailing service is considering a potential initial public offering or an outright sale. The stock climbed about 2% in premarket action.
• General Electric ( GE ) reaffirmed its 2023 guidance ahead of an investor conference. The company expects adjusted EPS of $1.60-$2.00 for 2023, compared to an analyst consensus of $1.95. The stock climbed about 2% before the opening bell.
• Oracle ( ORCL ) is scheduled to report quarterly results after the closing bell. The enterprise software giant is projected to earn $1.20 per share, with revenue of $12.4B. Both figures would represent growth compared to the previous year, when the company earned $1.13 per share on revenue of $10.5B.

Looking at the overall market, Seeking Alpha contributor Garrett Duyck argued that the "lagged effects of tighter monetary policy will continue to impact the economy well into 2024," meaning that "investors that don't want to fight the Fed should be positioned conservatively ."

For further details see: