SBUX - 6 stocks to watch on Wednesday: AMD Starbucks CVS and more

2023-05-03 09:04:04 ET

The futures pointed to an uneasy tick higher in the early stages of Wednesday's trading, as Wall Street looked to stabilize after the previous day's slide. Investors waited for the Federal Reserve's next interest rate decision, due out during the afternoon. Here are some stocks to watch on Wednesday:

• AMD ( NASDAQ: AMD ) dropped nearly 8% in premarket trading as the computer chip maker included cautious guidance in its quarterly update. The company beat projections with its Q1 earnings and revenue. However, AMD issued a Q2 forecast that called for a total of $5.3B, plus or minus $300M. Analysts were looking for a figure of around $5.5B.
• The lack of a standout forecast put pressure on Starbucks ( SBUX ). The coffeehouse chain exceeded estimates with its Q2 results , including revenue that rose 15% from last year to reach $8.7B. However, on the post-earnings conference call, company executives only reaffirmed their prior outlook and warned of "some uncertainty" in the economic environment. SBUX retreated 5% in premarket action.
• Ford ( F ) reported adjusted Q1 EPS of $0.63, surpassing expectations by $0.19. The firm's revenue figure climbed 19% from last year to reach $41.5B. The automaker also reaffirmed its full-year guidance, targeting adjusted EBIT of $9B-$11B.
• Kraft Heinz ( KHC ) edged higher in premarket trading, climbing about 2% after topping expectations with its bottom-line result. Revenue rose 7% as the packaged food maker benefited from price increases. Looking ahead, the company raised its full-year forecast, predicting adjusted EPS of $2.83-$2.91, compared to its prior target of $2.67-$2.73.
• CVS Health ( CVS ) slipped before the opening bell, dropping about 3% following its quarterly update . The company beat expectations with its Q1 results, benefiting from 11% revenue growth. However, the firm lowered its adjusted EPS guidance to $8.50-$8.70, compared to a prior target of $8.70-$8.90.
• Qualcomm ( QCOM ) is scheduled to report its quarterly results after the closing bell. The company is projected to report non-GAAP EPS of $2.16, with revenue expected to come in at around $9.1B.

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