UBER - 6 stocks to watch on Wednesday: Uber CVS Chipotle and more
The futures pointed to a lower open on Wednesday, signaling a moderation after a sharp rise the previous day. Comments from Federal Reserve Chair Jerome Powell eased concerns that last week's strong jobs data would prompt a sudden swerve back to an ultra-hawkish stance. Here are some stocks to watch on Wednesday:
- Uber ( NYSE: UBER ) soared in premarket trading, rising almost 7% following the release of its quarterly results . The ride-hailing service reported a GAAP profit for the latest quarter, compared to the loss projected by analysts. Revenue surged 49% to $8.6B. Looking ahead, the firm expects Q1 gross bookings to grow 20% to 24% on a constant currency basis.
- CVS ( CVS ) edged up by 2% in premarket action after the firm topped projections with its Q4 profit, supported by revenue that climbed 9% to $83.9B. The drug store chain also announced that it has reached a deal to acquire Oak Street Health ( OSH ), confirming reports from earlier this week.
- Prudential Financial ( PRU ) reported a Q4 profit that came in below analysts' consensus , hurt by lower asset management fees. The company also pointed to lower variable investment income as a cause of its lackluster results. The insurance firm also authorized a $1B stock repurchase plan.
- The release of quarterly results spurred premarket selling in Chipotle ( CMG ), with the stock falling by 4%. The fast food chain slumped 4% after its Q4 results fell short of expectations. Revenue rose 11% to $2.2B, with comparable restaurant sales climbing 5.6%.
- Enphase ( ENPH ) received premarket buying interest following the announcement of Street-beating results . The firm's profit rose from last year and exceeded expectations. Meanwhile, the company gave a strong forecast for Q1. Shares rose 8% before the opening bell.
- Disney ( DIS ) is set to announce its quarterly result s after the closing bell. This will be the first earnings report since the return of CEO Bob Iger. Investors will be particularly focused on the firm's streaming business. The entertainment giant is expected to earn $0.79 per share on revenue of $23.3B.
Looking beyond Wall Street, U.S. President Joe Biden delivered his State of the Union address on Tuesday night, saying the country needed to build the economy " from the bottom up ."
For further details see:
6 stocks to watch on Wednesday: Uber, CVS, Chipotle and more