2023-06-13 08:29:33 ET
Adding to gains posted the previous session, the futures pointed to a mild advance at the start of Tuesday's trading. The Federal Reserve remains a key topic of conversation, with Wall Street generally looking for the U.S. central bank to hold interest rates steady when it announces its policy decision later this week. Here are some stocks to watch on Tuesday:
- Oracle ( NYSE: ORCL ) rose in premarket trading, bolstered by the release of its quarterly results . The enterprise software maker beat expectations on both the top and bottom lines. Revenue rose 17% to $13.8B, led by a 23% advance in cloud services and license support revenue.
- Home Depot ( HD ) reaffirmed its guidance for fiscal 2023. The home improvement retailer predicted that sales and comparable sales would fall between 2% and 5%. The firm also projected a drop in diluted EPS, targeting a 7%-13% retreat in the key bottom-line figure.
- Accenture ( ACN ) revealed that it plans to invest $3B in artificial intelligence over three years. "There is unprecedented interest in all areas of AI, and the substantial investment we are making in our Data & AI practice will help our clients move from interest to action to value, and in a responsible way with clear business cases," the company's CEO said.
- The release of a disappointing forecast sent Methode Electronics ( MEI ) sharply lower in premarket trading. Shares dropped more than 10% after the company slashed its 2023 GAAP EPS forecast to $2.10-$2.14, compared to its previous target range of $2.50 to $2.60. In making its projection, MEI pointed to "acquisition costs, higher-than-expected professional fees, various discrete tax expense items, a mix of lower margin sales, currency hedging inefficiencies, and other higher costs."
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4 stocks to watch on Tuesday: Oracle, Home Depot and more