Wall Street is looking to stabilize on Tuesday following four consecutive days of losses that had the S&P 500 challenging the 3,600 mark again. The futures pointed to a flat open as investors look for direction ahead of the upcoming flood of earnings reports. Looking at individual names, here are a few stocks to watch for Tuesday:
- American Airlines ( AAL ) gained ground in premarket trading, rising nearly 5% after the firm raised its guidance ahead of its earnings report, which is slated for release next week. The airline said it expects its Q3 revenue to be up about 13% compared to the pre-pandemic figure seen in 2019. Previously, the firm had targeted an increase of 10% to 12%.
- Citi issued a cautious note about semiconductor names Nvidia ( NVDA ) and Marvell Technology ( MRVL ). Analyst Atif Malik reduced his 2023 EPS estimates for the stocks as the slowing global economy is likely to cut into data center sales.
- In a contrary opinion, Marvell ( MRVL ) received a separate bullish call from Wells Fargo. Analyst Gary Mobley upgraded MRVL to Overweight from Equal-Weight , arguing that a "healthy amount of pessimism" has now been priced into the stock.
- Elsewhere, KLA Corp. ( KLAC ) said it will cease sales to China-based customers. The move comes in response to new export rules from the U.S. government, which are aimed at stopping advanced chips from being used in Chinese military operations. In response to the news, KLAC slipped about 2% before the opening bell.
- AZZ Inc. ( NYSE: AZZ ) dropped about 7% in premarket action following the release of disappointing quarterly results . The firm's Q2 adjusted profit figure came in below the amount that analysts were predicting. On a net basis, the company recorded a loss of nearly $59M, due to a loss related to a divestiture.
Looking overseas, investors will keep an eye on U.K. trading on Tuesday as the Bank of England steps up its intervention in the fixed-income market .
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5 stocks to watch for Tuesday: American Airlines, Nvidia, Marvell and more