2023-04-19 08:47:17 ET
Following flat trading the previous day, the futures are pointing to a decline at the start of Wednesday's trading. Earnings news continues to be the major catalyst. Here are some stocks to watch on Wednesday:
- Netflix ( NASDAQ: NFLX ) edged down in premarket trading following the release of its quarterly results . The video streaming service beat expectations on both profits and subscriber additions. However, the company's revenue failed to top projections, rising 4% from last year to reach $8.16B.
- The release of quarterly results prompted premarket buying in United Airlines ( UAL ), with the stock climbing about 1%. The company reported a Q1 loss that came in narrower than expected. Looking ahead, the company reiterated its full-year profit forecast of $10 to $12 per share, with $3.50-$4.00 per share predicted for Q2.
- Baker Hughes ( BKR ) rose 2% in premarket action after its earnings and revenue figures surpassed expectations . The results included a top-line total that rose 18% from last year to reach $5.7B, exceeding analysts' consensus by $180M.
- Morgan Stanley ( MS ) reported a quarterly profit of $1.70 per share, falling from last year but topping expectations , which called for a bottom-line figure of $1.65 per share. The Wall Street bank benefited from a rise in trading revenue, offsetting a slide in asset management revenue.
- Tesla ( TSLA ) is slated to report its quarterly results after the closing bell. Analysts project earnings for Elon Musk's EV maker of $0.85 per share on revenue of $23.4B. Investors will also look closely at the firm's automotive margins, with the firm engaging in a series of U.S. price cuts .
Looking at the broader market as earnings season begins to heat up, Seeking Alpha contributor Lawrence Fuller argues that "April looks like a great month for stocks" with quarterly results " arriving better than expected so far ."
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5 stocks to watch on Wednesday: Netflix, United Airlines and more