The futures were near the flat line in Wednesday's premarket trading, pointing to continued uncertainty on Wall Street. A choppy open would follow a modest decline seen the previous day. Here are some stocks to watch on Wednesday:
- Rivian Automotive ( RIVN ) reported a narrower-than-expected Q4 loss, but shares of the EV maker lost ground in premarket trading following the release of disappointing production guidance . The company projected 2023 production of 50K vehicles, below the more than 60K that analysts were hoping for. Shares dropped 9% on the news.
- Lowe’s ( NYSE: LOW ) reported mixed results for Q4. The home improvement retailer's profit topped expectations, while revenue came up short. The top-line figure rose 5% from last year to reach $22.4B, missing projections by $310M. Looking ahead, LOW predicted 2023 EPS of $13.60-$14.00 on total sales of $88B-$90B.
- NIO ( NIO ) edged lower in premarket action after the EV maker reported a wider-than-expected loss . The firm's revenue jumped 62% from last year to reach $2.3B, but this total came in $230M short of projections. NIO predicted Q1 deliveries of 31K-33K vehicles.
- The release of quarterly results sparked premarket selling in Kohl’s ( KSS ), with shares of the retailer dropping more than 9%. The company announced a net loss for Q4 of $272M, reversing a profit recorded in the same period last year and disappointing analysts, who had expected another profit this year.
- Salesforce ( CRM ) is slated to announce its quarterly results after the closing bell. Analysts project earnings of $1.36 per share on revenue of almost $8B. The results come at a difficult time for the company, with pressure from activist investors and the cutting of 10% of its workforce.
For a look at the health of the overall market, AllianceBernstein takes a historical look at Federal Reserve tightening and concludes that higher interest rates don't need to "break the system" this time around .
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5 stocks to watch on Wednesday: Rivian, Lowe’s and more