Cisco Systems and Ball rise premarket; CVS, Wolfspeed and Tapestry lower
Investing.com -- U.S. futures traded higher Thursday, rebounding after two consecutive days of losses amid more earnings from the retail sector and weekly jobless claims data.
Here are some of the biggest premarket U.S. stock movers today:
- Walmart (NYSE: WMT) stock fluctuated after raising its full-year forecast as sharp online growth fueled strong quarterly sales. However, the world's largest retailer also sounded a cautious note, warning consumers could still see a hit to their spending power in the coming year to 18 months.
Cisco Systems (NASDAQ: CSCO) stock rose 2.2% after the networking equipment maker’s chief executive, Chuck Robbins, talked up market share wins and artificial intelligence opportunities.
Wolfspeed (NYSE: WOLF) stock slumped 17% after the EV chipmaker said its next loss would be more than previously expected, issuing disappointing future guidance.
Ball (NYSE: BALL) stock rose 3.1% after BAE Systems (LON: BAES) agreed to buy the packaging and aerospace manufacturing company's aerospace assets for about $5.55 billion.
Stellantis (NYSE: STLA) stock rose 0.6% after the automaker said it would invest more than $100 million in California's Controlled Thermal Resources, its latest bet on the direct lithium extraction sector.
Hawaiian Electric (NYSE: HE) stock fell 32% with the ongoing wildfires on Maui island likely to be expensive in terms of replacing infrastructure.
- America Movil (NYSE: AMX) stock rose 0.9% after Citigroup upgraded its stance on the Mexico-based telecommunications company to 'buy' from 'neutral', citing its valuation after a recent pullback.
- Tapestry (NYSE: TPR) stock fell 1.8% after the Coach parent forecast fiscal 2024 profit below estimates and reported lower-than-expected quarterly sales on Thursday, as demand for its luxury handbags and accessories slows down.
- CVS (NYSE: CVS) stock was down 7.7% following reports that Blue Shield of California announced it will no longer be using CVS Health's Caremark, its current pharmacy-benefit manager.