Stock futures traded lower Monday amid fears the Federal Reserve will keep hiking interest rates to cool inflation, and as investors awaited earnings reports from many of the largest tech companies.
These stocks were poised to make moves Monday:
Bed Bath & Beyond
(BBBY) has filed for chapter 11 bankruptcy protection in New Jersey district court after a series of financial maneuvers designed to turn the retailer’s business around came up short. Bed Bath stock was falling 38% in premarket trading to 18 cents.
Coca-Cola
(KO) is forecast by analysts to report first-quarter earnings Monday of 65 cents a share on sales of $10.8 billion. The beverage giant’s report is expected before Wall Street opens for trading. The stock dipped in premarket trading.
First Republic
(FRC) will be reporting quarterly earnings after the stock market closes. Investors will be watching how far First Republic’s deposit base has fallen, and whether the regional bank still is even profitable. The bank’s fortunes changed in March following the collapse of Silicon Valley Bank, which sparked a rout in regional bank stocks and prompted bank customers to pull deposits. The stock was down 0.3%.
Reports are expected later in the week from Alphabet (GOOGL), General Motors (GM), Microsoft (MSFT), United Parcel Service (UPS), Verizon (VZ), Visa (V), Meta Platforms (META), Boeing (BA), Amazon.com (AMZN), Caterpillar (CAT), Intel (INTC), Chevron, and Exxon Mobil (XOM).
Credit Suisse (CS) gained 2% in premarket trading after the Swiss bank, which is being acquired by UBS, reported a profitable first quarter after writing off $17 billion of bonds related to the takeover. Credit Suisse said customers withdrew around $75 billion in deposits during the first quarter.
U.S.-listed shares of Dutch health-technology company
Philips
(PHG) rose 11.5% on strong first-quarter earnings.
Comcast
(CMCSA) announced that NBCUniversal CEO Jeff Shell was leaving the company after an investigation led by outside counsel into accusations of inappropriate conduct. Comcast shares fell slightly in premarket trading.
Write to Joe Woelfel at joseph.woelfel@barrons.com
Read the full article here
