Stock futures were lower Tuesday after the
S&P 500
and
Dow Jones Industrial Average
closed at record highs and investors began turning their attention to earnings reports from
Microsoft
and
Alphabet
and the start of the two-day policy meeting of the Federal Reserve.
These stocks were poised to make moves Tuesday:
Microsoft
is expected by analysts to report fiscal second-quarter earnings after the closing bell Tuesday of $2.77 a share, up from $2.32 a year earlier. Revenue is forecast at $61 billion, up 15.7% from a year earlier. The stock has risen 65% over the past 12 months, reflecting
Microsoft’s
aggressive push into generative artificial intelligence software across its product lines. Microsoft rose 0.6%.
Alphabet,
the parent company of Google, and chip maker
Advanced Micro Devices,
also are scheduled to report quarterly earnings after the close of trading.
Alphabet
fell slightly ahead of its report and AMD was down 0.6%.
United Parcel Service
fell 6.7% after fourth-quarter revenue missed estimates and the package delivery company issued a 2024 revenue forecast that also was below expectations.
General Motors
jumped 7.4% after the auto maker reported fourth-quarter earnings and sales that topped analysts’ estimates and said it expects an operating profit in 2024 of $12 billion to $14 billion compared with analysts’ projections of $10.8 billion.
Pfizer
reported fourth-quarter adjusted earnings of 10 cents a share, topped analysts’ expectations, on revenue of $14.2 billion. The drugmaker also reaffirmed its full-year 2024 guidance. The stock was up 1%.
JetBlue Airways
declined 6.4% after the carrier posted a narrower-than-expected loss and beat revenue expectations in the fourth quarter but issued disappointing first-quarter revenue guidance.
Fiscal second-quarter earnings at
Super Micro Computer
beat expectations and the computer and server maker said it expects fiscal third-quarter revenue of $3.7 billion to $4.1 billion and adjusted earnings in the period of $5.20 to $6.01 a share, both well ahead of forecasts. Shares rose 12%.
Broadband-software company
Calix
was falling 22% after swinging to a loss in the fourth quarter and forecasting first-quarter revenue of $225 million to $231 million, down from $250 million a year earlier and below analysts’ estimates of $267.5 million.
Whirlpool,
the appliance maker, reported fourth-quarter adjusted earnings that topped analysts’ estimates but said it anticipates adjusted earnings in 2024 of $13 to $15 a share and sales of $16.9 billion, down 13% from a year earlier. Analysts had been expecting profit of $15.37 a share on sales of $17.9 billion.
Whirlpool
shares declined 6%.
F5 Inc.
‘s fiscal first-quarter adjusted earnings of $3.43 a share topped analysts’ estimates and the cloud company posted revenue of $693 million that also beat forecasts. F5 said it expects sales in the second quarter of $675 million to $695 million compared with analysts’ forecasts of $673 million. The stock was rising 8.7%.
Sanmina,
the manufacturing services provider, said it anticipates fiscal second-quarter adjusted earnings and sales higher than Wall Street expectations and added it expects to see “sequential improvement as we move into the second half of the year.” The stock jumped 16%.
Cleveland-Cliffs
reported a fourth-quarter loss that narrowed from a year earlier but revenue of $5.11 billion that missed estimates. The steelmaker said it expects first-quarter adjusted earnings before interest, taxes, depreciation, and amortization to “meaningfully exceed” adjusted Ebitda in the fourth quarter of $279 million. Shares were down 2.1%.
Write to Joe Woelfel at joseph.woelfel@barrons.com
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