Stock futures were lower Tuesday following a pullback in the previous session that saw bond yields rise after comments from Federal Reserve Chairman Jerome Powell all but dashed .hopes for an interest-rate cut in March.
These stocks were poised to make moves Tuesday:
Palantir Technologies
was rising 17% after the software company posted better-than-expected revenue growth in the fourth quarter. Strong demand from the company’s commercial customers offset lighter-than-expected government revenue. In an interview with Barron’s, CEO Alex Karp said the commercial business in the quarter was “bombastic, baller, incomprehensibly good.”
Eli Lilly
reported fourth-quarter adjusted earnings of $2.49 a share, beating analysts’ estimates of $2.30. Revenue of $9.35 billion also topped forecasts. The drug company said sales of Zepbound, its new obesity medicine, were $175.8 million. The stock was rising 2.2%.
BP
reported higher-than-expected annual profit and said it would be buying back $1.75 billion of stock in the first quarter, adding that it was committed to a total of $3.5 billion of buybacks in the first half of the year. U.S.-listed shares of the British energy company rose 5.7%.
Coherent
reported adjusted earnings in its fiscal second quarter that beat analysts’ estimates, with the optical materials and semiconductor company saying it saw “signs of improving demand trends” during the period and that it expects “ongoing sequential improvement in revenue growth throughout the remainder of fiscal 2024.” Shares rose 10%.
Spotify Technology
was up 4.3% after the streaming audio service reported a narrower fourth-quarter loss as revenue jumped 16%. Spotify said subscription revenue jumped 17% to €3.17 billion.
Chegg,
the provider of student homework and study tools, was falling 6.5% following disappointing guidance for the first quarter. Chegg said it expects revenue in the period of between $173 million and $175 million, below Wall Street consensus of $180 million. The company forecast adjusted earnings before interest, taxes, depreciation, and amortization of between $43 million and $45 million, below estimates of $54.2 million.
Symbotic
was down 20%. The robotics warehouse automation company reported a first-quarter loss of 2 cents a share, narrower than a year-earlier loss of 12 cents, and revenue of $368.5 million, up from $206.3 million.
Symbotic
said it expects second-quarter revenue of $400 million to $420 million.
FMC
declined 15% after fourth-quarter revenue fell more than expected and the crop-protection company issued a weak outlook for 2024.
FMC
said it expects earnings this year of between $3.23 and $4.41 a share on revenue of $4.5 billion to $4.7 billion. Analysts had expected earnings of $4.33 a share on revenue of $4.66 billion. “During the fourth quarter we observed continued channel destocking in all regions, while drought in Brazil also amplified challenges in Latin America,” said Mark Douglas, FMC president and CEO.
Chip maker
NXP Semiconductors
was rising 2.6% after reporting fourth-quarter adjusted earnings of $3.71 a share and revenue of $3.42 billion, beating analysts’ estimates on both metrics.
Rambus
fell 10% after the chip maker posted fourth-quarter revenue of $122.2 million, down from $122.4 million a year earlier.
Write to Joe Woelfel at [email protected]
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