Stock futures fell on Tuesday as stocks cooled after rising after a weaker-than-expected jobs report raised expectations that the Federal Reserve would cut interest rates this year.
Palantir Technologies reported better-than-expected first-quarter profit with revenue up 21% to $634 million as the data analytics software company continued to capture the attention of commercial customers, especially in the U.S., with its artificial intelligence tools. did. Palantir expects second-quarter sales of $649 million to $653 million, above the analyst consensus of $643 million, and adjusted operating income of $201 million, above Wall Street expectations. He said he expects sales to be between $209 million and $213 million, more than the US dollar. Shares were down 9.6% in pre-market trading. Shares closed 8.1% higher on Monday ahead of the earnings release.
Lucid Group's first-quarter loss narrowed from a year earlier, and the electric vehicle maker's revenue rose 21% to $173 million. Lucid produced 1,728 vehicles in the quarter, an increase of 40% year over year, but said it still expects to produce 9,000 vehicles in 2024. Shares fell 8.2% in pre-market trading. Monday's close was up 9.5%.
Boeing shares fell 0.7% in premarket trading after the first crewed launch of the company's Starliner spacecraft was canceled two hours before it was scheduled to take off. The launch was postponed due to a problem with the oxygen relief valve on the United Launch Alliance Atlas V rocket. Meanwhile, the Federal Aviation Administration on Monday began an investigation into Boeing's inspection documents.
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British oil giant BP reported first-quarter effective replacement cost profit of $2.72 billion, down from $4.96 billion a year earlier and below the company's consensus estimate of $2.87 billion. BP's U.S.-listed shares fell 1.9% as a result.
Hims & Hers Health rose 14% as its first-quarter subscribers rose 41% year-over-year to 1.7 million, as the online wellness platform raised its full-year sales forecast.
Microchip Technology reported first-quarter sales of $1.22 billion to $1.26 billion, below analysts' expectations of $1.34 billion, and adjusted earnings per share of 58 cents, below expectations48 –The stock fell 4.9% after the company said it expected it to fall to 56 cents.
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The former Overstock.com reported a better-than-expected adjusted loss in the first quarter, and its stock price fell 8.6% in premarket trading.
Walt Disney is expected to report earnings on Tuesday.
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Arista Networks
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Rivian Automotive
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ferrari
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western oil
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data dog
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Kenview
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electronic arts
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rockwell automation
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reddit
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and GlobalFoundries
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Before the stock market opened on Tuesday, Disney rose 0.6% ahead of the release of its second-quarter results. Analysts expect the entertainment giant to report earnings of $1.10 per share, down from the first quarter but better than 93 cents a year earlier. Streaming numbers will be interesting for investors. Analysts expect core subscriber numbers for the Disney+ streaming service to increase to 117 million in the second quarter from 111.3 million in the first quarter.
Email Joe Weelfel at joseph.woelfel@barrons.com.
