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Networking giant Cisco Systems reported fiscal fourth-quarter earnings and sales that beat analysts’ estimates.
Gabriel Bouys/AFP via Getty Images
Stock futures traded with slight gains Thursday after Wall Street closed lower following the release of the minutes from the Federal Reserve’s meeting in July that indicated officials believe they may have to continue raising interest rates amid a continued “significant” risk from inflation.
These stocks were poised to make moves Thursday:
Cisco Systems
(CSCO) reported fiscal fourth-quarter earnings and sales that beat Wall Street estimates but its forecast for the next fiscal year was mixed. Shares of
Cisco
were rising 3.2% in premarket trading after the networking giant showed signs of improving product orders.
Wolfspeed
(WOLF) was tumbling 13% after the chip company reported a wider-than-expected loss in its fiscal fourth quarter and its expectations for a first-quarter adjusted loss of 60 cents to 75 cents a share were well wider than forecasts.
Ball Corp.
(BALL) rose 5.1% after
BAE Systems
said it was buying Ball’s aerospace business for $5.55 billion. Ball Aerospace is a provider of spacecraft, mission payloads, optical systems, and antenna systems.
Hawaiian Electric Industries
(HE) fell 14% in premarket trading after The Wall Street Journal reported the utility was in talks with restructuring firms to explore options to address its financial and legal challenges arising from the Maui wildfires.
Walmart
(WMT) is forecast by analysts to report second-quarter earnings of $1.71 a share on revenue of $160.2 billion. The report from the world’s largest retailer is expected before the stock market opens. The stock rose 1.2% in premarket trading.
American depositary receipts of
Bilibili
(BILI), the China-based video sharing company, were rising 7.2% after the company reported a narrower-than-expected quarterly loss and growth in average daily active users.
Other companies scheduled to report earnings Thursday include
Applied Materials
(AMAT),
Ross Stores
(ROST),
Keysight Technologies
(KEYS),
Tapestry
(TPR), and
Bill.com
(BILL).
Adobe
(ADBE) rose 2.2% to $525.66 in premarket trading after analysts at BofA Securities raised their recommendation on shares of the software company to Buy from Neutral and lifted the stock price target to $630 from $575.
United States Steel
(X) was up 0.3% after a report said
ArcelorMittal
(MT), one of the largest steel companies in the world, was considering making a bid for U.S. Steel.
Cleveland-Cliffs
(CLF) and privately held steel-service center Esmark are confirmed bidders for U.S. Steel. Both bids are $35 a share. The
Cleveland-Cliffs
bid is cash and stock; the Esmark bid is all-cash.
Write to Joe Woelfel at [email protected]
