Stock futures dipped Wednesday following a session that saw the
snap four-session winning streaks amid signs of a slowing economy.
These stocks were poised to make moves Wednesday:
Johnson & Johnson
(JNJ) rose 3% in premarket trading after the healthcare giant said it proposed to pay at least $8.9 billion to settle claims that its talcum powder causes cancer. J&J also said that its subsidiary, LTL Management, which was set up to handle the litigation, would refile for bankruptcy protection and be funded with $8.9 billion over 25 years to cover talc liabilities. J&J hasn’t admitted to any wrongdoing.
(AI) was falling 4% after closing down more than 26% on Tuesday after short-seller Kerrisdale Capital published a letter to the artificial intelligence software company’s auditors alleging a series of accounting irregularities, including that it has been overstating revenue and margins. C3.ai denied any wrongdoing and said that Kerrisdale was misconstruing its financial filings.
(WMT) fell 0.7% in premarket trading after the retailer reaffirmed guidance for its fiscal first quarter and year. The guidance update was issued as part of the company’s two-day meeting with investors.
Hedge fund Farallon Capital Management is planning to wage a proxy battle at
(EXEL), The Wall Street Journal reported, citing people familiar with the matter. Farallon has nominated three director candidates that it identified in a securities filing in late March, the Journal said. Farallon has a roughly 7.2% stake in Exelixis, a biotech company.
Simply Good Foods
(SCHN) are expected to report earnings before the stock market opens Wednesday.
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