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Micron said high customer inventories have been showing signs of improvement.
Courtesy of Micron
Stock futures traded higher Wednesday, a day after Wall Street was led lower by technology stocks which tumbled as bond yields rose.
These stocks were poised to make moves Wednesday:
Micron Technology
(MU) reported a fiscal second-quarter loss that was much wider than expected, said sales dropped 53%, and announced it would be reducing staff by about 15%, up from a previous plan to cut 10% of the workforce. But the stock was rising 2.4% in premarket trading after the chip maker said high customer inventories, which have been weighing heavily on the company’s results, have been showing signs of improvement. Shares of fellow chip companies
Nvidia
(NVDA) and
Qualcomm
(QCOM) also gained.
Lululemon Athletica
(LULU) jumped 14% after the clothing retailer reported fiscal fourth-quarter earnings and sales that beat analysts’ expectations and issued better-than-expected guidance for the current fiscal year.
Lucid Group
(LCID) rose 1.9% after the electric vehicle startup said it would be cutting staff by 1,300 employees, or about 18% of the workforce, in a bid to save money.
UBS
(UBS) gained 1.8% as it was announced that Sergio Ermotti would return as chief executive following the Swiss banking giant’s agreement to acquire rival
Credit Suisse
(CS). Ermotti had run UBS for nine years until 2020.
Alibaba
(BABA) rose more than 12% in Hong Kong on Wednesday after the Chinese tech giant announced it plans to split itself into six units—including one for cloud computing—each of which will explore fundraising including possible initial public offerings. American depositary receipts of Alibaba were down 1.4% in premarket trading after closing more than 14% higher on Tuesday.
Arcturus Therapeutics
(ARCT) jumped 25.4% in premarket trading after the clinical stage medicines and vaccines company said it completed initial objectives with its partnered Covid-19 and flu vaccine programs with U.K. biotech CSL Seqirus. The company also reported fiscal fourth quarter results, including a revenue jump to $160.3 million from $5.8 million a year earlier.
Cintas
(CTAS), the uniform and business facility products and services company, and payroll services company
Paychex
(PAYX) are scheduled to report quarterly earnings before stocks begin trading Wednesday.
Write to Joe Woelfel at joseph.woelfel@barrons.com
