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U.S. stock index futures on Wednesday pointed to a higher open, suggesting a rebound in equities following a lower finish in the previous session. Here are some stocks to watch on Wednesday:
- Carnival (CCL) stock advanced more than 1% ahead of the opening bell, after the world's largest cruse line operator delivered a FQ1 2024 top and bottom line beat. Carnival (CCL) lost 14 cents per share on an adjusted basis on revenue of $5.41B. Analysts had expected the company to lose 18 cents per share on sales of $5.40B. Carnival (CCL) said its quarterly revenue, net yields and bookings all hit records. The company's top boss, Josh Weinstein, noted that CCL compledted "a monumental wave season that achieved all-time high booking volumes at considerably higher prices."
- Class A shares of GoPro (GPRO) gained nearly 3% in pre-market trading, after the camera maker said it planned to reduce its global workforce by about 4%. Through the announced job cuts, GoPro said it hopes to "reduce operating costs and drive stronger operating leverage." The company estimates the restructuring to result in aggregate costs of about $7.5M. GoPro (GPRO) has been struggling with slumping demand for its cameras, with its last quarterly results and guidance coming in well below Wall Street's expectations.
- Moderna (MRNA) stock climbed more than 2% ahead of market open. The pharmaceutical firm said it had advanced multiple vaccine candidates to late-stage clinical trials and had obtained funding from a Blackstone (BX) unit. The company shared positive clinical trial data from three new vaccine candidates targeting the Epstein-Barr virus, the Varicella-Zoster virus and the norovirus, and continued to advance the programs towards phase 3 development. It also announced a development and commercialization funding agreement with Blackstone Life Sciences for up to $750M to advance its flu program.
- Shares of Spotify (SPOT) added almost 2% in pre-market trading, after HSBC initiated the stock with a Buy rating. The brokerage noted that the world's largest music streaming firm screened well against peers given its strong growth outlook. HSBC believes that the company is well positioned to capture opportunities beyond music, and thinks that the cross-sell from music to podcasts/audiobooks looks like a strategy built on firm ground. The brokerage also thinks Spotify (SPOT) is on the verge of profitability and sees "significant potential for margins to move upwards as mix shifts away from music."