5 stocks to watch on Wednesday: NVO, UBER, DIS, SHOP, MCD

Stock index futures were higher on Wednesday, a day after Wall Street closed in the red, driven by disappointing economic data. Here are five stocks to watch on Wednesday:

Novo Nordisk (NVO) shares were down 2.6% in premarket trade after the company said it will cut costs as it faces increasing competition from Eli Lilly and generic versions of its obesity drug Wegovy. Slower growth is expected for its treatments in the second half of the year. The Danish drugmaker (NVO) expects sales growth to be 8-14%, and operating profit growth is now likely to be 10-16% at constant exchange rates.

Uber Technologies (UBER) rose 1.3% before the opening bell, helped by solid second-quarter results, as the firm beat its top line and saw a 34% improvement in profitability. The company also announced an additional $20B stock buyback program.

Walt Disney (DIS) fell 1.2% in premarket trade after the firm reported mixed third-quarter results. The company missed its top line but beat its bottom line estimates. DIS also upped its full-year outlook, as it benefited from a growth in its streaming television profit, and theme park visitors spent more. Separately, Walt Disney’s ESPN reached a non-binding deal with the National Football League to acquire key NFL media assets—in exchange for the league receiving a 10% equity stake in ESPN.

Shopify (SHOP) rose 14.2% to a new 52-week high before the opening bell after its revenue jumped 30.7% in Q2 to $2.68 billion to beat the consensus estimate of analysts by $130 million. Both GMV and revenue growth accelerated in North America, Europe, and Asia Pacific, quarter over quarter.

McDonald’s (MCD) rose 3.9% in premarket action after topping expectations with its Q2 earnings report. Global comparable sales turned positive again after a turn lower in Q1. The +3.8% increase in the quarter was well ahead of the consensus estimate for +2.5%.