Stock index futures were higher on Tuesday as Wall Street looked to regain some ground after Monday’s brutal AI-driven selloff.
Here are the four stocks to watch on the day:
Home Depot (HD) rose 2.63% in premarket trade after the company reported fourth-quarter results. Revenue decreased 3.8% year-over-year to $38.2 billion, though an additional week in Q4 FY2024 contributed approximately $2.5 billion in sales, impacting the comparison. Comparable sales increased 0.4% for the quarter ended February 1, beating the consensus expectation for a 0.4% decrease.
Advanced Micro Devices (AMD) jumped 9.22% before the opening bell on news of an expanded strategic partnership with Meta Platforms (META). The companies announced a multi-year, multi-generation agreement to deploy up to 6 gigawatts of AMD Instinct chips to power Meta’s next generation of AI infrastructure. The collaboration aligns roadmaps across silicon, systems, and software to deliver AI platforms purpose-built for Meta’s workloads.
Eli Lilly (LLY) fell 2.04% in premarket trade following a pricing announcement from rival Novo Nordisk (NVO). Novo Nordisk said it plans to cut the list prices of its GLP-1 medications Wegovy, Ozempic, and Rybelsus in the U.S. by 35% to 50% from current levels, effective January 1, 2027.
United Parcel Service (UPS) was flat in early action after a federal judge rejected a bid by the International Brotherhood of Teamsters union to block the company’s workforce-cutting program. UPS plans to proceed with offering $150,000 buyout packages to some of its drivers. The judge deemed the union’s claims of harm unfounded, noting that involuntary layoffs could be the logical alternative to the voluntary program.