Stock index futures were largely flat on Wednesday, a day after Wall Street witnessed a sell-off as the AI-tech rally halted as investors grew worried about some heavy valuations of big tech companies. Here are four stocks to watch on the day:
Unity Software (U) surged 18.4% in premarket trade after it beat its third-quarter bottom and top line beat estimates, and its fourth-quarter outlook came above consensus. The firm reported Q3 adjusted EPS of $0.20, beating by $0.03. For Q4, the company sees revenue between $480 million and $490 million, as compared to the consensus of $474.8 million.
Novo Nordisk (NVO) stock fell 2.9% before the opening bell as it trimmed its forecast for a fourth time this year on Wednesday, citing lower-than-expected sales of its blockbuster drugs Wegovy and Ozempic. This year’s sales will rise only as much as 11%, while operating profit expands by 7% at most based on constant exchange rates, the drugmaker said.
Qualcomm’s (QCOM) shares will be keenly watched as the firm will report its fourth-quarter results on Wednesday. Wall Street expects the San Diego-based company to post EPS of $2.87, implying a rise of 6.7%, while revenue is expected to grow 5% to $10.76 billion during the quarter. Investors will focus on its handset chip sales.
McDonald’s (MCD) was up 0.6% in premarket trade as the firm saw increased traffic to its restaurants, giving the stock a modest boost in early Wednesday’s trading. The hamburger chain reported a 3.6% gain in global comparable sales during the quarter, and up 2.4% in the U.S.