Tesla, Intuitive Surgical, CSX, American Express, and More Stock Market Movers
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Stock futures were pointing to slightly higher start for Wall Street on Friday.
Dreamstime
Stock futures edged higher Friday, with the
Dow Jones Industrial Average
coming off its ninth-straight day of gains—its longest winning streak since 2017—and the
Nasdaq Composite
slumping more than 2% after a post-earnings selloff of
Tesla
shares.
These stocks were poised to make moves Friday:
Tesla
(TSLA) was rising 1.9% in premarket trading after slumping 9.7% on Thursday following the electric-vehicle maker’s second-quarter earnings report that revealed a continued decline in profit margins on steep price cuts.
Intuitive Surgical
(ISRG) fell 4.6% in premarket trading after the maker of robotic surgical systems posted second-quarter adjusted earnings that missed analysts’ estimates.
Railroad operator
CSX
(
CSX
) reported second-quarter revenue of $3.69 billion, down 3% from a year earlier and below Wall Street forecasts. The company cited lower fuel and coal prices among the reasons for the shortfall. The stock fell 4.9%.
Knight-Swift Transportation
(KNX), the largest North American truckload carrier, reported a 21% decline in second-quarter revenue on weaker demand for its truckload businesses. Knight-Swift shares declined 1.1% in premarket trading.
Carvana
(CVNA) was falling 0.9% in premarket trading. Late Thursday, the stock was downgraded to Neutral from Overweight by analysts at Piper Sandler. That followed a downgrade to Underperform from Sector Perform by RBC Capital Markets. Shares of the used-car retailer slumped 16% on Thursday.
PPG Industries
(PPG), the paint and coatings maker, raised its full-year guidance but warned of “continued tepid global industrial production,” and some “incremental slowing in U.S. architectural residential repaint due to significantly lower existing home sales.”
Earnings reports are expected Friday from credit-card giant
American Express
(AXP),
SLB
(
SLB
), the oil-field services company formerly known as Schlumberger, regional banks
Regions Financial
(RF) and Comerica (CMA), and used-car retailer
AutoNation
(AN).
Write to Joe Woelfel at joseph.woelfel@barrons.com
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