Wall Street Whispers
Stock futures declined on Tuesday, and Treasury yields moved higher as belief grows on Wall Street that the Federal Reserve will likely keep interest rates higher for an extended period.
Ford announced a pause on its $3.5 billion electric-vehicle battery plant. The company stated that it has not made a final decision regarding the planned investment, citing various considerations, including competitive operation.
Ford originally announced plans for this plant in February, with an opening date set for 2026. As a result of this news, Ford shares fell by 0.5% in premarket trading.
Fisker, the electric-vehicle maker, reported a 6% increase in premarket trading. The company shared that it has successfully built 5,000 Fisker Ocean SUVs and anticipates ramping up deliveries to 300 per day later this year.
Thor Industries, a recreational-vehicle maker, expects fiscal 2024 earnings to be in the range of $6.25 to $7.25 per share, with sales projected to reach $10.5 billion to $11 billion.
Analysts had previously forecasted earnings at $7.12 per share on sales of approximately $10.9 billion. Thor Industries noted that "current mixed macroeconomic data and cautious dealer sentiment" continue to pose challenges in the retail environment. Consequently, the stock was down by 4.6%.
Costco Wholesale is set to report its fiscal fourth-quarter earnings after the closing bell today. Analysts' expectations include adjusted earnings of $4.79 per share on sales of $77.7 billion.
Costco shares experienced a dip in premarket trading.
DraftKings received an upgrade from Neutral to Overweight by J.P. Morgan. Additionally, the firm raised its price target for shares of the sports-betting company to $37 from $26. Consequently, the stock rose by 3.6% to $28.35.
Coty, a cosmetics company, launched a global offering of 33 million shares. This offering is being made in both the U.S. and Paris.
Notably, Coty had previously announced in May that it was considering a second stock listing in Paris to bolster its European presence. In response to this news, Coty shares declined by 4.1% in premarket trading.