Stock futures took a hit early Wednesday as investors shifted their focus to higher oil prices and increasing bond yields. Additionally, market participants were digesting a series of earnings reports released after Tuesday’s closing bell.
Prominent Movers to Keep an Eye on Today
Here are some notable stocks expected to make moves today:
Despite surpassing earnings expectations and providing a positive outlook, Zscaler stock experienced a 1% decline prior to market open. Remo Canessa, the Chief Financial Officer of the cybersecurity company, cautioned about the uncertain global macro environment and acknowledged the challenges in closing deals within a 90-day period.
Premarket trading saw GitLab shares surge by 5.5% as the code-hosting platform provider exceeded earnings expectations, with second-quarter revenue soaring by 38%. The company reported adjusted earnings of 1 cent per share, surpassing analysts’ predicted loss of 3 cents per share.
Despite beating analysts’ estimates for the second quarter, Asana stock experienced a 3% decline prior to market open. The business software provider reported an adjusted loss of 4 cents per share, while analysts had projected a loss of 11 cents per share.
Manchester United (MANU)
Following an 18% plunge on Tuesday, Manchester United shares ticked up 1.3% in premarket trading. This rebound came in response to news that the English football club will no longer be up for sale. The previous day’s selloff was the largest single-day decline ever recorded for the stock.
Upcoming Earnings Reports
Today, after the stock market closes, investors eagerly anticipate earnings reports from the following companies: GameStop (GME), UiPath (PATH), C3.ai (AI), American Eagle Outfitters (AEO), and ChargePoint Holdings (CHPT).