Stock futures are trading higher on Wednesday following significant losses in the previous session. The decline was driven by investor concern over the Federal Reserve's decision to keep interest rates higher for a longer period and a decrease in consumer confidence. Despite this, several companies are poised to make moves throughout the day.
Costco Wholesale Reports Strong Financial Performance
Costco Wholesale (COST) has reported fiscal fourth-quarter earnings and sales that exceeded analysts' expectations. However, the stock has declined by 2.1% in premarket trading due to the retailer's failure to provide an update on a potential increase in membership fees. Wall Street analysts believe this increase is long overdue.
Positive Outlook for MillerKnoll
Furniture company MillerKnoll (MLKN) has raised its fiscal 2024 outlook and expects adjusted earnings of $1.85 to $2.15 per share, surpassing its previous profit guidance of $1.70 to $2 per share. Additionally, MillerKnoll has posted first-quarter earnings and sales that have beaten analysts' expectations, resulting in a 16% surge in its stock price.
Amazon.com Recovers Slightly
After experiencing a significant slump of 4% on Wednesday, Amazon.com (AMZN) is rising by 0.3% in premarket trading. This recovery follows the announcement by the Federal Trade Commission that it is suing Amazon, alleging that the e-commerce giant strategically stifles competition within its dominant online marketplace.
AAR Corp. Expects Profit in Second Quarter
AAR Corp. (AIR), a provider of aviation services to commercial and government operators, anticipates swinging to a profit in the current fiscal second quarter. The company's Chief Executive, John Holmes, revealed in an interview with The Wall Street Journal that this growth is driven by expanding operating margins. AAR Corp. has already surpassed analysts' estimates with its first-quarter adjusted earnings of 78 cents per share, accompanied by a 23% increase in sales.
Peloton Interactive Announces New Chief Product Officer
Peloton Interactive (PTON) is experiencing a 1% rise after naming Nick Caldwell as its next chief product officer. Caldwell, with over two decades of experience primarily in the technology sector, will succeed Peloton's co-founder, Tom Cortese.
Upcoming Earnings Reports
Today, earnings reports are expected from Micron Technology (MU), Paychex (PAYX), and Jefferies Financial Group (JEF). Investors will be eagerly awaiting these quarterly updates.
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