The futures saw choppy trading in Friday’s premarket period as investors digested the latest influx of corporate earnings. This followed a notable advance the day before, when Tesla’s results helped boost the major averages. Here are some stocks to watch on Friday:
- Intel (NASDAQ:INTC) suffered a 9% drop in premarket trading following the release of its quarterly results. The semiconductor maker missed expectations with its Q4 results and provided a weak Q1 forecast. The company said it expects to lose $0.15 per share in Q1, with revenue between $10.5B-$11.5B.
- American Express (AXP) rose in premarket action, despite Q4 results that came in below analysts’ projections. The company provided better-than-expected 2023 guidance and raised its dividend. Shares rose nearly 5% on the news.
- Visa (V) reported a Q1 profit that topped analysts’ expectations, helped by a continued recovery in cross-border travel following the pandemic. The credit card giant said net revenues rose 12% from last year, while payment volume climbed 7%.
- Chevron (CVX) issued a mixed quarterly update, with earnings coming in below expectations. However, revenue rose 17% to $56.5B, beating analysts’ consensus. On Thursday, CVX climbed almost 5% after it raised its dividend and announced a $75B stock repurchase plan.
- Colgate-Palmolive (CL) reported quarterly revenue that topped expectations, as price increases helped drive a nearly 9% rise in organic sales. Organic volume retreated 4% but the revenue figure was supported by a nearly 13% average price hike.
Looking elsewhere in the market, Mizuho has issued its top stock picks for 2023. Names like Kraft Heinz, ExxonMobil and Meta Platforms are among those on the list.
