Stock futures were rising Wednesday following encouraging inflation data that boosted hopes the Federal Reserve will cut interest rates in September.
These stocks were poised to make moves Wednesday:
CoreWeave, the artificial-intelligence cloud vendor, reported a wider-than-expected second-quarter loss but revenue of $1.21 billion that rose from $395.4 million a year earlier and beat expectations of $1.08 billion. "We are scaling rapidly as we look to meet the unprecedented demand for AI," said Chairman and CEO Michael Intrator. The company said it anticipates full-year revenue of between $5.15 billion to $5.35 billion, higher than consensus of $5.05 billion consensus. Shares, however, fell 10%.
CAVA Group Inc. was falling 24% after reporting second-quarter same-restaurant sales growth of 2.1%, well below analysts' estimates for growth of 6.1%, and cutting its full-year growth forecast on the sales metric to 4% to 6% from previous guidance of 6% to 8%. CEO Brett Schulman told Dow Jones Newswires that consumers were "dealing with a lot of headwinds, a lot of fog and uncertainty."
Intapp, Inc. soared 28% after the AI cloud company reported fiscal fourth-quarter earnings that topped analysts' estimates and announced a buyback of $150 million of stock.
WEBTOON Entertainment Inc. jumped 35% after the online-comic platform reached a deal with Walt Disney to put brands like Marvel and Star Wars on Webtoon's mobile format. Webtoon also reported quarterly earnings that beat expectations on both the top and bottom lines.
Shares of Rigetti Computing fell 2% after the quantum computing company reported a second-quarter loss of $39.7 million, wider than the year-earlier's loss of $12.4 million, while revenue of $1.8 million fell 41% from a year earlier. The latest period included $22.8 million of noncash losses related to the company's warrants.
U.S.-listed shares of Chinese technology stocks like Alibaba up 4%, Baidu up 2.3%, and JD.com up 2%.
Earnings reports are expected Wednesday from Cisco Systems, Venture Global, Coherent, Brinker International, and Madison Square Garden Entertainment.
Cisco edged up 0.6% in premarket trading ahead of fiscal fourth-quarter earnings from the computer networking company. Analysts expect Cisco to report adjusted profit of 98 cents a share on revenue of $14.6 billion. A year earlier, Cisco earned 87 cents a share on revenue of $13.6 billion.