Stock futures were mostly lower Wednesday as investors focused on another round of earnings reports, while gold and silver regained some losses from the previous session's dramatic selloff.
These stocks could make moves Wednesday:
Netflix dropped 6.3% in premarket trading after the streaming giant reported third-quarter earnings that missed Wall Street estimates. Netflix posted adjusted earnings of $5.87 a share, below expectations of $6.96, blaming an unexpected tax dispute in Brazil. Revenue of $11.5 billion matched expectations. Netflix said it had its best-ever quarter for ad sales and was on track to more than double revenue from that business in 2025.
Texas Instruments declined 8% after the semiconductor company issued a disappointing earnings forecast for the fourth quarter. Texas Instruments said it expects profit in the period of between $1.13 and $1.39 a share, which at the midpoint was below Wall Street consensus of $1.41. For the third quarter, Texas Instruments' adjusted earnings of $1.48 a share missed consensus by 1 cent. Revenue of $4.74 billion topped expectations of $4.65 billion.
Heading into its third-quarter earnings report, Tesla shares edged up 0.2% in premarket trading. Wall Street analysts expect the electric-vehicle maker to report adjusted earnings of 56 cents a share on sales of $27.3 billion. Tesla has gained 9.6% this year coming into Wednesday, trailing the benchmark S&P 500 index.
Intuitive Surgical soared 16% after the maker of robotic surgery systems posted third-quarter earnings that topped analysts' estimates. The company also said it expects growth of its da Vinci robotic surgical system of between 17% and 17.5% this year, higher than its prior forecast for growth between 15.5% and 17%.
Mattel dropped 5.6% after the toymaker's third-quarter earnings and revenue fell short of expectations. North America sales declined 12% from last year, weighing on total sales, which fell 6%. CEO Ynon Kreiz said Mattel's U.S. business "was challenged in the third quarter by industry-wide shifts in retailer ordering patterns."
Newmont Mining fell 3% after the gold miner tumbled 9% on Tuesday, the largest daily percentage decrease in about a year, as gold prices sank. Front-month Comex gold for October delivery declined 5.7% to $4,087.70 on Tuesday, the precious metal's steepest one-day percentage decline since June 2013, according to Dow Jones Market Data. Gold futures were trading around $4,100 early Wednesday.
Shares of General Motors edged up another 0.4% after rising 15% on Tuesday to close at record high of $66.62, bringing gains this year to 25%. The move came after the auto maker posted third-quarter earnings that beat analysts' predictions. GM's earnings also lifted rival Ford Motor, which finished up 4.8% on Tuesday.
DraftKings Inc. rose 6% after the sports-betting site acquired prediction markets company Railbird Technologies and said it plans a mobile app that will allow users to trade contracts on the outcomes of events in finance, culture and entertainment.
Six Flags Entertainment rose 3.2% in premarket trading, building on a 18% gain after activist investor Jana Partners said it would join with NFL football player Travis Kelce to push for changes at the theme-park company. Hedge fund Jana Partners, Kelce, and other investors have a combined stake of about 9%, or $200 million, in Six Flags.
AT&T Inc was up 0.2% in premarket trading ahead of its third-quarter earnings report expected early Wednesday. Wall Street expects the telecommunications giant to report earnings in the period of 54 cents a share, down from 60 cents a year earlier. Revenue is forecast at $30.9 billion. Coming into the report, shares of AT&T have risen 14% so far this year.
GE Vernova Inc., the power-generation equipment company, is expected by analysts to report third-quarter earnings before interest, taxes, depreciation, and amortization of $787 million, per-share adjusted earnings of $1.72 and revenue of $9.1 billion. GE Vernova announced late Tuesday it was acquiring the 50% of the GE Prolec electrical transformer business that it doesn't already own from Mexico's Xignux. The stock was up 3% in premarket trading.