Tesla, Target, Western Alliance, Doximity, EVgo, Keysight, and More Market Movers

Text size

Stock futures traded modestly higher Wednesday as Wall Street monitored progress in the negotiations between President Biden and top Republican and Democratic congressional leaders to raise the debt ceiling.

These stocks were poised to make moves Wednesday: 

Tesla

(TSLA) was rising 1.2% in premarket trading after CEO Elon Musk told shareholders at the electric-vehicle maker’s annual meeting the company would try running some advertisements. Musk had said in the past that

Tesla

didn’t need to advertise as demand always exceeded supply. Musk also said he planned to remain as the company’s chief executive, and teased two new Tesla models.

Target

(TGT) reported first-quarter adjusted earnings of $2.05 a share, beating Wall Street estimates of $1.77. Same-store sales in the period also beat estimates, rising 0.7%. Shares were slipping after the retailer warned of slower sales trends for the current quarter.

TJX Cos.

(TJX) posted first-quarter earnings that beat analysts’ estimates but the retailer’s guidance for the fiscal year disappointed investors. The stock was down 0.6%.

Doximity

(DOCS), the online medical platform provider, said it expects fiscal first-quarter revenue of $106.5 million to $107.5 million, below analysts’ forecasts, and the stock was falling 9.7% in premarket trading.

Western Alliance Bancorp.

(WAL) was rising 11% after disclosing that quarter-to-date deposits exceeded $2 billion as of May 12. That’s up from $1.8 billion in deposit growth as of May 9. Deposit levels at regional banks have been under market scrutiny in the past few months following the collapse of Silicon Valley Bank.

EVgo

(EVGO) was falling 7.9% in premarket trading to $5.28 after saying it has begun an underwritten public offering of $125 million of Class A common stock.

Wynn Resorts

(WYNN) was rising 2.7% to $105.85 after shares of the casino company were upgraded to Overweight from Equal Weight at

Barclays
,
and the price target was raised to $135 from $120.

Keysight Technologies

(KEYS), the electronic systems company, was poised to rise after fiscal second-quarter earnings beat Wall Street expectations and the company’s adjusted profit forecast for the current quarter of $2 to $2.06 a share also topped estimates. The stock rose 8.1%.

Kyndryl Holdings

(KD), the IBM spinoff that runs IT data centers and provides other related services for large technology buyers, said it expects fiscal 2024 revenue to fall 6% to 8%, which implies revenue of $16 billion to $16.4 billion, which is below analysts’ expectations. Kyndryl shares were falling 7.9%.