Stock futures were largely unchanged early Wednesday morning ahead of a new wave of corporate earnings reports, with companies like Boeing (BA), AT&T (T), IBM (IBM), and Meta Platforms (META) in focus.
Biggest stock gainers
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Elon Musk’s Tesla ( NASDAQ: TSLA ) shares climbed over 10%
even though the EV giant missed the consensus mark in Q1 results, with revenue and margin falling Y/Y. However, the positive momentum came after the company announced plans to refresh its vehicle lineup and bring new models to market in the early part of 2025 or potentially late in 2024, including more affordable models.*
Texas Instruments ( NASDAQ: TXN ) soared as much as 7% following upbeat Q1 results and guidance.
For Q2, the company expects EPS between $1.05 and $1.25 vs. the consensus of $1.15, with sales between $3.65B and $3.95B, as compared to the consensus of $3.74B.Biggest stock losers
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Shares of Enphase Energy ( NASDAQ: ENPH ) declined about 8% after the company reported lower than expected Q1 results and Q2 outlook.
For Q2, the company forecast revenues of $290M–$330M, below the consensus of $346M and far short of $711M reported a year ago. The company highlighted that the decline in Q1 revenue sequentially was “the result of seasonality and a further softening in U.S. demand, while we continued to reduce shipments to manage channel inventory.”*
