US stock futures rose on Wednesday, with the Nasdaq posting the biggest gains. SpaceX's post-earnings jump and chip stocks lifted the index, while Netflix, Abbott and Danaher fell on weaker results or outlooks.
Stock futures were higher across the board on Wednesday morning, and the biggest gains came in the Nasdaq. The index is getting a boost from SpaceX's 8% post-earnings pop and gains in chip stocks, according to CNBC's Investing Club.
SpaceX and Super Micro rise on results
Elon Musk's SpaceX turned in a much better-than-expected quarter, and each reporting segment posted positive adjusted EBITDA. Special committees have been formed to explore a merger with Tesla. Musk said he is confident in bringing an incremental 10 GW of compute online in 2027, and named power, cooling and infrastructure, not chips, as the biggest constraint.
Super Micro Computer also reported results. The server maker preannounced net sales of $18.5 billion to $19.5 billion for the September quarter, against estimates of $15 billion, and its stock is soaring 12%. Dell, the Investing Club's preferred name in the group, is up 7%.
Netflix, Abbott and Danaher slide
Netflix shares are tumbling 6% after the streaming company reported disappointing results. Its fourth-quarter revenue outlook came in below expectations because of a delay in rolling out some advertising product features. Needham downgraded the stock to hold from buy.
Abbott Laboratories shares are off 4% after the company lowered its full-year comparable sales growth outlook to 6%, down from 6.5% to 7.5%. It also announced plans to spin off its nutrition business. Danaher, meanwhile, is falling 3.5% after it missed sales estimates but beat on adjusted earnings per share.
Capital One and Micron gain, eBay holds steady
Capital One shares are up nearly 4% after better-than-expected net interest income and credit metrics. Citi raised its price target to $285 from $280 and kept its buy rating. Micron is rallying more than 3% after it reached an agreement with a union at its Taichung operations in Taiwan.
eBay shares are little changed after Reuters reported the marketplace plans to cut 9% of its workforce. The stock is up nearly 40% year to date and closed at a record high last week. The company reports earnings next week.
Source: US Top News and Analysis
Trading involves risk.
Risk Disclaimer
