Stock futures traded modestly higher Tuesday as equities remain pressured by rising bond yields.
These stocks were poised to make moves Tuesday:
Meta Platforms
(META) is weighing a proposal that would charge Europeans almost $14 a month for ad-free versions of Instagram or Facebook, The Wall Street Journal reported.
Meta
would charge customers if they don’t agree to let the company use their digital activity to target ads. The moves are part of Meta’s efforts to navigate European Union privacy rules. Meta shares rose 0.4%.
Ford
(F) and
General Motors
(
GM
) have laid off roughly an additional 500 workers combined as the ongoing strike by the United Auto Workers forces the auto makers to idle more factories. Separately, GM said it received a counteroffer from the UAW to the company’s most recent proposal. A GM spokesman told the Detroit Free Press there was a meeting Monday between the GM and UAW. “The union did present a counter to our proposal from Sept. 21. We are assessing, but significant gaps remain.” Ford and GM shares both rose 0.2% in premarket trading.
Oddity Tech
(ODD), the beauty-products company, said it expects its third quarter “to be our strongest third quarter ever.” Oddity forecast year-over-year net revenue growth for the third quarter of between 29% and 31%, higher than its initial guidance of 18% to 23%. It also said it expects gross margin of 68.5%, about 100 basis points higher than its previous guidance. The stock jumped 11%.
WK Kellogg
(KLG) was initiated with a Sell rating and a price target of $11 by analysts at Goldman Sachs, the Fly reported.
WK Kellogg
declined 9.1% to $13.35 on Monday and
Kellanova
(K) fell 6% following the spinout of the two companies from the former Kellogg. WK Kellogg houses the North America cereals business, while
Kellanova
is home to snack brands such as Pringles.
Earnings reports are expected Tuesday from
McCormick
(MKC), the parent of flavor brands such as French’s, Frank’s RedHot and
McCormick
spices, and
Cal-Maine Foods
(CALM), the biggest producer of eggs in the U.S.
Write to Joe Woelfel at [email protected]
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