Economic data remained in focus on Wednesday. A day after a better-than-expected consumer inflation report led to mixed results on Wall Street, retail sales will be a key driver. Here are some stocks to watch on Wednesday:
- The CEO of Telsa ( TSLA ) will continue to hold his second executive job at Twitter at least until the end of 2023. Elon Musk announced that he is staying on at the helm of the social media giant he bought last year. I think I have to stabilize the organization, he said. Separately, the Biden administration announced that TSLA will make thousands of its superchargers available to all electric vehicles.
- Airbnb (NASDAQ: ABNB) rebounded in premarket trading, climbing nearly 10% after posting better-than-expected earnings. The vacation home market saw revenue grow 24% to $1.9 billion. Looking ahead, ABNB forecast revenue of $1.75 billion to $1.82 billion in the first quarter, compared to the consensus estimate of $1.69 billion.
- Krispy Kreme ( DNUT ) easily beat expectations for fourth-quarter earnings, with revenue up 9% to $405 million. “Looking to 2023, we are well-positioned to deliver another year of incredible growth with a great start led by top-notch celebratory offers,” said the company’s CEO.
- Biogen ( BIIB ) advanced nearly 2% in premarket trading after posting better-than-expected fourth-quarter earnings. Revenue fell 7% to $2.54 billion, but the overall total still beat expectations by $100 million. For 2023, the company predicted a mid-single-digit decline in revenue.
- Kraft Heinz (KHC) reported fourth-quarter earnings per share of $0.85, topping expectations by $0.07. The processed food maker added that its revenue rose 10% to $738 million, $151 million more than consensus. A 15% price increase offset a nearly 5% drop in volume.
- Cisco ( CSCO ) is expected to report quarterly results after the closing bell. The network equipment maker is forecast to post earnings of $0.86 per share on revenue of $13.4 billion. Last year, the company posted a bottom line of $0.84 per share, on sales of $12.7 billion.
- Shopify ( SHOP ) is also scheduled to release its financial numbers in the post-IPO period. The e-commerce platform provider is forecast to lose $0.02 per share. Meanwhile, revenue is expected to rise to $1.65 billion.
For more on recent inflation statistics, see why Mott Capital Management’s Seeking Alpha contributor calls the CPI numbers “a big blow to the bull narrative.”