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Roku shares were on the rise early Wednesday.
Seanlockephotography/Dreamstime
U.S. stock futures were on the decline and Wall Street headed for a second day of losses as a recent rise in oil prices renewed fears about inflation and the outlook for interest rates.
These stocks were poised for changes on Wednesday:
Shares of Roku (ticker: ROKU) rose 12% after the tech company announced it would lay off 10% of its workforce.
Shares of GitLab (GTLB) rose 6.3% in premarket trading after the code hosting platform provider beat earnings expectations as second-quarter revenue rose 38%. The company reported adjusted earnings of 1 cent per share, beating analysts’ expectations for a loss of 3 cents per share.
Asana (ASAN) shares fell 6.2% in early trading, even as the business software provider’s second-quarter results beat analysts’ estimates. Asana reported an adjusted loss of 4 cents per share, while analysts had expected a loss of 11 cents per share.
Southwest Airlines (LUV) fell 4.7% after the airline was downgraded to neutral from Outperform by Exane BNP Paribas. American Airlines (AAL) fell 0.9% even as the stock was upgraded to Outperform from Neutral.
Block (SQ) fell 2.5% in premarket trading after the payments company was downgraded to “neutral” from “buy” by UBS.
First Solar (FSLR), the country’s largest solar maker, rose 2% in premarket trading. Morgan Stanley upgraded the stock to Equal Weight from Underweight.
Zscaler (ZS) shares fell 1.1% in early trading despite beating earnings expectations and delivering an optimistic outlook. The cybersecurity company’s chief financial officer, Remo Canessa, warned that the economic environment remains uncertain and that closing deals within 90 days “continues to be a challenge.”
Manchester United (MANU) shares rose 0.9% in premarket trading after plunging more than 18% on Tuesday. It was the stock’s biggest one-day sell-off ever and followed news that the English football club would no longer be sold.
Earnings reports are expected after the market close on Wednesday from GameStop (GME), UiPath (PATH), C3.ai (AI), American Eagle Outfitters (AEO) and ChargePoint Holdings (CHPT).
Write to Callum Keown at [email protected], Callum Keown at [email protected] and Emily Dattilo at [email protected]