(Updated with details on Caterpillar, the chip industry, S&P Global, Marriott International, Simon Property, Marathon Petroleum, KKR, Teladoc Health, market preview)
Aug 2 (Reuters) – Top stocks to watch on Tuesday on Wall Street where futures point to a lower open:
* CATERPILLAR reported lower-than-expected sales due to supply chain issues and the suspension of operations in Russia. The title lost 4.1% before the market.
* Semiconductor makers, heavily exposed to China, fell in forecourt trading due to concerns over diplomatic relations between Beijing and Washington. QUALCOMM, INTEL, ADVANCED MICRO DEVICES, MICRON TECHNOLOGY and NVIDIA fell by 1.3 to 2%.
* UBER on Tuesday reported positive quarterly cash flow for the first time in its history and forecast operating profit to beat expectations for the third quarter. The title climbed 11.6% in pre-market.
* S&P GLOBAL yielded 3% in pre-market after the publication by the financial information provider of a drop in its quarterly turnover and a forecast of earnings per share for 2022 lower than the Refinitiv IBES consensus.
* KKR & CO said on Tuesday that its second-quarter after-tax distributable profit fell 9% year on year as slower trading amid fears of a recession led to a drop in fees collected. The private equity firm dropped 1.3% in pre-market trading.
* MARRIOTT INTERNATIONAL gained 1.9% in pre-market after having published quarterly results on the rise and said to anticipate adjusted earnings per share above expectations for the third quarter.
* PINTEREST rose 19% in foreclosure after activist investor Elliott Investment Management said it had become the group’s largest shareholder, which additionally posted weaker-than-expected quarterly profit.
* ACTIVISION BLIZZARD – The video game designer on Monday posted net sales down to $1.64 billion from $2.30 billion a year ago, according to generally accepted accounting principles.
* DUPONT announced second-quarter earnings on Tuesday that beat expectations thanks to strong demand. The title however lost 2% in pre-market.
* The investment bank COWEN gained 8.4% in pre-market after the announcement of its takeover by Dominion Bank for 1.3 billion dollars.
* MARATHON PETROLEUM – The American refiner published a better than expected quarterly profit on Tuesday, benefiting from an increase in demand for fuel and refined products in the context of a shortage of supply.
* DEVON ENERGY and DIAMONDBACK ENERGY, specializing in shale oil, both posted quarterly earnings above expectations on Monday thanks to soaring energy prices.
* FERRARI raised its annual forecasts of turnover and gross operating surplus after having released “record” results in the second quarter.
* SIMON PROPERTY rose 2.1% in pre-market after increasing its annual profit forecast and its quarterly dividend.
* AVIS BUDGET published a total turnover of 3.24 billion, against 2.37 billion dollars a year ago, and quarterly earnings per share of 15.71 dollars.
* CHESAPEAKE ENERGY – Benchmark starts tracking on “purchase”.
* SNOWFLAKE – BTIG lowers its recommendation to ‘neutral’ vs. ‘buy’.
* TELADOC HEALTH – Berenberg lowers his recommendation to “hold” against “buy” and his price target from $42 to $35. Cowen and Company also lowered its recommendation to “market performance” from “outperformance” and its price target from $58 to $34.
* INCYTE – JP Morgan begins monitoring the stock with a “neutral” recommendation and a price target of $86. (Written by Olivier Cherfan, edited by Kate Entringer and Laetitia Volga)