(Updated with Verizon, AI-related stocks and futures)
March 3 (Reuters) – Top stocks to watch on Friday on Wall Street where index futures open up 0.21% for the Dow Jones, 0.24% for the Standard & Poor’s-500 and 0 .18% for the Nasdaq.
* DELL said Thursday it expects revenue and profit for the current quarter to come in below estimates, due to a continued decline in demand in the PC sector. The action lost 3.8% before the market.
* MARVELL TECHNOLOGY drops 8.6% in pre-market trading after releasing first-quarter earnings and revenue forecasts below estimates.
* HEWLETT PACKARD ENTERPRISE gains 2.6% in pre-market trading, as the laptop maker announced optimistic profit forecasts for the full year.
* VICTORIA’S SECRET fell 3.3% in pre-market trading after saying it expected lower-than-expected revenue and profit for the first quarter of 2023, due to the impact of inflation on demand for its products.
* C3.AI, STEELCASE, BIGBEAR.AI – Manufacturers of artificial intelligence (AI) products climb between about 5% and 24% on C3.ai’s optimistic forecast for the fourth quarter and the financial year 2023, which amplified the euphoria aroused by the launch of the chatbot ChatGPT, developed by the American OpenAI.
* VERIZON announced on Friday that its chief financial officer and executive vice president Matt Ellis will leave the group in May and be replaced by Tony Skiadas, as part of several management changes.
* COSTCO missed second-quarter revenue expectations on Thursday as consumers limited spending on non-essential goods due to inflation. The title lost 2.5% before the market.
* NORDSTROM said on Thursday it would wind down its operations in Canada, leading to a $400 million drop in net sales in 2023. The retail chain also forecast annual sales below expectations, with inflation curbing non-essential spending by its customers.
* TESLA sold 74,402 Chinese-made electric vehicles in February, up 31.65 percent from a year earlier, according to data released Friday by the China Passenger Car Association (CPCA).
* BOEING – Airline Greater Bay Airlines (GBA) on Friday announced an order for 15 Boeing 737-9 aircraft, along with a “commitment” for five 787 Dreamliners to support GBA’s plans for long-haul international services .
* CITI and BANK OF AMERICA have cut jobs in their investment banking businesses in Asia, two sources familiar with the matter told Reuters, joining peers JP Morgan, Goldman Sachs and Morgan Stanley, which are also cutting their workforce due to the slowdown in transactions in China.
* BROADCOM expects second-quarter revenue to beat estimates as increased investment in artificial intelligence boosts demand for its chips.
* WALMART – Chief Executive Doug McMillon, 56, plans to remain at the helm of America’s largest retailer for at least three more years, The Wall Street Journal reported on Thursday.
* RIOT PLATFORMS announced on Thursday that it plans to delay the publication of its annual financial report due to errors identified in previous financial statements.
* WALGREENS BOOTS ALLIANCE will stop selling its abortion pills in some Republican states whose attorneys general have told the group it risks breaking the law if it distributes them through the mail. (Written by Diana Mandiá, Editing by Kate Entringer)
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