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U.S. stock index futures on Wednesday pointed to a slightly lower open, as Wall Street continues to meander and look for direction following a massive bull run. Here are some stocks to watch on Wednesday:
- Shares of General Mills (GIS) fell more than 5% in pre-market trading, after the consumer foods maker reported a 6% decrease in organic net sales for FQ4 2024. General Mills (GIS) – which owns brands such as Betty Crocker and Cheerios – said its organic net sales were impacted by a comparison against favorable trade expense timing a year ago, a reduction in retailer inventory, and a headwind in its international business. Moreover, the company pointed to a “continued uncertain macroeconomic backdrop for consumers across its core markets,” and said it sees fiscal 2025 organic net sales to range between flat to up 1%.
- Micron Technology (MU) stock will garner attention, with the memory chipmaker on tap to announce FQ3 2024 after the closing bell. Wall Street expects the Boise, Idaho-based firm to earn 53 cents per share on revenue of $6.67B. Micron (MU) stock has surged more than 65% YTD, amid an overall rally in the technology sector driven by the craze around artificial intelligence (AI). Micron (MU) has seen solid demand for its high bandwidth memory chips, also known as AI memory, and its FQ3 revenue is anticipated to soar nearly 78% Y/Y.
- Shares of Whirlpool (WHR) rocketed almost 19% ahead of market open. The advance came after Reuters reported that German engineering group Bosch had been in talks with potential advisers about the possibility of making an offer for Whirlpool (WHR), citing three people familiar with the matter. The Benton Harbor, Mich.-based home appliance maker currently has a market capitalization of about $4.75B. The company has been struggling with declining sales and demand, reporting a 3.4% slip in revenue for Q1 back in April.
- Southwest Airlines (LUV) stock retreated more than 4% ahead of the opening bell, after the carrier said it sees a greater decline in a key revenue metric for the current quarter. Southwest (LUV) in a regulatory filing said it now sees operating revenue per available seat mile (RASM) to be down 4% to 4.5% for Q2, compared to a prior guidance of down 1.5% to 3.5%. “The reduction in the Company’s RASM expectations was driven primarily by complexities in adapting its revenue management to current booking patterns in this dynamic environment,” the U.S. airline said.