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US stock index futures skyrocketed on Wednesday, after the latest consumer inflation report came in lower than expected. Market participants are also looking forward to the Federal Reserve's monetary policy decision later in the day. Here are some stocks to watch Wednesday:
- Broadcom (AVGO) will be in the spotlight, with the US chipmaker waiting to report its second-quarter 2024 results after the closing bell. Wall Street expects the company to earn $10.84 per share on revenue of $12.01 billion. Like much of the semiconductor industry, Broadcom (AVGO) stock has seen a purple patch in 2024, mainly due to excitement around artificial intelligence (AI). The company's profits are expected to rise year over year, thanks to AI sales and continued growth from its acquisition of VMware.
- Birkenstock shares (BIRK) decreased more than 1% Before the opening bell, after Goldman Sachs downgraded the stock to neutral from buy. The brokerage's move was largely driven by its belief that the German footwear maker was highly valued, with the stock outperforming its broader luxury peer group since its market debut in October last year. Goldman Sachs said it still sees a lot to like about the company, including its strong brand momentum.
- FedEx ( FDX ) stock is swinging in pre-market trading, finally up about 1%. The parcel delivery giant earlier today announced plans to reduce its European workforce by 1.7k to 2k employees, across back office and commercial teams. “We do not make these decisions lightly, but they are necessary to put FedEx (FDX) on the right path for the future,” Richard Smith, the company's president and CEO of airline and international, said in a statement.
- Paramount Global has received some attention, with its Class A shares (PARAA). Recovery is about 5% Before the market opened, the day after a loss of nearly 6%. On the other hand, its Class B shares (PARA). declined about 3% Before the opening bell. Shari Redstone's National Amusements has abruptly halted talks with David Ellison's production company, Skydance Media, multiple media reports said Tuesday. The deal was seen as a crucial component of a complex $8 billion deal that would have resulted in the merger of Paramount and Skydance.