Meta Platforms, the parent company of Facebook, announced a new buyback plan of $40 billion.
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Stock futures were mostly higher Thursday, adding to the previous session’s gains after the Federal Reserve boosted interest rates by a quarter of a percentage point and Fed Chairman Jerome Powell said the central bank’s monetary-policy tightening has begun to slow the pace of inflation.
These stocks were poised to make moves Thursday:
Meta Platforms
(META), the parent company of Facebook, was rising 18.7% in premarket trading after fourth-quarter revenue topped analysts’ expectations and the company announced a new round of cuts to its 2023 spending plan. Meta also said its board approved a new buyback authorization of $40 billion.
American depositary receipts of
Shell
(SHEL) rose 2% after the oil giant posted a record annual profit in 2022 of $41.6 billion, getting a boost from soaring energy prices.
Align Technology
(ALGN) gained 12.5% after the maker of Invisalign braces reported fourth-quarter earnings that beat Wall Street estimates.
Qorvo
(QRVO) was down 3.1% after the chip company issued a fiscal fourth-quarter earnings outlook came in well shy of analysts’ forecasts.
Tech giants
Apple
(AAPL), Google parent
Alphabet
(GOOGL), and
Amazon.com
(AMZN) are scheduled to report quarterly earnings after the closing bell Thursday.
Apple
rose 1.1%, Alphabet gained 3.8%, and Amazon jumped 4.3% in premarket trading.
Drug companies
Merck
(MRK),
Bristol Myers
(BMY), and
Merck
(MRK) will be posting results before Wall Street begins trading Thursday.
Write to Joe Woelfel at joseph.woelfel@barrons.com
Credit: marketwatch.com