Stock Futures Rise as Investors Await Inflation Data; GameStop, GM, Tesla, and More in Focus
Stock futures edged higher Wednesday as investors anticipated the release of November’s consumer price index (CPI), a key inflation report ahead of the Federal Reserve’s interest rate decision next week.
Here’s a look at some of the stocks making moves:
GameStop (GME): +3.6% Premarket
The video game retailer reported a surprise third-quarter profit, earning 6 cents per share on an adjusted basis. Revenue declined 20% year-over-year to $860 million. GameStop also completed its “at-the-market” equity offering, raising $400 million from the sale of 20 million shares. The company announced no further stock offerings for the fiscal year.
General Motors (GM): +1.0% Premarket
GM announced the discontinuation of its Cruise robotaxi program, citing challenges in the competitive robotaxi market. It plans to merge Cruise’s technical team with GM’s self-driving operations, shifting focus away from robotaxis.
Tesla (TSLA): +1.4% Premarket
Tesla shares are on track for a sixth consecutive session of gains, with the stock up 61% year-to-date. Optimism surrounding CEO Elon Musk’s influence and alignment with potential regulatory benefits has bolstered Tesla’s performance.
Dave & Buster’s Entertainment (PLAY): -15% Premarket
Shares plummeted after the company posted a fiscal third-quarter adjusted loss of 45 cents per share, missing estimates. CEO Chris Morris resigned, with Chairman Kevin Sheehan stepping in as interim CEO.
GE Vernova: -2.6% Premarket**
The renewable energy unit of General Electric initiated a quarterly dividend of 25 cents per share and launched a $6 billion stock buyback program. However, its revised 2024 and 2025 outlook fell short of analysts’ expectations.
Walgreens Boots Alliance (WBA): -3.4% Premarket
After a record-breaking 17.7% gain on Tuesday, shares fell as investors processed reports of Walgreens’ potential sale to private-equity firm Sycamore Partners. The deal, potentially finalized by early next year, remains in negotiation.
Stitch Fix (SFIX): +21% Premarket
Shares surged after the online personal styling service reported better-than-expected fiscal first-quarter revenue of $318.8 million and narrowed losses. The company raised its full-year revenue guidance.
Figs (FIGS): +14% Premarket
The medical apparel company received a $6-per-share takeover offer from private-equity firm Story3 Capital Partners, valuing the company at over $1 billion, according to The Wall Street Journal.
Investors are keeping a close watch on these market moves as broader economic data and corporate developments shape the trading day ahead.
