Stock futures are showing a slight increase on Tuesday as investors prepare for the start of the two-day Federal Reserve meeting. It is anticipated that the central bank will maintain its current interest rates.
NIO Plans to Raise $1 Billion through Convertible Senior Notes
In premarket trading, U.S.-listed shares of NIO (NIO) experienced a 4.2% decline after the Chinese electric-vehicle maker announced its intention to raise $1 billion by issuing convertible senior notes. The company intends to utilize a portion of the proceeds to reduce its debt, while the remaining funds will be allocated “mainly to further strengthen its balance sheet position as well as for general corporate purposes.”
Moderna Recovers Slightly Following Decline in Previous Session
Moderna (MRNA) has seen a 0.8% rise in premarket trading after experiencing a decrease of over 9% in the previous session. This decline was a result of Pfizer’s (PFE) chief financial officer predicting weaker demand for Covid shots this year. Moderna was the poorest performer in the S&P 500 on Monday.
Alyssa Henry to Depart from Block; Jack Dorsey Assumes Role
Block (SQ) shares declined by 1% after it was announced that Alyssa Henry, the head of the company’s Square payments platform, will be stepping down on October 2nd. Having served with Block for over nine years, Jack Dorsey, who oversees the entire Block business, will assume Henry’s responsibilities, according to a filing made by the company on Monday.
U.S. Steel Issues Stronger-Than-Expected Fiscal Q3 Guidance
U.S. Steel (X) has provided fiscal third-quarter guidance that surpasses expectations. The steel manufacturer’s shares saw a slight decline in premarket trading. U.S. Steel predicts adjusted earnings of $1.10 to $1.15 per share, surpassing analysts’ estimates of $1.01. This guidance takes into account the projected impact of the strike by the United Auto Workers.
Stitch Fix Reports Decline in Revenue and Active Client Base
Stitch Fix (SFIX) has reported a 22% decrease in fiscal fourth-quarter revenue as the online personal styling company witnessed a decline in its active client base. The number of active clients fell from 3.4 million in the previous quarter to 3.3 million, and a year earlier, it stood at 3.8 million. The company expects first-quarter revenue of $355 million to $365 million, representing a decline of 18% to 20% compared to the previous year and falling short of analysts’ estimates of approximately $402 million.
Earnings Reports Scheduled from AutoZone and Apogee Enterprises
On Tuesday, earnings reports are expected from AutoZone (AZO) and Apogee Enterprises (APOG).
