Stock futures are indicating a modest increase on Thursday, following a market downturn prompted by Federal Reserve Chairman Jerome Powell’s statement that an interest-rate cut in March is unlikely.

Earnings Reports Awaited for Tech Giants

In the spotlight today are tech giants Apple, Amazon.com, and Meta Platforms, all scheduled to release their quarterly earnings after the closing bell. Analysts expect Apple to announce first-quarter earnings of $2.10 per share on sales of $118 billion, with revenue continuing its decline for the fourth consecutive quarter. Wall Street is particularly interested in Apple’s fiscal second-quarter outlook, focusing on iPhone sales in the face of a competitive and sluggish smartphone market in China.

Before their reports, Apple saw a 0.8% rise, Amazon was up 1%, and Meta gained 0.8%.

Qualcomm Outperforms Expectations

Mobile device chip maker Qualcomm reported better-than-expected fiscal first-quarter earnings and revenue, along with an optimistic outlook for artificial intelligence (AI) features on phones for the year ahead. For the fiscal second quarter, Qualcomm expects revenue to range between $8.9 billion and $9.7 billion, in line with analysts’ estimates of $9.3 billion. However, despite these positive results, the stock experienced a 0.7% drop.

Align Technology Sees Strong Sales Growth

Shares of Align Technology surged 12% as the company announced that it expects first-quarter sales to be between $960 million and $980 million, surpassing analysts’ forecasts of $947 million. This positive outlook follows a successful fourth quarter, with both profit and sales exceeding expectations. The demand for Align Technology’s Invisalign product among adults and teens has been remarkably strong.

Nextrackr Outperforms Sales Expectations

Nextrackr reported impressive financial results for the fiscal third quarter, with adjusted earnings and sales surpassing Wall Street estimates. As a result, the solar company raised its guidance for the fiscal year, which instantly led to a 28% jump in the stock during premarket trading.

MaxLinear Faces Revenue Forecast Disappointment

Integrated circuits provider MaxLinear experienced a 14% decline in its stock after issuing a revenue forecast for the first quarter that fell short of analysts’ expectations.

Shell Beats Analyst Estimates Despite Profit Decline

Despite a decline in annual profit, energy company Shell’s shares rose by 1.9%. The London-based company’s profit still exceeded analyst estimates. Additionally, Shell announced a plan to repurchase $3.5 billion of its stock in the first quarter and increased its fourth-quarter dividend by 20%.

Qorvo Surpasses Expectations and Plans Acquisition

Qorvo, a provider of connectivity and power solutions, reported better-than-expected fiscal third-quarter adjusted earnings. Further exciting news came as Qorvo revealed its intention to acquire microchip-maker Anokiwave for an undisclosed fee. This announcement resulted in a 5.3% increase in Qorvo shares.

Earnings Reports To Watch For

Aside from highly anticipated reports from Apple, Amazon, and Meta, Thursday will also bring earnings reports from Merck, Honeywell, Ferrari, Altria, Royal Caribbean, and Cardinal Health.

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