Stock Futures Point to Higher Start for Wall Street

Stock futures are indicating a mostly higher start for Wall Street on Thursday, following a down day driven by a strong U.S. retail sales report. This report led investors to dial back their expectations for how aggressively the Federal Reserve might cut interest rates this year.

Discover Financial Services Reports Disappointing Numbers

Discover Financial Services saw its stocks fall by 10% after reporting disappointing numbers. The company's charge-off rate, which is the percentage of outstanding debt that credit card issuers write off as a loss, rose to 4.11% in the fourth quarter, up from 2.13% the previous year. Additionally, Discover stated that its provision for credit losses at the end of the quarter reached $1.9 billion, a $1 billion increase compared to the previous year. These figures were driven by the rise in net charge-offs and a higher reserve build. Fourth-quarter earnings at Discover also fell short of analysts' estimates.

Taiwan Semiconductor Manufacturing Outperforms Expectations

Despite a 19% decline in fourth-quarter profit compared to the previous year, Taiwan Semiconductor Manufacturing exceeded analysts' expectations. The company's revenue in U.S. dollars dropped by 1.5% in the quarter, amounting to $19.62 billion, but it rose by 13.6% from the third quarter. U.S.-listed shares of the Taiwan-based chip manufacturer increased by 4%.

Apple Faces Ban on Apple Watch Sales in the U.S.

Apple has once again been banned from selling current versions of the Apple Watch with blood oxygen sensors in the U.S. This is due to a patent-infringement case brought against the tech giant by medical device maker Masimo. As a result, Apple's shares experienced a decline in premarket trading, while Masimo saw a 0.4% increase in its stocks.

Alcoa Reports Narrower-than-Expected Loss in Q4

Alcoa, the aluminum-products maker, reported a narrower-than-expected adjusted loss in the fourth quarter. The company's revenue declined by 2.5% to $2.6 billion, which just barely surpassed estimates. Alcoa also announced that it anticipates lower production in 2024. The stock experienced a 0.4% decrease.

Boeing Receives Order from Akasa Air

Boeing, the renowned aircraft manufacturer, experienced a 1.6% rise in their stock after securing a significant order from Akasa Air, India's newest airline. Akasa Air has committed to purchase 150 Boeing 737 MAX planes, including the 737-10 airplanes and 737-8-200 jets. Notably, the order excludes the 737 MAX 9 model, which has been grounded by the Federal Aviation Administration due to a recent incident involving an Alaska Airlines flight.

Plug Power Announces Share Sale

Plug Power, a prominent clean-energy company, witnessed a decline of 14% in its stock value, falling to $2.34. The downturn followed the company's disclosure of plans to sell up to $1 billion worth of shares. In a filing, Plug Power revealed that it had entered into an agreement with B. Riley Securities, enabling the sale of common stock through an at-the-market issuance sales agreement.

Sheryl Sandberg to Depart from Meta Platforms Board

Formerly the chief operating officer of Meta Platforms (formerly known as Facebook), Sheryl Sandberg has announced her intention to leave the company's board. Having resigned from her executive role in 2022, Sandberg shared on Facebook that she will not be seeking re-election at the upcoming annual shareholder meeting in May. Meanwhile, Meta Platforms, the parent company of Facebook and Instagram, experienced a minor increase in its stock, rising by 0.3%.

LiveRamp Exceeds Revenue Expectations and Announces Acquisition

Data-software company LiveRamp has projected that its fiscal third-quarter revenue will reach $174 million, marking a 10% increase compared to the previous year. This revenue forecast exceeds the company's initial guidance of $165 million. Furthermore, LiveRamp has revealed its plans to acquire Habu, a data clean room software provider, through a cash-and-stock deal valued at approximately $200 million.

Upcoming Earnings Reports

Thursday will see the release of earnings reports from several notable companies, including Truist Financial, Fastenal, PPG Industries, Northern Trust, KeyCorp, and Birkenstock.