Stock futures wobbled Wednesday ahead of a policy update from the Federal Reserve, President Joe Biden's first address to a joint Congress, and earnings from Apple (AAPL) - Get Report and Facebook (FB) - Get Report
Here are some of the top movers during premarket trading on Wednesday.
1. Alphabet GOOGL | Up 5.2%
Shares of Alphabet (GOOGL) - Get Report rose after the tech giant reported first-quarter results that handily beat expectations, prompting a raft of Wall Street analysts to lift their one-year price targets on the stock.
Analysts at Barclays, Morgan Stanley, Jefferies, Evercore ISI and BMO Capital Markets have raised their price targets on Alphabet stock.
Google also said it would repurchase an additional $50 billion of shares.
2. Advanced Micro Devices AMD | Up 4.3%
Shares of AMD (AMD) - Get Report rose after the chipmaker forecast solid current-quarter sales and a robust full-year outlook on improving demand and easing of tensions in the global semiconductor supply chain.
3. Spotify SPOT | Down 7.4%
Shares of Spotify (SPOT) - Get Report retreated even after the music-streaming service reported a narrower-than-expected loss for its latest quarter, exceeded revenue estimates, and posted a 24% increase in monthly active users.
4. Pinterest PINS | Down 11%
Shares of Pinterest (PINS) - Get Report fell after the online-pinboard company reported 78% revenue growth for the first quarter but user growth fell short of analysts’ expectations as pandemic restrictions eased.
5. Boeing BA | Down 1.5%
Shares of Boeing (BA) - Get Report dropped after the aerospace giant posted a wider-than-expected first-quarter loss, its sixth in succession, as it cautioned that the COVID-19 pandemic continues to challenge the global aircraft market.