Snowflake, Tesla, Big Lots, Splunk: What to Watch When the Stock Market Opens Today

Stock futures are down as crude continues its climb, topping $ 115 a barrel. Here’s what we’re watching in Thursday’s trading.

  • Snowflake shares plunged 22% premarket after the cloud-software company issued weaker-than-expected sales guidance for fiscal 2023.
  • Tesla shed 0.8% premarket after Chief Executive Elon Musk said he was open to the United Auto Workers union holding a vote on organizing labor at the company after long resisting such a move.
  • Okta dropped 4.8% ahead of the bell. The identity management company reported a deeper loss during the recent quarter from a year ago.
  • Results are due from Best Buy before the open.
  • Big Lots shares fell 6.4% premarket after the discount retailer reported fiscal fourth-quarter profit and that missed expectations but a sales beat.
  • Splunk gained 2.5% premarket. The software maker reported strong fourth-quarter earnings and named a new chief executive, 3 months after its longtime leader stepped down following several quarters of disappointing results.
  • Victoria’s Secret gained 0.9% premarket. The retailer reported lower profit in the fourth quarter as costs and expenses weighed but sales ticked higher, helped by more customers returning to physical stores.
  • Gap, Smith & Wesson Brands, Broadcom and Costco Wholesale are among the companies reporting earnings after Thursday’s close.
Chart of the Day
  • Many companies are dumping assets in Russia as it lays siege to Ukraine. Determining the size of write-downs will call for greater-than-usual discernment.

Write to James Willhite at james.willhite@wsj.com

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