U.S. Stocks to Watch: AMD, Pinterest, Super Micro, Arista Networks, Axon Enterprise, AppLovin, and More

Stock futures were sliding Wednesday as investors worried that a recent selloff could snowball into a market correction.

These stocks were poised to make moves Wednesday:

Advanced Micro Devices fell 4.3% ahead of the opening bell. The chip maker reported better-than-expected earnings and revenue for the third quarter. Data center revenue in the period rose 22% to $4.3 billion. AMD said it expects fourth-quarter revenue of about $9.6 billion, plus or minus $300 million, versus analysts’ expectations of $9.2 billion. The stock was taking a hit as investors fretted that artificial-intelligence valuations may have become too bloated.

Chip-making rivals Nvidia and Intel slid 0.6% and 0.8%, respectively. Qualcomm, which is scheduled to report fiscal fourth-quarter earnings after the closing bell, rose 0.3%.

Arista Networks declined 12%. The cloud services provider posted better-than-expected third-quarter adjusted earnings as revenue rose 27% to $2.31 billion and beat forecasts, but sales guidance for the fourth quarter disappointed. Arista said it expects revenue in the period of $2.3 billion to $2.4 billion compared with projections of $2.33 billion.

Super Micro Computer tumbled 8.3% after the server maker reported weaker-than-expected earnings and revenue and issued mixed guidance for the current quarter.

Pinterest plummeted 19% after the social-media platform reported weak third-quarter earnings. Fourth-quarter revenue guidance also disappointed, while the company’s outlook for adjusted Ebitda, or earnings before interest, taxes, depreciation, and amortization, was in line with Wall Street expectations.

Axon Enterprise tumbled 19% after the Taser maker swung to a loss in the third quarter, and adjusted earnings in the period of $1.17 a share missed analysts’ expectations of $1.52. The company also said it was acquiring Carbyne, an emergency communications and response platform. The deal is valued at $625 million.

Novo Nordisk lowered its potential growth outlook as it faces competitive pressure from copycat versions of its weight-loss drugs Ozempic and Wegovy. The Danish pharmaceutical company now expects operating profit growth of between 4% and 7% at constant exchange rates this year, from a previous expected range of 4% to 10%. Sales growth was estimated at between 8% and 11% from a prior range of 8% to 14%. “The narrowing of the guidance ranges reflects lowered growth expectations for Novo Nordisk’s GLP-1 treatments within diabetes and obesity,” the company said in statement. U.S.-listed shares of Novo Nordisk gained 1.4%,

In addition to Qualcomm, earnings reports are expected Wednesday from AppLovin, Humana, McDonald’s, Arm Holdings, Robinhood Markets, DoorDash, Fortinet, Fair Isaac, Albemarle, and Figma.

AppLovin, the digital ad company, slipped 0.1% in premarket trading. Analysts expect AppLovin to report third-quarter ad sales of $1.31 billion, up 56% from last year.