6 stocks to watch on Wednesday: AMD, CVS, Teva, PayPal and more
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Wall Street's stock index futures on Wednesday pointed to a lower open, as market participants digested a surprise U.S. rating downgrade from Fitch. Traders also parsed through the latest ADP jobs report along with a Treasury refunding announcement. Here are some stocks to watch on Wednesday: 

Advanced Micro Devices (NASDAQ:AMD) stock was among the most actively traded ahead of the opening bell, after the semiconductor company's Q2 results and its guidance cheered investors. AMD CEO Lisa Su on the earnings conference call said artificial intelligence customer engagements grew seven times sequentially, aided by the MI 250 and MI300 hardware and software. Analysts also cited the company's progress in the PC space.
Shares of CVS Health (CVS) slipped more than 2% in pre-market trading. CVS announced a company-wide restructuring and took a pre-tax restructuring charge of $496M in Q2. The pharmacy chain reported a sharp drop in its quarterly net income amid rising costs in its pharmacy and insurance units.
U.S.-listed shares of Teva Pharmaceutical Industries (TEVA) jumped more than 6% ahead of market open, after the world's largest generic drugmaker lifted the mid-point of its full year revenue outlook and posted its first quarterly earnings beat in three quarters. TEVA's results were aided by growth in generic products in international markets and drugs such as Anda and Austedo in North America.
Yum! Brands (YUM) stock fell about 2% in pre-market trading, despite the fast food giant delivering a Q2 same-store sales jump of 9%. YUM saw positive growth across KFC, Taco Bell and Pizza Hut, with the fried chicken brand doing most of the heavy lifting and posting a 13% rise in same-store sales.
PayPal (PYPL) stock will be in focus, with the online payments processor scheduled to report Q2 results after the closing bell. Wall Street expects the company to earn $1.16 per share on revenue of $7.27B. Its commentary around the health of online spending will be closely watched, as consumers have stayed cautious amid high inflation, elevated interest rates and an uncertain macro environment.
Shopify (SHOP) is also among companies slated to report their results after market close. The Canadian e-commerce firm is expected to earn 5 cents per share on revenue of $1.62B in Q2. SHOP rallied after it posted strong Q1 sales growth and said it would sell its logistics business. At the time, UBS said the asset sale and job cuts materially alleviate other concerns. Bank of America said the divestiture provided a better growth trajectory for free cash flow.

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