5 stocks to watch on Wednesday: Micron Technology, GEN Restaurant IPO and more
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U.S. stock index futures on Wednesday pointed to a lower open, with the previous day's risk-on mood taking a slight beating as investors digested the possibility of new curbs on chip export to China. Market participants will also be keeping an eye out for Federal Reserve chair Jerome Powell's comments at the European Central Bank Forum in Portugal, while receiving a host of economic data at home. Here are some stocks to watch on Wednesday:

Chip stocks were in focus after a report that the Biden administration is considering new restrictions on artificial intelligence chip exports to China, with the curbs possibly going into effect as soon as next month. The news weighed on the shares of NVIDIA (NVDA) -3.3%, Advanced Micro Devices (AMD) -2.7% and Micron Technology (NASDAQ:MU) -1.5% in pre-market trading.
Micron (MU) will also be in the spotlight on Wednesday after the market closes, as it is slated to report Q3 results. The chipmaker is anticipated to post a loss per share of $1.57 on revenue of $3.68B. MU in late March had posted a big Q2 loss while also missing on revenue estimates, although management had suggested that inventories and business was improving.
General Mills (GIS) stock retreated
more than 5% ahead of the opening bell after the consumer foods company announced Q4 revenue and organic sales that fell short of consensus. Its results were impacted by unfavorable foreign currency exchange and a fall in volume.
Eyes will also be on BlackBerry (BB), which is on tap to report Q1 numbers after the closing bell. The consensus earnings per share estimate is -$0.05 on revenue of $159.29M. This will be BB's first quarterly report since launching a review of strategic alternatives last month, including a possible separation of one or more of its businesses.
Initial public offerings (IPOs) have been showing signs of revival, following the red-hot market debut of Mediterranean restaurant chain Cava (CAVA). Debuting later today on the Nasdaq will be GEN Restaurant Group (GENK), which runs one of the largest Asian casual dining concepts by total revenue in the U.S. GENK priced its IPO of 3.6M class A at $12/share, the top end of its expected range.

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