4 stocks to watch on Wednesday: Micron Technology, Mattel and more
David McNew
U.S. stock index futures on Wednesday pointed to a higher open, with Wall Street attempting to rebound from the previous session's hefty losses. The benchmark S&P 500 (SP500) slumped to its lowest close since early June on Tuesday amid rate concerns. Here are some stocks to watch on Wednesday: 

Shares of Micron Technology (NASDAQ:MU) will be in focus, with the chipmaker scheduled to announce FQ4 2023 results after the closing bell. Wall Street expects MU to lose $1.18 per share on revenue of $3.93B. Investors will be closely looking out for any commentary on the pricing and demand environment, as well as the impact of restrictions placed on the company's products by China. The latter event was quite significant, with MU the first chipmaker to be targeted by Beijing amid a spat between the world's two largest economies over semiconductor supply.
NextEra Energy Partners (NEP) common units slumped more than 8% in pre-market trading, after the company slashed its guidance for limited partner distribution per unit, citing higher interest rates and tighter monetary policy. NEP now sees limited partner distribution per unit growth of 5% to 8% annually through at least 2026. As recently as July, NEP had targeted growth of 12% to 15%.
Mattel (MAT) stock rose nearly 3% ahead of the opening bell, after Morgan Stanley started coverage on the toymaker's stock with an Overweight rating and called it a top pick. The brokerage's estimates for MAT's 2023 and 2024 earnings per share is higher than Wall Street's, primarily due to a strong gross margin recovery and improved free cash flow generation. The brokerage also sees "significant tailwinds" from "highly accretive licensing efforts" related to the blockbuster Barbie movie.
Shares of DocuSign (DOCU) rose more than 1.5% ahead of market open, after HSBC upgraded the electronic signature company's stock to Hold from Reduce. The brokerage cited "signs of improvement in demand and stability" following a significant decline in demand for products and services after the end of the COVID-19 lockdowns. HSBC believes "good turnover growth is on the horizon" for DOCU and estimates per annum turnover growth of 8.6% for fiscal 2024 and 5.5% for fiscal 2025.

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