5 stocks to watch on Wednesday: Chip names, Coinbase, Netflix and more
Wachiwit
U.S. stock index futures on Wednesday pointed to a lower open, as investors returned from the Independence Day holiday. The spotlight was garnered by China, with the Asian nation hitting back on recent trade restrictions imposed by the U.S. with its own set of export controls on items used in chipmaking. Market participants will also be gearing up for the latest Federal Reserve meeting minutes along with more economic data later in the week. Here are some stocks to watch on Wednesday:

Shares of Advanced Micro Devices (NASDAQ:AMD) were in focus after the stock was upgraded by Northland on artificial intelligence-linked gains. The brokerage believes that, though AMD has historically been in second place to NVIDIA (NVDA) in the GPU space, it will likely see a boost in GPU revenue in H2.
AMD will also be in the spotlight along with other chip stocks such as NVDA, Intel (INTC) and Micron Technology (MU) amid China's new export curbs. The world's second largest economy has announced export controls on some gallium and germanium products, which will likely lead to further disruption in the global supply chain.
Class A shares of Coinbase (COIN) slipped more than 3% in pre-market trading after the stock was downgraded by Piper Sandler, with the brokerage citing "too much uncertainty" sparked by the cryptocurrency exchange's legal troubles.
Netflix (NFLX) shares were up nearly 1% ahead of the opening bell, after Goldman Sachs upgraded the streaming giant's stock ahead of its Q2 results later this month. The brokerage noted an "overall positive current operating performance" for NFLX and the likelihood of strong momentum continuing.
Nikola (NKLA) stock was about 1.5% lower ahead of the opening bell, after the company reported wholesale deliveries of 45 battery-electric trucks in Q2, better than the 31 trucks in Q1. Retail deliveries also improved to 66 trucks from 33. NKLA also touted "remarkable momentum" for the introduction of its hydrogen fuel cell electric trucks in Q3.

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