U.S. stock futures were flat Thursday morning as investors considered what the latest data suggested about the health of the broader economy.
Market Snapshot
At 7:40 a.m. ET, Dow e-minis were up 16 points, or 0.05%, S&P 500 e-minis were up 1 point, or 0.02%, and Nasdaq 100 e-minis were down 24 points, or 0.18%.
Pre-Market Movers
AMC Entertainment, AMC Entertainment Preferred — The former rose over 11% while the latter crashed over 12% in premarket trading as the court denied a proposed settlement.
Bed Bath & Beyond — Stocks rose over 3% in premarket trading as it called for a shareholder vote on a potential reverse stock split at a special meeting set for May 9.
Virgin Orbit Holdings Inc. — Stocks rose over 20% in premarket trading and surged over 60% in 2 days as a potential emergency cash injection appears to be on the table.
Costco — Stocks fell nearly 3% in premarket trading after its same-store sales in March fell 1.1%, down from an increase of 3.5% in February. It also said the average size of transactions in March fell 5.8% from February.
Tesla Motors — Stocks stayed flat; Elon Musk’s brother, Kimbal Musk, on Monday, sold 100,000 shares of the electric vehicle maker in a series of transactions.
Lumentum — Its fiscal third-quarter revenue would come in under the low end of the company’s prior guidance range and it projected third-quarter sales of $380 million to $384 million. Stocks tumbled nearly 15%.
AbbVie — It declined over 1% in premarket trading after lowering fiscal-year adjusted earnings expectations to $10.62 to $11.02 a share, down from guidance the company issued in February of between $10.70 and $11.10.
FedEx — It rose over 1% in premarket trading. The stock was upgraded to Outperform from Market Perform at Raymond James with a price target of $285. On Wednesday, the shipping giant hiked its annual dividend and announced changes to its corporate structure.
Market News
Amazon.com is trimming the number of shares it plans to give employees as part of their compensation, a move tied to a potentially broader effort to adjust the company's approach to pay in the midst of economic uncertainty.
Tesla Motors’s sprawling manufacturing hub in Austin, Texas, more than tripled its employee ranks last year, the company told county officials.
Delaware's Court of Chancery denied a proposed settlement between AMC Entertainment and shareholders designed to allow a series of transactions leading to a capital raise.
Warren Buffett's Berkshire Hathaway is preparing another issue of yen-denominated bonds, BofA Japan Securities and Mizuho Securities have been chosen to underwrite the bonds.
US comparable sales eked out only a 0.9% gain in March after excluding the impact of changes in gasoline prices, Costco said in a statement Wednesday. That’s the smallest advance since April 2020.
Blackstone Group LP was hired as an adviser to help the US government arrange the sale of $114 billion in securities that were held by failed lenders Signature Bank and Silicon Valley Bank.
Ford plans "dramatic reductions" in the complexity of its product lineup starting in the 2024 model year, Jim Baumbick, the automaker's product development chief, said Wednesday at a conference hosted by Bank of America.
"Virgin Orbit Holdings Inc. and its lawyers are trying to agree [on] an emergency cash injection, or debtor in possession financing, of around $31m, with the court, "a tweet from a Telegraph reporter Matt Field said Wednesday afternoon.
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