U.S. stock futures rose slightly on Thursday after the S&P 500 declined for a fifth consecutive day and Wall Street evaluated the likelihood of a recession ahead.
Market Snapshot
At 7:50 a.m. ET, Dow e-minis were up 71 points, or 0.21%, S&P 500 e-minis were up 10.75 points, or 0.27%, and Nasdaq 100 e-minis were up 31 points, or 0.27%.
Pre-Market Movers
Ciena – The networking equipment maker's stock surged 19.1% after a substantial top and bottom line beat in its latest quarter. Ciena earned an adjusted 61 cents per share for its latest quarter, compared with a consensus estimate of 8 cents. The company also said it sees "outsized" revenue growth in 2023.
GameStop – GameStop reported a wider-than-expected quarterly loss and sales that fell short of predictions. CEO Matt Furlong said the company had completed necessary investments and would be very judicious in future spending. GameStop moved between gains and losses in premarket trading.
Rent the Runway, Inc. – Rent The Runway surged 16.9% in the premarket after its quarterly revenue came in well above Wall Street forecasts and the fashion rental company issued an upbeat sales forecast. The company also said its restructuring process was substantially complete.
Oxford – Oxford Industries rose 2.6% in premarket trading after the maker of the Tommy Bahama and Lily Pulitzer apparel brands reported better-than-expected quarterly results and issued an outlook that surpassed analyst predictions.
Unilever PLC – Unilever is weighing a possible $3 billion sale of its U.S. ice cream brands including Ben & Jerry's, according to a Bloomberg report.
Kinder Morgan – Kinder Morgan forecast an increase in adjusted earnings for 2023, with the pipeline operator anticipating higher transportation demand for crude oil and other energy products. Kinder Morgan shares gained 2.1% in premarket trading.
Cano Health – Cano Health fell 5.3% in the premarket after Bloomberg reported that Daniel Loeb's Third Point sold its remaining stake in the healthcare provider amid concerns about its liquidity.
Express, Inc. – The small-cap apparel retailer's shares initially rallied in the premarket after it announced a strategic partnership with global brand management firm WHP Global, which will take a $25 million stake in Express. Separately, Express announced a wider-than-expected quarterly loss and lower-than-expected revenue in what its management said was a tougher quarter than it had anticipated. Shares rose 1.6% in premarket action.
Market News
Bernard Arnault, the chief executive of luxury brand Louis Vuitton's parent company LVMH, and his family briefly took the title as the world's richest, but were back at No. 2 with a personal wealth of $185.3 billion, according to Forbes.
Apple plans to allow users to more tightly lock down photos and notes stored on its iCloud service and require a physical security key when logging in from a new device, it said on Wednesday.
The Pentagon on Wednesday awarded cloud computing contracts worth $9 billion each to Alphabet's Google, Amazon.com Web Services Inc, Microsoft and Oracle.
Elon Musk has tapped a longtime Tesla Motors executive in China who oversaw construction of the Shanghai gigfactory to help run the electric carmaker’s newest plant in Austin, Texas, people familiar with the matter said.
The Court of Justice of the European Union has dismissed as inadmissible an action brought by WhatsApp against a decision of the European Data Protection Board, it said in a statement on Wednesday.
The Centers for Disease Control and Prevention (CDC) has renewed its partnership with Palantir Technologies Inc. to advance the nation's public health infrastructure.
GameStop reported third-quarter revenue of $1.186 billion, which was down from $1.297 billion in the prior year's quarter. It reported a third-quarter net loss of 31 cents per share.
Coinbase Global, Inc.'s revenue is set to reduce by half this year, the cryptocurrency exchange tweeted on Wednesday, as digital assets reel from a sector-wide rout worsened by a string of high-profile collapses that shattered investor confidence.
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