By Joe Woelfel
Stock futures were declining Friday after equities fell for a second-straight session and Wall Street awaited the release of the Federal Reserve's preferred inflation gauge, the personal consumption expenditures price index.
These stocks were poised to make moves Friday:
Tesla rose 1.4% in premarket trading after the stock closed Thursday with a gain of 0.4% in what was a tough session for auto makers following President Donald Trump's announcement he would be levying 25% tariffs on all cars and certain car parts made outside of the U.S. Tesla, the electric-vehicle manufacturer, edged higher because it makes all the cars it sells in the U.S. in America. But General Motors, Ford Motor, and Jeep maker Stellantis don't and their stocks declined 7.4%, 3.9%, and 1.3%. In premarket trading, the traditional car makers traded lower, each down between 0.5% and 1%.
Nvidia was down 0.2% in premarket trading after the maker of artificial-intelligence chips fell 2.1% on Thursday on concerns over its business in China.
Meanwhile, the initial public offering for CoreWeave, the Nvidia-backed cloud services provider, was priced at $40 a share, well below estimates of $47 to $55. The stock will begin trading Friday on the Nasdaq exchange under ticker symbol "CRWV." CoreWeave is a pure play on AI, with all of its revenue coming from cloud rentals of AI servers that use Nvidia chips.
AppLovin was up 2% in premarket trading, a day after shares of the advertising technology company slumped 20% following an announcement from short-seller Muddy Waters Research that it had taken a short position in the stock. In late February, short-sellers Fuzzy Panda Research and Culper Research also issued negative reports on the company. CEO Adam Foroughi said at the time in a blog post that it was "disappointing that a few nefarious short-sellers are making false and misleading claims aimed at undermining our success."
Lululemon Athletica fell 12% after the activewear company reported fourth-quarter earnings that topped Wall Street expectations but fiscal-year guidance came up short of forecasts. Lululemon said it expects sales for the fiscal year ending in January of $11.15 billion to $11.3 billion, representing growth of 5% to 7%. But analysts had been projecting a revenue increase of 7% to $11.3 billion. CEO Calvin McDonald said the company believes "the dynamic macro environment has contributed to a more cautious consumer."
Braze jumped 9.1% after the cloud-based software company reported fiscal fourth-quarter earnings that beat analysts' estimates and issued better-than-expected fiscal-year guidance.
Oxford Industries declined 15% after the owner of Tommy Bahama and Lilly Pulitzer issued revenue forecasts for its fiscal first quarter and fiscal year that missed analysts' expectations. Following a strong finish to calendar year 2024, trends moderated in January as there was less of a reason to shop, a pattern we've witnessed for the past several quarters, as well as a deterioration in consumer sentiment that also weighed on demand," said Chairman and CEO Tom Chubb in a statement.
AAR Corp. posted fiscal third-quarter adjusted earnings that were better than anticipated and shares of the aviation-service company were rising 2.2%.
Write to Joe Woelfel at joseph.woelfel@barrons.com
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(END) Dow Jones Newswires
March 28, 2025 05:15 ET (09:15 GMT)
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