Stock futures were pointing modestly to the upside Friday with investors moving cautiously ahead of a speech from Federal Reserve Chairman Jerome Powell at the central bank summit in Jackson Hole, Wyo.
These stocks were poised to make moves Friday:
Affirm was rising 11% after revenue of $446 million in its fiscal fourth quarter beat analysts’ estimates and the buy-now-pay-later company posted a narrower-than-expected loss. Gross merchandise volume in the period was $5.5 billion, and Affirm anticipates GMV of $5.3 billion to $5.5 billion in the first quarter.
Marvell Technology reported second-quarter adjusted earnings that beat analysts’ forecasts but issued an outlook for the third quarter that was in-line with estimates, disappointing investors and sending shares of the chip maker down 4.8% in premarket trading.
Hawaiian Electric was tumbling 19% in premarket trading after suspending its dividend, beginning in the third quarter, “to further increase its cash position.” The company said “taking this action will allow us to continue to allocate cash to rebuilding and restoring power and ensure a strong future for the utility.” Hawaiian Electric has been accused of playing a role in starting the devastating wildfires in Maui.
Intuit reported fiscal fourth-quarter earnings and revenue that beat analysts’ estimates. The maker of TurboTax software said it expects first-quarter revenue growth of about 10% to 11%, and adjusted earnings of $1.94 to $2 a share versus analysts’ expectations of $2.01. The stock declined 1.5%.
Workday, the provider of enterprise HR and financial software, posted better-than-expected second-quarter adjusted earnings and a 16% jump in revenue to $1.79 billion, which also beat expectations. The company also raised its guidance for fiscal-year subscription revenue growth.
Apparel retailer Gap reported a sales decline in the second quarter of 8% to $3.55 billion, below Wall Street estimates, while comparable-store sales fell 6%. Adjusted profit in the quarter of 34 cents a share beat forecasts that called for earnings of 9 cents. Gap estimated that third-quarter sales could decrease in the low double-digit range—starker than forecasts for a roughly 7% decline. The stock, however, was rising 3% in premarket trading.
Second-quarter earnings at Nordstrom , the upscale department-store chain, beat forecasts and the company reaffirmed its forecasts for the fiscal year even as revenue fell to $3.77 billion from $4.09 billion a year earlier. Shares fell 0.7%.