U.S. stock index futures inched higher on Friday as Treasury yields took a breather from a week-long rally, which was sparked by worries that the Federal Reserve would keep interest rates higher for longer to tame stubborn inflation.
Market Snapshot
At 7:30 a.m. ET, Dow e-minis were up 69 points, or 0.21%, S&P 500 e-minis were up 13 points, or 0.33%, and Nasdaq 100 e-minis were up 48 points, or 0.4%.
Pre-Market Movers
Veru Inc. 32.8% LOWER; announced that the U.S. Food and Drug Administration (FDA) has declined to grant at this time the Companys request for Emergency Use Authorization (EUA) for sabizabulin, Verus novel microtubule disruptor, to treat hospitalized adult patients with moderate to severe COVID-19 who are at high risk for Acute Respiratory Distress Syndrome (ARDS).
C3.ai 18.25% HIGHER; reported Q3 EPS of ($0.06), $0.16 better than the analyst estimate of ($0.22). Revenue for the quarter came in at $66.7 million versus the consensus estimate of $64.22 million. C3.ai sees FY2023 revenue of $264-266 million, versus the consensus of $261 million.
Zscaler 12.6% LOWER; reported Q2 EPS of $0.37, $0.08 better than the analyst estimate of $0.29. Revenue for the quarter came in at $387.6 million versus the consensus estimate of $365.53 million. Zscaler sees Q3 2023 EPS of $0.39, versus the consensus of $0.31. Zscaler sees Q3 2023 revenue of $396-398 million, versus the consensus of $387.3 million. Zscaler sees FY2023 EPS of $1.52-$1.53, versus the consensus of $1.24. Zscaler sees FY2023 revenue of $1.558-1.563 billion, versus the consensus of $1.53 billion.
Chargepoint Holdings Inc. 12.2% LOWER; reported Q4 EPS of ($0.23), $0.04 worse than the analyst estimate of ($0.19). Revenue for the quarter came in at $152.8 million versus the consensus estimate of $165.09 million.
Marvell Technology Inc. 9.2% LOWER; the chip company met expectations with results for its latest quarter but blamed inventory corrections for an outlook that came in below the consensus view.
Bumble Inc. 5.3% LOWER; selling stockholders affiliated with Blackstone Inc. and its founder, Whitney Wolfe Herd (collectively, the Selling Stockholders), have commenced an underwritten public offering of 12,500,000 shares of Bumbles Class A common stock.
Dell Technologies 4.4% LOWER; reported Q4 EPS of $1.80, $0.15 better than the analyst estimate of $1.65. Revenue for the quarter came in at $25 billion versus the consensus estimate of $23.51 billion. Announcing a 12% increase in annual cash dividend to $1.48 per common share. CFO to retire.
Hewlett Packard Enterprise 2.7% HIGHER; reported Q1 EPS of $0.63, $0.09 better than the analyst estimate of $0.54. Revenue for the quarter came in at $7.8 billion versus the consensus estimate of $7.44 billion. Hewlett Packard Enterprise sees Q2 2023 EPS of $0.44-$0.52, versus the consensus of $0.47. Hewlett Packard Enterprise sees Q2 2023 revenue of $7.1-7.5 billion, versus the consensus of $7.04 billion. Hewlett Packard Enterprise sees FY2023 EPS of $2.02-$2.10, versus the consensus of $2.02.
Silvergate Capital Corp 2.7% LOWER; Cryptocurrency heavyweights including Coinbase Global Inc and Galaxy Digital on Thursday dropped Silvergate Capital Corp as their banking partner after the lender's latest filing raised questions about its ability to stay in business.
Costco Wholesale Corp 2.5% LOWER; missed second-quarter revenue estimates on Thursday, as consumers turned frugal on discretionary spending amid persistently high inflation, sending its shares down about 3% in after-hours trading.
Market News
Tesla Sold 74,402 China-Made EVs in February, up 32% Y/Y
Tesla sold 74,402 China-made electric vehicles (EV) in February, up 31.65% from a year earlier, China Passenger Car Association (CPCA) data showed on Friday.
That was up 12.6% from January, when the U.S. electric car maker delivered 66,051 China-made Model 3 and Model Y electric cars.
Activist Investor Dan Loeb Builds Passive Stake in AMD
Billionaire investor Daniel Loeb on Thursday told investors in his hedge fund Third Point that the firm has invested in microchip company Advanced Micro Devices , or AMD, a source familiar with the matter said.
Third Point, which occasionally pursues an activist strategy and pushes for changes at companies, is not planning to press for changes at AMD and the investment can be considered a passive stake, the person familiar with the fund said.
XPeng Offering Discounts to Clear P7 Inventory
XPeng is offering big discounts on the P7, with a facelift of the flagship sedan set to hit the market soon.
Take the P7 625E, with a guide price of RMB 249,900 ($36,190), for example, consumers can get an RMB 10,000 cash discount and an RMB 7,000 subsidy for purchasing insurance if they buy it now, an XPeng salesperson said.
Amazon's AWS Weighs $6B Investment In Malaysia
Amazon.Com, Inc cloud unit Amazon Web Services (AWS) divulged plans to launch an AWS infrastructure Region in Malaysia.
The new AWS Region will give developers, startups, entrepreneurs, enterprises, government, education, and nonprofit organizations an excellent choice for running their applications and serving end users from data centers in Malaysia.