U.S. Stock futures headed for a lower open Friday morning after a rout in technology stocks during Thursday's regular trading day, as investors turned away from growth stocks in anticipation of tighter monetary policy next year.
At 8:00 a.m. ET, Dow e-minis were down 117 points, or 0.33%, S&P 500 e-minis were down 24 points, or 0.52%, and Nasdaq 100 e-minis were down 153.5 points, or 0.97%.
Stocks making the biggest moves premarket:
Darden Restaurants – The parent of Olive Garden, Longhorn Steakhouse and other restaurant chains beat estimates by 5 cents with quarterly earnings of $1.48 per share and revenue that also topped forecasts. Same-restaurant sales jumped 34.4%, higher than the 32.6% consensus estimate compiled by StreetAccount, and Darden issued an upbeat forecast. Separately, Darden announced that CEO Eugene Lee will retire in May 2022, to be replaced by current President and Chief Operating Officer Ricardo Cardenas. Darden fell 5% in the premarket.
Winnebago – The recreational vehicle maker added 3.4% in premarket trading after a sizable bottom-line beat for its fiscal first quarter. Winnebago earned $3.51 per share, compared with the consensus estimate of $2.26 and revenue that also came in above analyst forecasts.
FedEx – The delivery service’s shares rallied 5.9% in the premarket after beating estimates on the top and bottom lines for its latest quarter. FedEx earned an adjusted $4.83 per share, beating the $4.28 consensus estimate, with higher shipping rates helping to make up for increased expenses.
Rivian Automotive, Inc. – The electric vehicle maker lost $1.23 billion for the third quarter stemming from expenses to begin production of its electric pickup truck. It was Rivian’s first quarterly report since going public, and revenue was $1 million from its first deliveries. The stock tumbled 7.9% in premarket trading.
Bottomline – Bottomline shares soared 15.1% in the premarket after the fintech company agreed to be acquired by private equity firm Thoma Bravo for $57 per share in cash, or $2.6 billion.
Cerner – The healthcare information-technology company’s stock soared 18.9% in premarket trading after the Wall Street Journal reported that Oracle(ORCL) was in talks to buy Cerner in a potential $30 billion deal. Oracle fell 4.6%.
Johnson & Johnson – Johnson & Johnson shares fell 2.1% in the premarket after the CDC recommended that adults receive the Pfizer(PFE) or Moderna(MRNA) Covid-19 vaccines rather than the J&J shot. The CDC cited new data showing higher levels of a blood clotting condition than previously thought, although that condition remains rare.
Affirm Holdings, Inc. – The “buy now pay later” company’s stock fell 2.3% in the premarket after the Consumer Financial Protection Bureau said it was launching an inquiry into firms that offer such plans.
Novavax – The drug maker’s stock rose 1.3% in premarket action on a Financial Times report that the European Medicines Agency may approve its Covid-19 vaccine for emergency use as early as next week.
U.S. Steel – The steel maker’s stock slid 4.4% in the premarket after the company issued lower-than-expected current-quarter guidance, with higher expenses and cautious customer buying patterns offsetting improved steel pricing.
Steelcase – The office furniture maker reported lower-than-expected profit and revenue for the third quarter, with Steelcase saying its results have been impacted by supply chain issues and higher costs. Steelcase fell 4.4% in premarket trading.