U.S. stock futures inched higher Thursday after new inflation data. It follows a day of losses with the Dow dropping 646.89 points, or 1.95%. The Nasdaq Composite and S&P 500 shed nearly 2.5% and about 2.1%, respectively.
Market Snapshot
At 9:35 a.m. ET, Dow e-minis were up 2.32%, S&P 500 e-minis were up 2.72%, and Nasdaq 100 e-minis were up 3.33%.
Pre-Market Movers
Tapestry Inc. – The company behind the Coach and Kate Spade brands beat top and bottom line estimates for its latest quarter, but cut its full-year forecast for the impact of the strong U.S. dollar and China’s Covid-19 restrictions. Tapestry slid 2% in premarket trading.
NIO Inc. – The China-based electric car maker posted a wider-than-expected quarterly loss, but said it expected deliveries to nearly double in the current quarter from a year ago. Nio shares jumped 5.5% in premarket trading.
WeWork – The office-sharing company’s stock fell 1.7% in the premarket after it reported a wider-than-expected quarterly loss. WeWork also plans to exit about 40 underperforming locations this month.
Six Flags Entertainment – The theme park operator’s stock initially dipped in premarket trading after it missed top and bottom line estimates for its latest quarter. However, it rebounded to a 2.9% gain after announcing an agreement with investment firm H Partners that raised the cap on H Partners’ stake in the company to 19.9% from 14.9%.
Rivian Automotive, Inc. – Rivian rallied 8.2% in off-hours trading after the electric vehicle maker reported a narrower-than-expected quarterly loss and kept its production schedule intact, even in the face of supply chain issues.
Dutch Bros Inc. – Dutch Bros stock jumped 3.8% in the premarket after the operator of hand-crafted beverage shops reported better-than-expected profit and revenue for its latest quarter. The company also raised its full-year revenue outlook.
AstraZeneca PLC – AstraZeneca gained 4.8% in premarket trading after the drug maker reported upbeat quarterly results and raised its full-year profit forecast. AstraZeneca’s results got a boost from strong sales of its cancer drugs.
Bumble Inc. – Bumble slumped 14% in premarket action after issuing a weak current-quarter revenue forecast. The dating service operator said its users are renewing subscriptions at a slower rate as consumers cut back on discretionary spending in the face of inflation.
Fair Isaac – Fair Isaac staged a 10.4% rally in the premarket after its quarterly earnings beat analyst estimates and revenue grew in both its credit score and software units. The company, known for FICO credit scores, also gave an upbeat full-year forecast.
ZipRecruiter Inc. – ZipRecruiter surged 12.6% in premarket trading after the online jobs site operator posted better-than-expected quarterly results and raised its full-year forecast. ZipRecruiter also announced a $200 million increase in its share repurchase program.
Market News
The U.S. securities regulator is investigating crypto exchange FTX.com's handling of customer funds amid a liquidity crunch, as well its crypto-lending activities, a source with knowledge of the inquiry said on Wednesday.
Minneapolis Federal Reserve Bank President Neel Kashkari on Wednesday said it's "entirely premature" to discuss any pivot away from the Fed's current policy tightening, even as he appeared to endorse the possibility of adjusting the size of future rate hikes.
Apple has hired a startup founder and former Facebook executive to run its information systems group after departures in that department, according to people with knowledge of the matter.
Unity Software Inc. reported a third-quarter loss of $253.7 million, or 84 cents a share, compared with $155.1 million, or 41 cents a share, in the year-ago period. Revenue rose to $322.9 million from $286.3 million in the year-ago quarter.
Beyond Meat, Inc. reported a net loss of $101.7 million, or $1.60 per share, for the third quarter. Analysts on average had expected a loss of $1.14 per share, according to IBES data from Refinitiv.Net revenue fell 22.5% to $82.5 million, missing analysts' estimates of $98.1 million.
Rivian Automotive, Inc.’s smaller R2 vehicle family will begin production in 2026, a year later than previously announced, at Rivian's planned $5 billion Georgia plant. The automaker ended the third quarter with $13.8 billion in cash, down from $15.9 billion at the end of the second quarter.
Coupang, Inc.’s Q3 operating profit amounted to $77.4 million, compared with a loss of $315 million on that basis a year earlier, net revenue climbed 10% from a year earlier to $5.1 billion, while the number of active clients rose 7%.
NIO Inc.’s total revenues were RMB13,002.1 million (US$1,827.8 million) in the third quarter of 2022, representing an increase of 32.6% from the third quarter of 2021 and an increase of 26.3% from the second quarter of 2022.