U.S. stock futures extend decline after economic data.
U.S. third-quarter GDP revised up to 3.2% annual growth rate from 2.9%; U.S. initial jobless claims rise 2,000 to 216,000 in Dec. 17 week.
Market Snapshot
At 8:35 a.m. ET, Dow e-minis were down 116 points, or 0.35%, S&P 500 e-minis were down 18.75 points, or 0.48%, and Nasdaq 100 e-minis were down 77.25 points, or 0.68%.
Pre-Market Movers
CarMax (KMX) – The auto retailer’s stock slumped 13.4% in the premarket after its quarterly profit and revenue fell well short of estimates. CarMax earned 24 cents per share, compared with a consensus estimate of 70 cents, and its comparable used-vehicle sales were down 22.4% versus FactSet’s consensus forecast of a 16.9% slide.
Micron Technology (MU) – Micron shares fell 4.4% in premarket trading after the chip maker reported a wider-than-expected quarterly loss and revenue that fell short of Wall Street forecasts. Micron’s results were impacted by declining demand for electronics, and the company announced it will cut about 10% of its workforce.
Under Armour (UAA) – The athletic apparel maker named Marriott executive Stephanie Linnartz as its new CEO, effective on Feb. 27. Linnartz is currently president of Marriott’s international operations and has been with the hotel operator for 25 years.
ORIC Pharmaceuticals (ORIC) – ORIC Pharmaceuticals soared 55% in premarket trading Thursday after announcing both a collaboration on a multiple myeloma candidate with Pfizer as well as an equity investment from the drug giant.
Tyson Foods (TSN) – Tyson is expected to lose hundreds of employees when it consolidates corporate offices in Arkansas next year, according to people familiar with the matter who spoke to the Wall Street Journal. The beef and poultry producer is closing two offices in Illinois and one in South Dakota. Tyson fell 0.6% in premarket action.
MillerKnoll (MLKN) – MillerKnoll gained 3.2% in premarket trading after reporting better-than-expected profit and revenue for its latest quarter. The furniture maker was able to make up for a 13% decline in orders with higher prices.
TuSimple (TSP) – TuSimple plans to cut 25% of its workforce, a move that affects about 350 of the self-driving truck startup’s workers. Earlier reports had said the company could cut as many as 700 employees as it refocuses on research and development of self-driving trucking technology. TuSimple fell 0.7% in the premarket.
Global Business Travel Group (GBTG) – The American Express spin-off was rated outperform in new coverage at Evercore ISI, which expects the business travel platform to benefit from its leading position in the industry and from a rebound in business travel recovery. Global Business Travel Group rose 1.6% in premarket trading.
Mirati Therapeutics (MRTX) – The drug maker’s stock jumped 6% in the premarket after the FDA granted its colorectal cancer treatment a “breakthrough therapy” designation. That designation fast tracks the approval process for treatments that provide substantial improvement over existing therapies.
Market News
Tesla Offers Discount on Some Car Models in U.S., Canada
Tesla Inc is offering discounts on Model 3 and Model Y vehicles delivered in the United States and Canada this month, sales pages on its website showed on Wednesday, amid concerns the automaker is facing softening demand as economies slow.
The company is giving a $7,500 credit in the United States and a $5,000 credit in Canada on Model 3 and Model Y vehicles delivered before the end of the year, and also free supercharging for 10,000 miles, the pages showed.
Two Bankman-Fried Associates Plead Guilty to Fraud As FTX Founder Heads to U.S.
FTX founder Sam Bankman-Fried left the Bahamas on Wednesday on a U.S.-bound flight to face fraud charges as federal prosecutors announced that two of his former associates had pleaded guilty to similar charges and were now cooperating with the government.
Manhattan U.S. Attorney Damian Williams said in a video posted on Twitter late Wednesday night that Caroline Ellison, former CEO of Alameda Research, and Gary Wang, co-founder of FTX, had pleaded guilty to defrauding investors in the crypto trading platform.