U.S. stock futures extended their losses on Friday as U.S. Producer prices rise slightly more than expected in July.
Market Snapshot
At 08:34 a.m. ET, Dow e-minis were down 66 points, or 0.19%, S&P 500 e-minis were down 13.5 points, or 0.30%, and Nasdaq 100 e-minis were down 76.75 points, or 0.50%.
Pre-Market Movers
Cano Health - It said there was “substantial doubt” about its ability to continue operating within one year. Cano also said it would cut its workforce by 17% and was “pursuing a comprehensive process to identify and evaluate interest in a sale” of the company. Stocks tumbled over 45% in premarket trading.
Maxeon Solar Technologies Ltd - It reduced full-year guidance citing a “near-term softening of residential demand and the challenging market conditions” that it expects to persist through the fourth quarter. Stocks tumbled over 26% in premarket trading.
UBS Group AG - It's terminating a 9 billion franc loss ($10 billion) protection agreement with the Swiss government, and terminating its 100 billion franc public liquidity backstop with the Swiss National Bank. Stocks gained nearly 5% in premarket trading.
Mullen Automotive - It will affect a 1-for-9 reverse stock split of its common stock and it is touting a production milestone as it has officially begun assembling its Mullen THREE Class 3 electric trucks. Stocks slid nearly 2% in premarket trading.
Virgin Galactic - It has completed its first private astronaut flight, "Galactic 02." and the CEO says they expect the next flight will be in early September. Stocks rose over 1% in premarket trading.
Archer Aviation Inc. - It announced a $215 million equity investment and reached an agreement with Boeing and its Wisk air taxi unit to collaborate and settle litigation. Stocks surged over 22% in premarket trading.
IONQ Inc. - It again raised its bookings outlook for the year to a range of between $49 million to $56 million. Stocks soared over 8% in premarket trading.
Flowers - It reported second-quarter adjusted earnings of 33 cents a share, beating analysts’ estimates, as revenue rose 8.8% to $1.23 billion. Stocks rose over 2% in premarket trading.
Market News
Apple has secured itself a sweetheart deal with Taiwan Semiconductor Manufacturing for one year of exclusive use of its 3nm process technology. This will boost the production of its M3-series Macs launching in October and the A17 Bionics chip inside of the upcoming iPhone 15.
Tesla Motors is facing increased scrutiny as federal investigations said Thursday they are investigating a fatal crash in Virginia involving one of the company’s SUVs that collided with a tractor-trailer truck.
The Janssen Pharmaceutical unit of Johnson & Johnson announced Thursday that the U.S. FDA granted accelerated approval for its bispecific antibody Talvey as a late-line option for adults with relapsed or refractory multiple myeloma.
Visa and Conferma Pay have extended their collaboration to enhance Visa's Commercial Pay, a line of B2B payment products designed to improve cash flow for businesses and eliminate manual processes.
$Rivian Automotive, Inc.(RIVN)$ CEO RJ Scaringe said his company’s upcoming EV charging partnership with Tesla won’t change how Rivian customers’ payment information and data are processed, a question on analysts’ minds as a growing number of electric carmakers adopt Tesla’s unique charging standards.
UBS Group AG on Friday took the decision to sever the backstop the Swiss government gave to absorb Credit Suisse, a bet there are no hidden skeletons that will emerge that will hurt the bank in the way Countrywide's acquisition dragged down Bank of America.
Virgin Galactic announced Thursday afternoon that it has completed its first private astronaut flight, "Galactic 02." The company said in its press release that its mission "achieved multiple historic milestones."
The United Parcel Service Inc contract will bump up the starting wage for package handlers to $21 an hour from about $16. By the end of the deal, a part-time handler with more than 15 years on the job will make nearly $36 an hour