U.S. stock futures rose on Thursday after all the major averages posted sharp gains in the prior session on the back of a better-than-expected July inflation report.
Market Snapshot
At 8:40 a.m. ET, Dow e-minis were up 0.75%, S&P 500 e-minis were up 0.7%, and Nasdaq 100 e-minis were up 0.71%.
Pre-Market Movers
Six Flags Entertainment – The theme park operator’s stock tumbled 12.8% in the premarket after its quarterly profit and revenue fell well short of Wall Street forecasts. Six Flags saw its results hit by a 22% drop in attendance, among other factors.
Canada Goose – The outerwear maker reported a smaller-than-expected quarterly loss, with revenue exceeding analyst forecasts. Canada Goose is the latest luxury retailer to see its high-end consumers maintain their spending levels. The stock added 2.4% in premarket trading.
Warby Parker Inc. – The eyewear retailer reported a smaller-than-expected quarterly loss, with sales exceeding estimates. Active customer numbers rose 8.7% from a year earlier.
Utz Brands, Inc. – The salty snacks maker’s stock jumped 8.2% in the premarket after reporting quarterly profit and revenue that was better than expected, as well as raising its full-year sales outlook.
Cardinal Health – Cardinal Health fell 1% in the premarket after reporting a mixed quarter, with the pharmaceutical distributor’s earnings beating Street forecasts while revenue came up short of estimates. Cardinal Health also announced that CEO Mike Kaufmann will step down on September 1, to be succeeded by Chief Financial Officer Jason Hollar.
Walt Disney – Disney rallied 8.9% in the premarket after reporting better-than-expected quarterly earnings and announcing a December 8 launch date for an ad-supported version of its Disney+ streaming service. It also announced it would increase the price of its ad-free service to $10.99 per month from $7.99.
Sonos Inc – Sonos skidded 17.6% in the premarket after its breakeven quarter surprised analysts, who were expecting a profit. Revenue was also well below Wall Street forecasts, with the company cutting its full-year forecast in the face of economic challenges. The maker of high-end speakers also announced the departure of CFO Brittany Bagley as of September 1.
Bumble Inc. – Bumble tumbled 8.9% in premarket trading after the dating service operator cut its annual revenue forecast. Bumble is facing stiff competition from rivals such as Tinder parent Match Group(MTCH), and its Badoo dating app – which is popular in Western Europe – has been hurt by the war in Ukraine.
Vacasa Inc. – Vacasa soared 24.7% in premarket action after the provider of vacation rental services raised its full-year outlook amid a surge in demand. Vacasa also reported a surprise quarterly profit.
Vizio Holding Corp. – Vizio gained 2% in premarket trading after the maker of smart TVs and other consumer entertainment equipment reported a surprise profit for its latest quarter, with average revenue per user up 54% from a year earlier.
T2 Biosystems – shares rose 32.91% in pre-market trading. T2 Biosystems shares jumped over 30% on Wednesday after the company on Tuesday announced it will explore the potential to develop a rapid molecular diagnostic test for monkeypox.
Market News
For the fiscal third quarter ended July 2, Walt Disney posted adjusted earnings per share of $1.09, up 36% from a year earlier, and itedged past Netflix Inc with a total of 221 million streaming customers and announced it will increase prices for customers who want to watch Disney+ or Hulu without commercials.
Harris Associates disclosed a stake in Credit Suisse Group AG of more than 10% after converting some of its holdings into American depositary receipts, underscoring its place as the bank’s biggest shareholder. The investment firm owned 266 million shares, or 10.1% of the total, as of July 31, Harris Associates said in a US regulatory filing on Wednesday.
Coinbase Global, Inc. said it has received investigative subpoenas and requests from the U.S. Securities and Exchange Commission, pointing to potential further pressure facing the crypto exchange, after it posted wider-than-expected losses inQ2.
AppLovin Corporation saw a loss of $21.7 million, or 6 cents a share, compared to net income of $14.4 million, or 4 cents a share, last year. Total costs and expenses were $722.8 million for the quarter, up from $633.8 million a year ago. Revenue was up 16% to $776.2 million. The company also lowered its revenue outlook for the year to a range of $2.84 billion to $3.14 billion from its prior guidance of $3.14 billion to $3.44 billion.
Coupang, Inc. now sees positive adjusted earnings before interest, tax, depreciation and amortization, compared with an earlier projection for a $400 million loss. ItsQ2 operating loss narrowed to $75 million, compared with a $514.9 million loss a year earlier. Total net revenue rose 12% to $5 billion in the period, while the number of active clients rose 5%.
The XPeng Inc. G9 reached 22,819 pre-orders 24 hours after it opened for pre-sale, with the first pre-order coming from Shanghai, the company announced on Weibo today. The 10 cities with the most pre-orders for the model are Guangzhou, Hangzhou, Shanghai, Beijing, Shenzhen, Chengdu, Wuhan, Chongqing, Ningbo and Suzhou, according to the company.
Russia’s oil output is set to fall roughly 20% by the start of next year as a European Union import ban comes into force, according to the International Energy Agency. Gradual monthly declines will start as soon as this month as Russia cuts back refining, and will quicken as the embargo takes effect, the IEA said in a market report.
China's auto sales surged 29.7% in July from a year earlier to 2.42 million units, extending a recovery that began in June with the help of eased COVID curbs and government incentives. But sales for the first seven months were still 2% lower than the corresponding 2021 period, data from the China Association of Automobile Manufacturers (CAAM) showed on Thursday.