Stock futures were falling on Friday after
Standard & Poor’s 500
Third consecutive losing session. Treasury yields stalled on Friday after the 10-year note closed at its highest level since 2007.
These stocks were poised to make moves on Friday:
Fiscal Third Quarter Earnings
AMAT beat Wall Street’s expectations as it did its fourth-quarter forecast, sending shares of the semiconductor manufacturing equipment maker up 3.5% in pre-market trading. “Over the past several years, we have focused our strategy and investments on key technologies to accelerate the Internet of Things and the era of artificial intelligence, enabling us to deliver consistently strong results in 2023 and positioning
CEO Gary Dickerson said in a statement.
Keysight Technologies (KEYS), the test equipment maker, issued a weaker-than-expected forecast for its fiscal fourth quarter and the stock was down 11% in pre-market trading. Keysight forecast earnings of $1.83 to $1.89 per share between $1.29 billion and $1.31 billion. Analysts had expected earnings of $2 per share on revenue of $1.39 billion.
(FTCH) fell 38% after the luxury fashion company’s second-quarter sales of $572 million missed analysts’ expectations of $650 million.
(BILL), which makes software that helps small businesses pay their bills, said it expects 2024 fiscal revenue of $1.29 billion to below $1.31 billion, which fell short of analysts’ expectations. Bell shares fell 4.5%.
(ROST), the discount retailer, reported better-than-expected second-quarter earnings and lifted guidance. The stock rose 5.3%.
(BLMN), which operates Outback Steakhouse, was up 6.3% in premarket trading. Starboard Value has built a stake of more than 5% in Bloomin’ Brandsmaking it one of the company’s five largest shareholders, the Wall Street Journal reported, citing people familiar with the matter.
Earnings reports are expected on Friday
Palo Alto Networks
(PANW), which took the unusual step of scheduling the release of its quarterly earnings for after the close of trading. Like Eric Savitz from Barron Note that companies rarely report earnings, or other important financial news, on a Friday afternoon, especially during the summer. This leads investors to believe that Palo Alto will deliver news that shareholders may not like.
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