Stock futures traded with slight gains on Thursday after Wall Street closed lower following the release of minutes from the Federal Reserve’s July meeting which indicated that officials think they may have to continue raising interest rates amid a “significant” risk of inflation.
Cisco Systems (CSCO) reported fiscal fourth-quarter profits and sales that beat Wall Street estimates, but its forecasts for the next fiscal year were mixed. Cisco shares rose 3.2% in premarket trading after the networking giant showed signs of improving product orders.
Wolfspeed (WOLF) was down 13% after the chip company reported a larger-than-expected loss in its fiscal fourth quarter, and its forecast for an adjusted loss for the first quarter of 60 cents to 75 cents per share was much larger than expected.
Ball Corp stock rose. (BALL) down 5.1% after BAE Systems said so Buying a satellite ball business For $5.55 billion. Ball Aerospace is a provider of spacecraft, mission payloads, optical systems and antenna systems.
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Hawaiian Electric Industries (HE) fell 14% in premarket trading after The Wall Street Journal reported that utilities were In talks with restructuring companies To explore options for addressing the financial and legal challenges arising from the wildfires in Maui.
Analysts expect Walmart (WMT) to report second-quarter earnings of $1.71 per share on revenue of $160.2 billion. The report from the world’s largest retailer is expected before the stock market opens. The stock rose 1.2% in pre-market trading.
ADRs for Bilibili (BILI), the China-based video sharing company, rose 7.2% after the company reported a smaller-than-expected quarterly loss and growth in average daily active users.
Other companies set to report earnings Thursday include Applied Materials (AMAT), Ross Stores (ROST), Keysight Technologies (KEYS), Tapestry (TPR), and Bill.com.
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(invoice).
Adobe (ADBE) rose 2.2% to $525.66 in pre-market trade after analysts at BofA Securities upgraded their recommendation on shares of the software company to Buy from Neutral and raised its share price target to $630 from $575.
US Steel (X) rose 0.3% after a report said that ArcelorMittal (MT), one of the world’s largest steel companies, is considering bidding for US Steel. Cleveland-Cliffs (CLF) and privately owned steel service center Esmark are two confirmed bidders for US Steel. Both bids are $35 per share. The Cleveland-Cliffs offer is cash and stock. Esmark’s offer is all in cash.
Write to Joe Woelfel at [email protected]
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