Stock futures were mostly higher Friday as Wall Street weighed the impact of the strike by workers at the Big Three auto makers, while sentiment received an early lift from better-than-expected economic data in China.
These stocks were poised to make moves Friday:
Ford
(ticker: F) fell 0.8%,
General Motors
(GM) declined 0.3%, and
Stellantis
(STLA) rose 0.5% after the United Auto Workers union launched its first-ever partial strike against the car companies after the sides failed to reach a deal for a new contract ahead of a deadline just before midnight Thursday.
Arm Holdings
(ARM) was rising 0.3% to $63.89 in premarket trading after the U.K. chip design company closed its first day of trading Thursday at $63.59, 25% above the initial public offering price. The IPO for ARM, which provides chip designs to a range of semiconductor manufacturers, including the processor designs used in essentially every current smartphone, was the biggest of the year.
Walt Disney
(DIS) gained 0.8% after a spokesman said the entertainment giant hasn’t yet decided what it will do with ABC and other traditional broadcast television channels. That followed a report from Bloomberg that said the company had held talks with
Nexstar Media
about selling the stations.
Nikola
(NKLA) extended gains in premarket trading, rising 14% after closing 32% higher on Thursday after the electric-truck maker’s CEO said he sees the first hydrogen fuel cell trucks delivered by the end of the month.
Adobe
(ADBE) reported fiscal third-quarter adjusted earnings of $4.09 a share on revenue of $4.89 billion, higher than analysts’ estimates of $3.98 a share on revenue of $4.87 billion. The software company said it expects fourth-quarter earnings of $4.10 to $4.15 a share on revenue of $4.98 billion to $5.03 billion, versus Wall Street forecasts of $4.06 a share on revenue of $5 billion.
Adobe
shares fell 3.6%.
Nucor
(NUE) was falling 2.7% after the steel maker issued a fiscal third-quarter earnings outlook that missed estimates. Nucor said it expects earnings for its steel mills segment in the third quarter to fall from the second quarter “due to lower pricing, and to a lesser extent, volumes.”
Fiscal third-quarter earnings and revenue from home builder
Lennar
(LEN) beat analysts’ expectations. Although revenue fell 2% from the third quarter a year earlier, home deliveries rose 8% and new orders jumped 37%. “Market conditions remained constructive for new homebuilders” during the quarter, said Chief Executive Stuart Miller. The stock dropped 1.8%.
Carvana
(CVNA) rose 0.7% and
CarMax
(KMX) gained 1.1% in premarket trading. Shares of the used-car retailers jumped 13% and 4%, respectively, on Thursday ahead of the auto workers strike.
KeyCorp
(KEY) rose 1.7% to $11.85 after shares of the lender were upgraded to Overweight from Neutral at
Piper Sandler
and the price target was raised to $13.50 from $12.
Truist Financial
(TFC) was downgraded to Neutral from Overweight by Piper Sandler and the stock declined 0.7%.
Write to Joe Woelfel at [email protected]
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