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 (F) fell 1.6%, General Motors (GM) declined 1.3%, and Stellantis (STLA) rose 0.7% 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 6.6% to $67.80 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.
(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 2%.
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 rose 0.2%.
Nucor (NUE) was falling 2.4% after the steelmaker 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.”
KeyCorp (KEY) rose 2% to $11.88 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 0.9%.
Write to Joe Woelfel at [email protected]
EMEA Tribune is not involved in this news article, it is taken from our partners and or from the News Agencies. Copyright and Credit go to the News Agencies, email [email protected]