Stock futures traded lower on Friday, extending losses from the previous session, as Wall Street awaited the U.S. jobs report for June. Stronger-than-expected private sector jobs data on Thursday added to investors’ worries that the Federal Reserve would continue its campaign of hiking interest rates to cool the economy.
Leqembi Receives Full Approval from FDA
Leqembi, the Alzheimer’s treatment developed by Biogen (BIIB) and partner Eisai, was granted full approval from the Food and Drug Administration. The Centers for Medicare and Medicaid Services previously stated its intention to cover much of the cost of Leqembi, which has a yearly list price of $26,500, for patients if it received full approval from the FDA.
Levi Strauss Cuts Revenue Outlook, Stock Tumbles
Levi Strauss (LEVI), the renowned jeans maker, has cut its revenue outlook for the fiscal year, causing the stock to tumble more than 8% in premarket trading. The company now expects sales growth of between 1.5% to 2.5%, down from its previous forecast of 1.5% to 3%. Adjusted earnings are estimated to be $1.10 to $1.20 a share, below the previous range of $1.30 to $1.40.
Costco Sees Decline in Same-Store Sales
Same-store sales at Costco (COST) in June declined by 1.4%. The warehouse retailer attributes this decrease to lower gasoline prices, which dragged down total-store comparable sales by 4 percentage points. However, excluding the impact of gasoline prices and foreign-exchange rates, same-store sales in June rose by a promising 3%. As a result, the stock fell by 0.8%.
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