Stock futures are indicating a positive start to the trading day on Friday as investors eagerly await the latest U.S. inflation figures. This comes as the month of September concludes with what has been a challenging period for equities.
Nike Reports Strong Q1 Results, Sends Stock Soaring
Athletic apparel giant Nike (NKE) has reported better-than-expected profits for its fiscal first quarter, driving a significant surge in the company’s stock. Nike also revealed a 10% decrease in inventories during this period. Encouragingly, the company has reaffirmed its fiscal-year outlook and provided an optimistic forecast for the second quarter. As a result, other athletic footwear and accessory companies such as Foot Locker (FL), Under Armour (UAA), and On Holding (ONON) have seen their shares climb as well.
Tesla Faces Lawsuit while Investors Await Delivery Update
Electric vehicle manufacturer Tesla (TSLA) witnessed a slight increase in its premarket trading, despite being hit with a lawsuit filed by the Equal Employment Opportunity Commission. The lawsuit alleges that Tesla subjected Black employees at its Fremont, Calif., plant to racial harassment and created a hostile work environment. However, investors remain focused on Tesla’s upcoming third-quarter delivery report, scheduled for release on Monday. Analysts at Citi have adjusted their expectations, projecting quarterly sales of 450,000 vehicles instead of the initially anticipated 468,500.
In summary, investors are eagerly tracking the latest inflation data while applauding Nike’s impressive earnings report. Meanwhile, Tesla faces legal challenges but continues to generate interest ahead of its delivery update.
Automotive Industry Update
Ford (F), General Motors (GM), and Stellantis (STLA) See Slight Gains as Strike Deadline Approaches
Stocks for Ford, General Motors, and Stellantis experienced modest increases as the auto makers face yet another strike deadline. The United Auto Workers issued a warning that more workers may go on strike if negotiations with the companies do not yield sufficient progress. UAW President Shawn Fain will provide an update on the situation on Friday at 10 a.m. Eastern.
PTC Therapeutics (PTCT) Implements Workforce Reductions to Cut Operating Expenses
Biopharmaceutical company PTC Therapeutics has announced a reduction of 25% in its workforce as part of its plan to achieve a 20% reduction in annualized operating expenses.
BlackBerry (BB) Reports Narrower Loss Than Expected, but Misses Revenue Forecasts
Waterloo-based security software company BlackBerry revealed a second-quarter loss of $0.04 per share, which was narrower than analysts’ expectations. However, the company reported revenue of $132 million, which fell short of forecasts. Despite this, BlackBerry saw a 0.2% increase in premarket trading.
Vail Resorts (MTN) Faces Challenges Due to Weather but Forecasts Growth in Fiscal 2024
Ski-resort company Vail Resorts reported a wider fiscal fourth-quarter loss compared to the previous year, citing significant weather-related challenges during the season. However, the company remains optimistic and anticipates growth in fiscal 2024 relative to fiscal 2023.
Carnival (CCL) Set to Announce Fiscal Third-Quarter Earnings
Cruise operator Carnival is scheduled to release its fiscal third-quarter earnings report on Friday.
