CNBC
Dow futures rose Friday, pointing to a strong end of the week at Wall Street's open and what could be four straight positive sessions after Monday's major plunge. The Dow, the S&P 500 and the Nadsaq were all pacing for weekly gains. All three are also less than 1% away from their latest record closes on July 12. (CNBC)
* U.S.-listed Chinese education stocks plunge as Beijing regulators crack down (CNBC)
In the bond market, the 10-year Treasury yield, which moves inversely to price, ticked higher Friday, trading at about 1.3% after hitting a 5 -month low of nearly 1.13% earlier this week. July purchasing managers' manufacturing and services indexes are out at 9:45 a.m. ET. (CNBC)
IN THE NEWS TODAY
Dow stock American Express (AXP) rose about 4% in the premarket after the credit giant Friday reported quarterly earnings and revenue that best estimates. Shares of Honeywell International (HON), also a Dow stock, increased modestly in the premarket after the industrial company Friday beat estimates with quarterly earnings and revenue. Honeywell also raised its outlook. (CNBC)
* Wall Street headed toward best quarterly profit growth in over a decade (CNBC)
* Global IPO market had its strongest second quarter in 20 years, report says (CNBC)
Strength in tech stocks continued in Friday's premarket, with shares of Snap (SNAP) surging 16% after the social media company surprised analysts with a quarterly profit, earning an adjusted 10 cents per share. Revenue also beat. Snap late Thursday reported higher-than-expected daily user metrics as well as an upbeat revenue forecast. (CNBC)
Shares of Twitter (TWTR) rose 5% in premarket trading after the company late Thursday beat estimates by 13 cents with adjusted quarterly profit of 20 cents per share. Revenue topped forecasts as ad sales surged 87% from a year ago. Twitter also gave an upbeat current quarter revenue forecast. (CNBC)
Dow stock Intel (INTC) fell almost 2% in Friday's market, the morning after the company issued a forecast that disappointed some investors and said the global chip shortage could last well into 2023. Intel did exceeded estimates with quarterly earnings of $1.28 per share. Revenue also beat. (CNBC)
STOCKS TO WATCH
Boston Beer (SAM) shares slumped 20.3% after the Sam Adams brewer cut its financial outlook for 2021, citing weaker than expected sales of its hard seltzer brands. In its most-recent quarter, Boston Beer earned $4.75 per share, well below the $6.69 consensus estimate, with revenue short of forecasts as well.
Kimberly-Clark (KMB) reported quarterly profit of $1.47 per share, falling short of the $1.71 consensus estimate, with revenue roughly in line with forecasts. Kimberly-Clark also cut its full-year earnings forecast, pointing to higher input costs and continued pandemic driven volatility. Shares fell 3.7% in the premarket.
Skechers (SKX) surged past the 52 cent consensus estimate and reported quarterly earnings of 88 cents per share, with the footwear maker also posting better-than-expected revenue. Skechers said workers returning to offices boosted demand for its "comfort technology" offerings. Skechers rallied 7.1%.
Schlumberger (SLB) rose 2% in the premarket after beating estimates on the top and bottom lines on a rebound in oilfield services activity. Schlumberger came in 4 cents above estimates with adjusted quarterly earnings of 30 cents per share.
Veoneer soared 55% in the premarket after the Swedish auto parts maker agreed to be bought by Canadian rival Magna International (MGA) for about $3.8 billion in cash. The deal will help Magna in its efforts to enhance its driver assistance technology. Magna shares slipped 3.1%.
Capital One Financial (COF) earned $7.62 per share for its latest quarter, well above the $4.64 consensus estimate, and the financial services company also saw revenue come in above analyst forecasts. Results were boosted by a benefit related to credit losses. Still, Capital One shares fell 1.4% in the premarket.
VeriSign (VRSN) fell 2 cents short of consensus estimates with quarterly earnings of $1.31 per share, with the domain name registrar seeing revenue roughly in line with forecasts. Shares lost 0.6%.
CONTRIBUTORS
Matthew J. Belvedere
@Matt_Belvedere
Peter Schacknow
@peterschack
