CNBC (had to edit heavier today as was inordinately full of non-stock news)
U.S. stock futures were flat Thursday after the Dow and S&P 500 closed lower for the third straight session. Investors get another report on the labor market before the bell that could go into the Federal Reserve's thinking about when to start tapering Covid-era bond purchases. Rising inflation and the delta variant are also wildcards. The Nasdaq, which had been on a run of record closes, broke a four-session winning streak on Wednesday as tech stocks faltered. (CNBC)
Chinese stocks that trade in the U.S. were lower in premarket trading after Chinese regulators called NetEase and others for an interview to remind them of videogame restrictions on kids. In a statement, China's propaganda department, cyberspace regulator and other authorities said they would "seriously deal with" any violations of their rules. (CNBC)
The U.S. government is set to report before Thursday's open, at 8:30 a.m. ET, its weekly look at jobless claims. Economists are looking for 335,000 first-time filings for unemployment benefits for the week ending Sept. 4. That would be a pandemic low all the way back to the week ending March 14, 2020 when new claims totaled 256,000. That was just before Covid caused historic business closures and job losses, leading to a rush for unemployment benefits. (CNBC)
* European Central Bank slows its bond purchases as euro zone inflation surges (CNBC)
* Yellen urges Congress to raise debt limit, warns Pelosi about extraordinary measures running out soon (CNBC)
IN THE NEWS TODAY
Shares of GameStop (GME), the original meme stock, lost 7% in Thursday's premarket, the morning after the videogame retailer reported its second-quarter loss narrowed on a year-over-year basis. GameStop, whose stock was still up more than 900% in 2021, did not provide an outlook during its post-results call. The company also said the SEC has requested additional documents for a probe into GameStop and other companies' trading activity (CNBC)
Lululemon (LULU) shares soared roughly 14% in the premarket after the athletic and leisure apparel maker late Wednesday reported second-quarter profit and revenue that topped analysts' expectations. The company has benefited from consumers buying its clothes for their stay-at-home wardrobes. But now, many people are also seeking out stretchy pants and other comfort pieces for their return to the office. Lululemon offered a better-than-expected outlook. (CNBC)
Bitcoin was steadier Thursday after Ukraine became the fifth country in as many weeks to lay down some ground rules for cryptocurrencies, a further sign governments around the world are realizing that bitcoin and other digital coins are here to stay. In a nearly unanimous vote, the Ukrainian Parliament adopted a law that legalizes and regulates crypto. The bill, set in motion in 2020, goes to the desk of Ukraine's president. (CNBC)
* El Salvador's new bitcoin wallets could cost Western Union $400 million a year (CNBC)
Prosecutors called Theranos founder and CEO Elizabeth Holmes a liar and a cheat Wednesday while her attorneys argued the company's failure was not a crime. The long-anticipated opening statement were heard during a five-hour hearing. Holmes' trial is expected to last weeks. (CNBC)
STOCKS TO WATCH
Boston Beer (SAM) tumbled 9.6% in premarket trading after the brewer of Sam Adams beer pulled previously issued financial guidance. The company said it had underestimated demand for its Truly hard seltzer brand ahead of the summer.
RH (RH) beat consensus estimates by $2.00 with adjusted quarterly earnings of $8.48 per share, and revenue above Street forecasts. The home furnishings company said it continues to see elevated demand from consumers spending more time at home. RH also raised its full-year outlook, and the stock added 2% in the premarket.
Caesars Entertainment (CZR) struck a deal to sell the non-U.S. assets of its William Hill sports betting unit to British gambling firm 888 Holdings for about $3 billion. Caesars had acquired William Hill earlier this year.
Analog Devices (ADI) Said it expected its 2020 purchase of rival semiconductor maker Maxim would add to adjusted earnings 12 months after closing, 6 months sooner than it had initially anticipated. Analog Devices also added $2.5 billion to its share repurchase program.
Warner Music Group (WMG) fell 2.1% in the premarket after StreetAccount reported that a 3.15 million share block was being shopped through Morgan Stanley.
Macy's (M) gained 1.2% in premarket trading after Cowen upgraded the retailer's stock to "outperform" from "market perform", noting better inventory and pricing management as well as a more robust digital strategy.
CONTRIBUTORS
Matthew J. Belvedere
@Matt_Belvedere
Peter Schacknow
@peterschack
