Stock futures are down, pointing to Wall Street indexes extending Thursday’s selloff that came after data showed inflation hitting a new four-decade high. Here’s what we’re watching in Friday’s trading:
- Affirm Holdings shares dropped 10% premarket. A Twitter slip-up on Thursday sent the buy-now-pay-later company’s shares on a wild ride that ended with its worst one-day drop on record.
- HubSpot shares jumped 10% premarket after it reported a 47% rise in quarterly revenue on the year.
- GoDaddy gained 7.7% ahead of the bell after the company reported full-year revenue growth and announced a share repurchase plan.
- Zendesk added 3.4% premarket. Thoma Bravo and other firms have made takeover approaches to Zendesk, which is also facing a proxy fight from an activist investor seeking to scuttle a proposed acquisition of SurveyMonkey ’s parent company Momentive Global . Momentive shares added 7.6% off hours.
- Zillow jumped 14% premarket. The online real-estate company said it lost $881 million on its algorithmic-driven home-flipping business last year in its first earnings report since it shut down that operation in the fall.
- Cleveland-Cliffs dropped 6.5% premarket after the flat-rolled steel producer reported results.
- Some big tech names were ticking down amid the dim mood. Apple edged down 0.5%, Tesla shed 0.4%, Netflix fell 1.3%, Alphabet slipped 0.5% and Amazon was down 0.6%.
- Crypto stocks were also having a bad day. Bakkt Holdings fell 4.7%, Coinbase Global edged down 0.6%, and bitcoin miners Marathon Digital and Hut 8 Mining were down 2.3% and 4.2% respectively. Bitcoin itself was down 1% from its 5 p.m. ET level on Thursday.
- Yelp rose 4.4% premarket. The company reported revenue above pre-pandemic levels, driven by record advertising sales for services categories and multi-location and self-serve channels.
- Under Armour , Newell Brands and Dominion Energy are among the companies reporting earnings Friday.
Chart of the Day
- U.S. stocks appear cheaper than they have since the early days of the Covid-19 pandemic—but such bargains won’t be enough to power the next leg of the bull market, investors say.
Write to James Willhite at [email protected]
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