The three major U.S. equity indexes closed higher on Thursday as consumer cyclical stocks that have been battered for the past year added 4.9% to lead all sectors. Communications services and tech both gained 2.4%. In premarket trading Friday morning, all three indexes were somewhat higher.<\/p>\n
Later in the morning, the U.S. Bureau of Economic Analysis will release its monthly report for April personal consumption expenditures (PCE), the Fed\u2019s favored measure of inflation. Economists are expecting the overall PCE index to rise by 0.3% (it rose 0.9% in March) and core PCE to rise 0.3%, equal to the February and March increases.<\/p>\n
After markets closed Thursday afternoon, Costco beat analysts\u2019 consensus estimates for earnings per share (EPS) and revenue. The stock traded down about 2% in Friday\u2019s premarket session.<\/p>\n
Dell Technologies also beat on the top and bottom lines and lifted both second-quarter and full-year guidance. Shares traded up about 12% early Friday.<\/p>\n
Farfetch missed on both earnings and revenues but guided gross merchandise value growth for the fiscal year to between 5% and 10%. Shares traded up about 2.7%.<\/p>\n
Marvell beat both top-line and bottom-line estimates and issued guidance in line with expectations. Shares traded up nearly 5% Friday morning.<\/p>\n
Workday missed EPS estimates but beat the revenue forecast. The company expects subscriber revenue growth of 22% this year and guided 2023 revenue slightly higher. The stock traded down more than 8% in Friday\u2019s premarket.<\/p>\n
Before markets opened Friday morning, Big Lots reported results that missed on both the top and bottom lines. Shares were down nearly 20% in premarket trading.<\/p>\n
Canopy Growth missed estimates for both earnings and revenues. Shares traded down more than 12.5% in Friday\u2019s premarket.<\/p>\n
U.S. markets are closed Monday for the Memorial Day holiday. Here is a preview of what to expect from five companies reporting results on Tuesday.\n\t\t<\/p>\n
Electric vehicle charging network provider ChargePoint Holdings Inc. (NYSE: CHPT) has seen its stock price drop by around 49% over the past 12 months. Since its initial public offering in 2021, the stock has dropped more than 60%. Shares had recovered about half that loss before the company announced a secondary offering of convertible debt in April that sent the stock to a 52-week low. The conversion price is more than double the current trading price. ChargePoint reports results after markets close Tuesday.<\/p>\n
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