U.S. stock futures continued to edge lower on Thursday as investors await unemployment data indicating the pace of economic recovery.
While Dow Futures were 0.4% lower, S&P Futures and Nasdaq Futures dropped 0.3% and 0.2%, respectively.
Today, companies expected to report before the opening bell include Kohl’s (KSS) and Hormel Foods (HRL) while Applied Materials (AMAT), Deckers Outdoors (DECK), and Palo Alto Networks (PANW) are expected to report after the market close.
KE Holdings (BEKE), a platform for online and offline housing transactions in China was the most actively traded stock in pre-market trading. The company announced its Q1 results with revenues of $3.2 billion, a jump of 190.7% year-on-year, and an adjusted net income of $229 million.
Shares of VistaGen Therapeutics (VTGN) a clinical-stage biopharmaceutical company popped 14.8% in pre-market trading as Baird initiated coverage on the company with a Buy rating and a price target of $9 on the stock.
Black Diamond Therapeutics Inc. (BDTX), a precision oncology medicine company, was the biggest laggard as shares plunged 22.4% at the time of writing. The company announced Phase-1 data from the escalation of dose of the MasterKey-01 trial of BDTX-189 in patients with advanced solid tumors. The data indicated that BDTX-189 was generally tolerated well but toxicities were observed that were medically manageable.
In earnings news, Shoe Carnival (SCVL), the shoe store company delivered strong fiscal first-quarter results beating analysts’ estimates driven by record comparable-store sales (up 125.8%) and strong eCommerce sales (up 11.8%). Shoe Carnival reported Q1 earnings of $3.02 per share topping Street estimates of $1.40 per share. The company had recorded a loss of $1.16 per share in the same quarter last year.
The company posted sales of $328.5 million in Q1, which more than doubled on a year-over-year basis and outpaced analysts’ expectations of $274.36 million.
Shoe Carnival CEO Cliff Sifford said, “We are thrilled that customers are shopping in-store again, and we look forward to giving them an even more exciting shopping experience as we continue modernizing our store fleet and delivering on-trend product for the entire family at the value they expect.”
Keysight Technologies (KEYS), an electronics test and measurement equipment company beat Street estimates in the fiscal second quarter. The company reported net sales of $1.22 billion in fiscal Q2, up 36% year-on-year, surpassing Street estimates of $1.21 billion. KEYS reported earnings of $1.44 per share, soaring 84.6% year-on-year, topping analysts’ estimates of $1.34 per share.
Keysight Technologies CEO Ron Nersesian said, “As an enabler of leading-edge disruptive innovation, Keysight is well-positioned to capitalize on multiple waves of technology that are fueling our growth for the long term.”
Cisco Systems (CSCO), the manufacturer of networking hardware reported lower-than-expected results in the fiscal third quarter. The company reported adjusted Q3 earnings of $0.83 per share, up 5% year-over-year. The Street expected CSCO to report EPS of $0.82.
The company’s revenues were up 7% year-over-year to $12.8 billion beating consensus estimates of $12.56 billion.
Cisco CEO Chuck Robbins commented, “We are confident in our strategy and our ability to lead the next phase of the recovery as our customers accelerate their adoption of hybrid work, digital transformation, cloud, and continued strong uptake of our subscription-based offerings.”
American airline JetBlue (JBLU) is all set to disrupt the transatlantic air travel market and from August onwards, will offer non-stop flights between New York’s John F. Kennedy International Airport (JFK) and London’s Heathrow Airport. In September, the airline will also offer a non-stop service between JFK and London’s Gatwick Airport. Additionally, the company will also offer flight services from Boston to London in the summer of next year.
The airline has already started the sale of seats at low fares for U.S. travelers, with seats for the Heathrow and Gatwick routes starting at $599 per roundtrip.
“Our low fares will disrupt the pricing of the major carriers and massive joint ventures; JetBlue’s presence in this market is going to be immediately noticeable to customers,” said JetBlue CEO Robin Hayes.
In M&A news, water treatment and sustainable solutions provider Pentair (PNR) has snapped up Ken’s Beverage for $80 million. Ken’s Beverage is a provider of beverage equipment and services to commercial customers.
Pentair Consumer Solutions Executive Vice President and President Mario D’Ovidio said, “We are excited about the addition of KBI and the new growth opportunities it brings as we advance our strategy to provide a full suite of products and services for commercial customers.”
