On Thursday, stock futures indicated a lower open as investors digested a mixed bag of corporate earnings and awaited key economic data releases.
Micron Technology, a leading chip maker, reported better-than-expected adjusted earnings and revenue for its fiscal third quarter. However, the company’s stock was down 6.3% in premarket trading due to a cautious revenue outlook for the fourth quarter, which matched estimates but didn’t exceed them as anticipated. Micron projected fourth-quarter revenue of $7.6 billion at the midpoint of its guidance range, along with adjusted earnings per share of $1.08, slightly above Wall Street estimates.
Levi Strauss, the iconic jeans maker, saw its stock tumble 15% premarket despite posting a nearly 8% increase in second-quarter revenue to $1.44 billion. The revenue figure slightly missed expectations of $1.45 billion, although adjusted earnings per share of 16 cents surpassed estimates of 11 cents. Levi’s highlighted a strong 17% revenue growth in the Americas but maintained its fiscal year revenue growth outlook of 1% to 3%.
Amazon.com made headlines as its market capitalization crossed the $2 trillion mark for the first time, becoming the fifth company to achieve this milestone. Amazon’s stock surged 3.9% to an all-time high of $193.61 on Wednesday, closing with a market value of $2.015 trillion. However, in premarket trading, Amazon’s shares dipped marginally by 0.1%.
International Paper faced a significant setback, plunging 15% after Brazilian pulp manufacturer Suzano terminated discussions to acquire the Memphis-based paper maker. Earlier, Suzano had proposed a potential $15 billion acquisition. Meanwhile, International Paper noted progress in its acquisition of U.K.-based DS Smith, which cleared a key regulatory hurdle in the U.S.
AeroVironment, a defense supplier, saw its stock decline by 5.6% premarket despite reporting fiscal fourth-quarter earnings and revenue that exceeded analyst expectations. The company expressed optimism about achieving nearly 12% year-over-year revenue growth in fiscal year 2025, projecting revenue between $790 million and $820 million.
In contrast, BlackBerry’s stock rose 7.2% after the cybersecurity company reported a narrower-than-expected adjusted loss of 3 cents per share for its fiscal first quarter. Although down from earnings a year earlier, this performance beat analysts’ expectations of a 5-cent loss per share.
Looking ahead, investors awaited earnings reports from major companies including Nike, Walgreens Boots Alliance, McCormick & Co., and Acuity Brands. Nike’s shares saw slight gains ahead of its fiscal fourth-quarter earnings announcement, with Wall Street analysts anticipating earnings of 84 cents per share on revenue of $12.9 billion.
Overall, the market showed cautious sentiment as it absorbed the latest earnings updates and prepared for upcoming economic indicators, including jobless claims, durable goods orders, and GDP figures, which could further influence trading dynamics.
For further insights and updates, stay tuned to developments in the financial markets and corporate earnings reports.