Stock futures traded flat Friday after Wall Street closed lower in the previous session following mixed earnings reports and renewed recession worries.
These stocks were poised to make moves Friday:
Tesla (TSLA) fell 9.8% on Thursday and the stock lost $55.69 billion in market cap after the world’s most valuable car company reported first-quarter earnings that met Wall Street expectations but declines in automotive gross profit margins.
In premarket trading Friday, Tesla was rising 1.7%. The electric-vehicle maker late Thursday raised prices in the U.S. for its Model S and X high-end vehicles. Tesla had cut prices for the sixth time this year earlier in the week.
Meta Platforms (META) was down 1.4% in premarket trading. Chief Executive Officer Mark Zuckerberg told employees that he won’t rule out future layoffs, according to a recording of the employee town hall, The Wall Street Journal reported. Zuckerberg addressed employees in a virtual Q&A session Thursday, a day after the parent company of Facebook completed its latest round of layoffs, the Journal noted.
Meta finished Thursday’s session with a market cap of $552.4 billion, topping Tesla’s market cap of $515.7 billion. It was the first time Meta has closed with a higher valuation than Tesla since Dec. 20, 2021, according to Dow Jones Market Data.
AT&T (T) gained 1% to $17.82 after shares of the telecommunications giant were upgraded to Buy from Hold with an unchanged price target of $21 at HSBC, the Fly reported. AT&T fell 10.4% on Thursday after reporting slower subscriber growth.
First-quarter earnings at CSX (CSX), the Jacksonville, Fla.-based railroad, rose 15% from a year earlier and revenue jumped 9% to $3.71 billion on solid volume growth in merchandise and coal, higher fuel surcharges, and pricing gains, the company said. CSX rose 3% in premarket trading.
SAP (SAP), the German software company, reported strong first-quarter revenue and earnings, but sales in its key cloud division missed estimates and SAP adjusted its outlook downward. U.S.-listed shares of SAP fell slightly.
Coatings company PPG Industries (PPG) reported adjusted earnings in the first quarter of $1.82 a share, topping guidance it provided earlier in April of $1.52 to $1.58 a share, and beating analysts’ expectations.
Earnings reports are expected before Wall Street opens Friday from Procter & Gamble (PG), the consumer goods giant, copper and gold miner Freeport-McMoRan (FCX), and SLB (SLB), the oil services company formerly known as Schlumberger.
Write to Joe Woelfel at email@example.com