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*** ONE-TIME USE *** Signage at a Tesla Inc.
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.
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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 joseph.woelfel@barrons.com