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U.S. stocks futures are slightly down, but major indexes continue to be on track to have a positive week. Shares of Gap (GAP), a retailer that reported better than expected results, are surging in premarket trading. DirecTV has ended its attempts to acquire Dish Network due to bondholders’ opposition. Intuit shares (INTU) are falling as its revenue forecast was below expectations. Investors need to be aware of the following today.
1. US Stock Futures Point to Lower Prices, but Indexes are Set for a Positive Week
U.S. stock-futures are pointing lower, though major stock indexes still appear to be on course for a good week. This is after earlier gains due in part to positive earnings reports. Nasdaq futures are 0.2% lower, S&P 500 futures are down 0.1% after the benchmark index comes off a fourth straight session of gains, and Dow Jones Industrial Average futures are little changed after the index surged by 1.1% Thursday. Treasury yields have been slightly lowered, and crude futures have fallen about 0.5%. Gold futures rose about 1%.
2. Gap stock soars as retailer raises outlook
Gap (GAP) shares are soaring by 15% in premarket trading after the clothing retailer reported stronger-than-expected third-quarter results and raised its sales outlook. Old Navy’s parent company reported earnings per share of 72 cents and revenue of $3.83billion, both of which exceeded the consensus estimate of Visible Alpha analysts. The company has revised its guidance to reflect a growth of between 1.5% and 2.0% in fiscal 2024, as opposed to its previous estimate of “up slightly,” The retailer predicted a successful holiday season.
3. DirecTV ends decades-long effort to buy Dish Network
DirecTV scrapped its purchase of Dish Network after decades of failed merger attempts by the satellite rivals. DirecTV announced that it had notified Dish owner EchoStar, (SATS), of its intention to cancel the deal. This was after bondholders at Dish and DBS objected. DirecTV said the termination of the deal won’t affect TPG’s (TPG) acquisition of the private-equity firm’s remaining 70% stake in the satellite provider from telecommunications giant AT&T (T). EchoStar shares are 3% lower in premarket trading, while those of AT&T are little changed.
4. Stocks of Intuit fall on disappointing outlook despite earnings beat
Intuit shares (INTU), which are down about 3% on premarket, have fallen after investors were disappointed by the company’s forecast for current-quarter revenues. TurboTax’s parent company saw its fiscal 2025 first quarter revenue increase 10% over the previous year to $3.28billion, exceeding Visible Alpha’s consensus. Profit of $197m or 70c per share was down from $241m or 85c per share the previous quarter but still exceeded projections. The company’s revenue guidance for the second quarter was between $3.81 and $3.85 Billion, which was below expectations.
5. Bitcoin nears $100,000 as investors continue to pile in
Bitcoin (BTCUSD), the hot cryptocurrency, is moving higher as it nears the $100,000 price milestone. Investors cheered on Thursday the announcement of Gary Gensler’s departure as the U.S. Securities and Exchange Commission chair. Gensler has been criticized by the crypto industry because of his enforcement style. In the meantime, shares of MicroStrategy’s (MSTR), a big bitcoin buyer, have risen 5% before the market opens after falling by 16% last Thursday. The stock has now gained only 529% in its year-to date gains.
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