I will be out of office from September 29 through October 6, Coffee With Greta will resume like normal on Monday, October 9.
DJIA Futures: -43 (-0.1%)
SPX Futures: -8 (-0.2%)
NASDAQ Futures: -48 (-0.3%)
Good morning friends!
Futures are falling as traders digest stronger than expected jobless claims data.
Let’s get right to it!
Weekly jobless claims rose less than expected last week amid continued strength in the labor market.
The Labor Department reported 204,000 Americans filed initial claims for unemployment benefits.
That was up by 2,000 from the previous week and lower than 214,000 expected.
Continuing jobless claims rose by 12,000 to 1.67 million in the week ending September 16.
Micron (MU) shares are down 2.6% ahead of the open after beating fiscal Q4 expectations but issuing weak earnings guidance.
Here’s how the chipmaker’s results compared to analysts’ estimates:
For the full fiscal 2023 year, Micron’s revenue totaled $15.5 billion, down 49% year over year.
The company lost $4.45 per share on a non-GAAP basis vs profit of $7.75 per share last year.
For the fiscal first quarter, Micron forecast $4.4 billion in revenue vs $4.2 billion expected and a non-GAAP loss of $1.07 per share vs $1.04 expected.
CarMax (KMX) shares are tumbling 12.2% in premarket trade after reporting a sharp decline in fiscal Q2 revenue.
Here’s how the used car dealer’s results compared to a year ago:
Comparable store sales dropped 9% year over year with the average selling price down by $1,200 per unit, about 4%.
CarMax said, “We believe vehicle affordability challenges continued to impact our second quarter unit sales performance, as headwinds remained due to widespread inflationary pressures, higher interest rates, tightened lending standards and prolonged low consumer confidence.”
Peloton (PTON) shares are up 9.3% ahead of the open after announcing a new strategic partnership with Lululemon (LULU).
Lulu shares are up 0.1%.
The two companies announced a five-year partnership after the close on Wednesday.
The partnership will bring Peloton’s content to Lululemon’s exercise app and Lululemon will become Peloton’s primary athletic apparel partner.
A select number of Peloton instructors will also become Lululemon ambassadors.
Lululemon’s exercise app has about 13 million members, nearly double Peloton’s global member count.
GameStop (GME) shares are jumping 7.8% in premarket trade after appointing Ryan Cohen as its new CEO, chairman, and president.
The change is effective immediately and Cohen will not collect a salary.
GameStop’s board unanimously voted to appoint Cohen as CEO on Wednesday.