Stocks fell early Friday ahead of U.S. jobs data that could inform future interest rate policy from the Federal Reserve.
“The US jobs report could also be a negative catalyst later in the session if it is deemed strong enough to warrant more aggressive tightening by the Fed,” Craig Erlam, analyst at brokerage Oanda, wrote in a note. “We’ve seen a lot more risk aversion in the markets recently as the Fed’s comments finally trickle down to investors.”
Here are 3 trends in Yahoo Finance in pre-trades:
Lululemon (LOULO): Shares of the sportswear brand jumped after the company posted stronger-than-expected third-quarter earnings, indicating that at least some shoppers are still actively buying apparel in the era of inflation and back-to-office adjustments. Revenue for the period rose 29% to $1.9 billion, from $1.45 billion last year. Net income increased 28% in North America and 35% internationally. Total comparable sales also increased 23% for the quarter, while same-store sales increased 16% during the quarter, year-over-year. Lululemon also boosted its full-year earnings forecast.
“Lululemon remains primarily a full-price business and we have not changed our promotion pace or discount strategy and have no plans to do so,” CEO Calvin McDonald told investors on a conference call late Thursday.
Starbucks (SBUX): Shares of the coffee giant rose slightly in premarket trading after the company announced that Laxman Narasimhan, most recently chief executive of Reckitt Benckiser Group Plc, will be its new chief executive. This comes at a time when baristas are seeking to unionize and sales have been stagnant in recent quarters.
“Laxman is an inspirational leader,” said Starbucks chairman Mellody Hobson. “His deep, hands-on experience driving strategic transformations in global consumer-facing businesses makes him the ideal choice to accelerate Starbucks’ growth and capture the opportunities ahead.”
Broadcom (EGG): Shares rose in premarket trading after the chipmaker posted higher-than-expected third-quarter earnings and gave a strong sales forecast for the current quarter. Revenue for the fourth quarter will be about $8.9 billion, compared with the Bloomberg consensus estimate of $8.72 billion. Chief Executive Officer Hock Tan told analysts after the earnings report that “infrastructure spending remains very risky.” He also admitted that the company’s earnings report was “kind of surreal.”
Dani Romero is a reporter for Yahoo Finance. Follow her on Twitter @daniromerotv
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