U.S. stock futures were trending higher on Friday as investors await the much-anticipated speech by Federal Reserve Chairman Jerome Powell. The speech is expected to provide clues on when the central bank will start tapering monetary stimulus.
Dow futures were up 0.27%, S&P futures were up 0.33%, and Nasdaq futures were up 0.36% at the time of writing.
FSD Pharma Inc. (HUGE), North Bud Farms Inc. (NOBDF), and Kanzhun Ltd. (BZ) are set to report their quarterly earnings before the market opens, while Dore Copper Mining Corp (DRCMF), Australis Capital Inc. (AUSAF), and Gr Silver Mining Ltd (GRSLF) will report after the market close.
Support.Com (SPRT) was the most active stock in the pre-market session, with 1.21 million shares changing hands at the time of writing. The increased market activity comes as a result of an epic short squeeze. It is also benefiting from the company’s cryptocurrency connections.
Navios Maritime Acquisition Corp. (NNA) was one of the biggest gainers in the pre-market session, jumping 34.23% at the time of writing. The spike comes on Navios Maritime Partners L.P. announcing a merger with Navios Maritime Acquisition Corporation.
Ollie’s Bargain Outlet Holding (OLLI) was the biggest loser in the pre-market session, dropping 12.13% at the time of writing. The sell-off comes on the company delivering disappointing second-quarter results. Net sales were down 21.4% year-over-year to $415.9 million as quarterly earnings fell 65.3% to $0.52 a share.
Shares of HP Inc. (HPQ) fell 1.6% after the information technology company delivered mixed fiscal third-quarter results. Revenue was up 7% year-over-year to $15.3 billion but fell short of the $15.91 billion that the Street expected. Earnings landed at $1 a share, an improvement from $0.49 a share delivered in the same quarter last year and above consensus estimates of $0.84 a share.
Dollar General (DG) delivered solid second-quarter results, with earnings and revenues coming in above consensus estimates. While EPS was down 13.8% year-over-year to $2.69, it was still better than the $2.55 a share expected by the Street. Net sales fell 0.4% to $8.7 billion, above consensus estimates of $8.56 billion, but hurt by reduced customer traffic in stores.
Workday (WDAY) posted upbeat second-quarter 2022 results, with revenues and earnings coming in above estimates. Quarterly revenues were up 18.7% year-over-year to $1.26 billion, beating consensus estimates of $1.24 billion. Additionally, diluted net income per share landed at $1.23 versus the $0.78 expected.
Ollie’s Bargain Outlet Holdings, Inc. (OLLI) shares fell by more than 14% after the retail chain operator delivered disappointing second-quarter results. Net sales in the quarter were down 21.4% year-over-year to $415.9 million, falling short of the $435.75 million that the Street expected. Quarterly earnings landed at $0.52 a share, also missing consensus estimates of $0.55 a share.
Burlington Stores, Inc. (BURL) delivered stellar second-quarter results but warned of supply-chain disruptions. Adjusted earnings for the quarter totaled $1.94 a share, surpassing consensus estimates of $1.38 a share. Revenue grew 118.8% year-over-year to $2.21 billion, also beating analysts’ estimates of $2.05 billion.
