Stocks in motion before marketing: FedEx, Nike, BlackBerry
Stocks look poised for a higher open as the market maintains momentum after Thursday’s gains.
Futures contracts on
Dow Jones Industrial Average
are up 138 points, or 0.4%, while those of the
each gained 0.2%.
Shares hit new highs on Thursday after the announcement by the White House and a group of bipartisan lawmakers of a $ 1 trillion infrastructure deal. These expenses, if that happens. could serve as a modest boost to economic growth and create a new source of income for construction and manufacturing companies.
Value stocks outperformed growth companies on Friday morning, as they did on Thursday. The Dow Jones is full of value stocks, while the Nasdaq has more tech and other growth stocks. Value-driven companies see their profits grow more when economic demand strengthens.
“US equity futures are slightly higher on continued infrastructure optimism and tracking momentum after yesterday’s record closing highs,” wrote Tom Essaye, founder of Sevens Report Research.
Elsewhere, economic data fell short of expectations. The index of basic personal consumption expenditure rose 0.5% month over month in May, as economists expected a 0.6% increase. Consumer spending was unchanged from April, below the expected 0.4% increase.
Among the individual actions,
(NKE) gained 13% after reporting a profit of 93 cents per share, beating expectations of 51 cents per share. Sales reached $ 12.3 billion, above expectations of $ 11 billion.
the stock fell 4% after reporting earnings of $ 5.01 per share, missing the forecast of $ 5.02 per share. Sales rose to $ 22.6 billion, above expectations of $ 21.5 billion.
Stock (URI) gained 1% after upgrading to buy from neutral to
(NFLX) gained 1.6%.
shifted the action to Outperform vs. Neutral.
(BB) the stock fell 1.3% after Canaccord Genuity changed its call option to sell from Hold.
Write to Jacob Sonenshine at [email protected]