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Stock futures traded mixed Friday after price pressures in the U.S. continued to ease adding to investors’ optimism the Federal Reserve could be close to ending its rates-hiking campaign. San Francisco Fed President Mary Daly, however, said the Fed still has “more work to do” to combat inflation.
These stocks were poised to make moves Friday:
Cano Health
(CANO) was falling 48% in premarket trading to about 79 cents after the primary-care provider said there was “substantial doubt” about its ability to continue operating within one year. Cano also said it would cut its workforce by 17% and was “pursuing a comprehensive process to identify and evaluate interest in a sale” of the company.
Maxeon Solar
(MAXN), the Singapore-based solar technology company, reduced full-year guidance citing a “near-term softening of residential demand and the challenging market conditions” that it expects to persist through the fourth quarter. The company said it expects full-year revenue of $1.25 billion to $1.35 billion, compared with prior guidance of $1.4 billion to $1.6 billion. Adjusted earnings before interest taxes, depreciation, and amortization for the year were forecast at $80 million to $100 million, lower than its previous guidance of $95 million to $120 million. The stock tumbled 24%.
Archer Aviation
(ACHR), the air taxi maker, reached an agreement with
Boeing
(BA) and the aerospace giant’s Wisk Aviation to settle litigation, and the companies said they would collaborate on autonomous flight technology.
Boeing
also will be investing an undisclosed amount in
Archer Aviation,
which saw its shares jump 25% to $7.26 in premarket trading.
IonQ
(IONQ) rose 6.1% after the quantum computing hardware and software company again raised its bookings outlook for the year to a range of between $49 million to $56 million.
DigitalOcean
(DOCN) was rising 1.9% to $35.68 after shares of the provider of cloud-computing services to small businesses was upgraded to Equal Weight from Underweight and the price target was boosted to $36 from $30. The company last week reduced full-year guidance and said it was restating some previously reported results to correct certain accounting errors.
Flowers Foods
(FLO) reported second-quarter adjusted earnings of 33 cents a share, beating analysts’ estimates, as revenue rose 8.8% to $1.23 billion. Shares of the packaged bakery foods producer were rising 1.9% in premarket trading.
Write to Joe Woelfel at [email protected]
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