Stock futures experienced a downward trend on Thursday, eroding some of the gains achieved in the previous session, during which the S&P 500 recorded its strongest performance in almost three weeks. The yield on the 10-year Treasury note exhibited a slight increase, reaching 4.74% and remaining close to its multiyear highs.
Key Players’ Performance in Focus
Several key players in the market were expected to make significant moves on Thursday:
Rivian Automotive (RIVN)
Rivian Automotive anticipates third-quarter sales figures ranging between $1.29 billion and $1.33 billion, aligning with analysts’ predictions. Additionally, the electric-truck maker intends to offer $1.5 billion worth of convertible notes. Rivian stated that its estimated cash, cash equivalents, and short-term investments at the end of Q3 amount to $9.1 billion, which will sufficiently support its operations and capital expenditures until 2025. However, the stock experienced a decline of 7.6% during premarket trading.
Following a 5.9% increase in its stock value on Wednesday, electric vehicle (EV) leader Tesla saw a slight dip of 0.5%. This decline came after Tesla reported third-quarter deliveries that fell short of analysts’ consensus estimates.
Clorox observed a decrease of 4.4% after revising its first-quarter fiscal outlook due to a recent cybersecurity attack. The company now expects a loss ranging from 35 cents to 75 cents per share; on an adjusted basis, the projections indicate a break-even result to a loss of 40 cents per share. Furthermore, Clorox anticipates a decline in sales between 28% and 23% compared to the same period last year. The cyberattack was disclosed by the company in mid-August.
BlackBerry to Split into Two Separate Businesses
BlackBerry (BB) shares soared by 4.2% today following the announcement that the company would undergo a significant corporate restructuring. In a move to leverage its strengths and position itself for future growth, BlackBerry revealed plans to split into two separate businesses.
The Canadian technology company is set to spin off its Internet-of-Things (IoT) business in an initial public offering (IPO). The IPO is targeted for the first half of the upcoming fiscal year.
Exxon Mobil Expects Boost in Earnings due to Rising Crude Oil Prices
Exxon Mobil (XOM) witnessed a slight decline of 0.6% in its stock value. However, the energy giant anticipates a positive impact on its third-quarter earnings due to the recent upsurge in crude oil prices.
According to a regulatory filing, Exxon projects a profit boost of approximately $900 million to $1.3 billion as a result of higher liquid prices. Additionally, they expect a potential increase of $200 million to $400 million resulting from changes in gas prices. On the other hand, thinner margins at its chemicals business may lead to a profit reduction of $400 million to $600 million.
Costco Wholesale Reports Strong Same-Store Sales Growth
Costco Wholesale (COST) delivered impressive results for September, reporting a 4.5% increase in same-store sales compared to the previous year. This growth rate shows acceleration from the 4.3% growth experienced in August. E-commerce sales also experienced positive momentum with a 3.7% rise.
Higher gas prices played a significant role in driving Costco’s same-store sales up by approximately 0.5% this month, according to the retailer. However, despite the strong performance, the stock experienced a slight decline.
Upcoming Earnings Reports
This week, investors are eagerly awaiting the earnings reports of four prominent companies. Constellation Brands (STZ), Lamb Weston (LW), ConAgra Brands (CAG), and Levi Strauss (LEVI) are all set to release their financial results. Market experts and analysts will closely examine these reports to gauge the companies’ performances in their respective industries.
Stay connected with the latest updates and industry news to stay informed about the outcomes of these earnings reports.