Stock futures traded with slight gains on Thursday following a lower close on Wall Street. The minutes from the Federal Reserve’s meeting in July revealed a concern over inflation, suggesting that interest rates may continue to rise.
Cisco Systems (CSCO)
Cisco Systems reported fiscal fourth-quarter earnings and sales that exceeded expectations, boosting the company’s stock. Although its forecast for the next fiscal year was mixed, shares of Cisco saw a 3% increase in premarket trading, indicating positive signs for the networking giant.
Chip company Wolfspeed faced a setback as it reported a wider-than-expected loss in its fiscal fourth quarter. Furthermore, its expectations for a first-quarter adjusted loss were significantly wider than forecasts, leading to a 14% decline in its stock value.
Ball Corp. (BALL)
In a significant development, BAE Systems announced its plans to acquire Ball Corp.’s aerospace business for $5.55 billion. Ball Aerospace, known for its spacecraft, mission payloads, optical systems, and antenna systems, experienced a surge of 5.5% in its stock price due to this deal.
United States Steel (X)
Reports suggest that ArcelorMittal, one of the largest steel companies globally, is considering making a bid for U.S. Steel. This news caused a 1.8% increase in United States Steel’s stock value. Cleveland-Cliffs and Esmark are also confirmed bidders for U.S. Steel, with both bids set at $35 per share.
Hawaiian Electric Industries (HE)
Hawaiian Electric Industries faced a 5.3% drop in its premarket trading after The Wall Street Journal reported that the utility company is in talks with restructuring firms to address financial and legal challenges arising from the Maui wildfires.
Analysts are expecting Walmart, the world’s largest retailer, to report second-quarter earnings of $1.71 per share on revenue of $160.2 billion. The stock saw a 0.6% increase in premarket trading ahead of Walmart’s earnings announcement before the stock market opens.
Other Earnings Reports
Several other companies, including Applied Materials, Ross Stores, Keysight Technologies, Tapestry, Bill.com, and Bilibili, are scheduled to report their earnings on Thursday.