By Stock futures traded lower on Friday as price pressures in the U.S. continued to ease, adding to investors’ optimism that the Federal Reserve could be close to ending its rates-hiking campaign. San Francisco Fed President Mary Daly, however, said that more work needs to be done to combat inflation.
Stocks Making Moves
Several stocks were poised to make moves on Friday:
Cano Health (CANO)
Cano Health, a primary-care provider, saw its shares fall 50% in premarket trading to about 77 cents. The company expressed “substantial doubt” about its ability to continue operating within the next year. Cano also announced a 17% reduction in its workforce and stated that it is pursuing a comprehensive process to evaluate interest in a potential sale of the company.
Maxeon Solar (MAXN)
Singapore-based solar technology company, Maxeon Solar, reduced its full-year guidance due to a “near-term softening of residential demand and challenging market conditions” expected to persist through the fourth quarter. The company now expects full-year revenue of $1.25 billion to $1.35 billion, compared to its previous guidance of $1.4 billion to $1.6 billion. Adjusted earnings before interest taxes, depreciation, and amortization for the year are forecasted to be $80 million to $100 million, lower than the previous guidance of $95 million to $120 million. The stock experienced a 24% decline.
IonQ (IONQ)
Quantum computing hardware and software company, IonQ, witnessed a 6.4% rise after raising its bookings outlook for the year. The company now expects bookings in the range of $49 million to $56 million.
Flowers Foods (FLO)
Packaged bakery foods producer, Flowers Foods, reported second-quarter adjusted earnings of 33 cents per share, surpassing analysts’ estimates. The company’s revenue rose 8.8% to $1.23 billion. Shares of Flowers Foods were rising 1.9% in premarket trading.
Comments