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The futures are pointing to a further decline in the major U.S. equity averages on Friday, as investors continue to weigh the likelihood that an aggressive Federal Reserve will push the economy into recession. Amid this general downward pressure, a handful of stocks are set to move on individual news items. Here are a few stocks to watch for Friday:
- Costco (NASDAQ:COST) lost ground in premarket trading, slipping about 3% as the retailer's earnings failed to impress. The company's revenue rose 15% from last year, with a 15.8% increase in comparable sales. However, those figures were boosted by high gas prices and foreign currency exchange. Meanwhile, COST's earnings only met expectations.
- CalAmp (CAMP) edged up in premarket action following its quarterly results. The firm's loss was narrower than projected. Revenue also came in higher than expectations, despite an 8% slide from last year.
- An offering of notes prompted premarket selling in Royal Caribbean (RCL). The stock fell nearly 4% before the opening bell after the cruise operator priced concurrent private offerings of $1B of senior notes due 2029.
- Cano Health (CANO) added to its recent gains in Friday's premarket trading, climbing an additional 6%. This added to a 32% jump seen on Thursday amid reports that Humana (HUM) and CVS Health (CVS) could be eyeing a possible purchase of the primary-care provider.
In other market news, famed investor Cathie Wood has decided to step down from her role as portfolio manager at two of her ARK Invest ETFs.