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Stocks looked poised to start Friday's session with at least a mild rebound, following a renewed downdraft experienced the previous day. While concerns about the economy and the Federal Reserve will likely continue to dominate general trading, some stocks will garner attention for company-specific news during the session. Here are a few stocks to watch for Friday:
- Micron (NASDAQ:MU) gained ground in premarket trading, despite issuing disappointing Q1 guidance as part of the firm's latest earnings report. The company also said it would cut spending going into 2023. In a separate announcement, Japanese authorities said MU is set to receive up to $322M from the country to produce advanced memory chips at a Hiroshima factory.
- Following the release of weak earnings from Nike, athletic apparel makers came under pressure in premarket trading. The losses infected names like Under Armour (UA) and Lululemon (LULU).
- Soft drink maker PepsiCo (PEP) is reportedly weighing possible cost-control initiatives, including potential layoffs. According to Fox Business, the program could start with buyouts for employees over 55 years old and move into other staff reduction measures if business conditions get worse.
- DuPont (DD) updated the progress of its deal to acquire Rogers (ROG), saying it has recently withdrawn and refiled the transaction with China's antitrust regulator. The company said it plans to close the deal as soon as possible.
- Philips (PHG) confirmed that company exec Roy Jakobs will take over as president and CEO in the middle of next month, succeeding Frans van Houten. The confirmation took place at the firm's Extraordinary General Meeting of Shareholders, which took place on Friday.
Looking beyond the stock market, see why Credit Suisse expects a double-digit percentage decline in key commodity prices.