Stocks wavered early Friday ahead of US jobs data that could inform future interest rate policy from the Federal Reserve.
“The US jobs report could also be a negative catalyst later in the session if it’s deemed strong enough to warrant more aggressive tightening from the Fed,” Craig Erlam, an analyst at broker Oanda, wrote in a note. “We’ve seen a lot more risk aversion in the markets recently as a Fed commentary has finally gotten through to investors.”
Here are 3 tickers trending on Yahoo Finance in premarket trading:
Lululemon (LULU): Shares of the athletic brand surged after the company posted stronger-than-expected third quarter earnings, indicating that at least some shoppers are still buying activewear in the era of inflation and return-to-office settings. Revenue for the period rose 29 percent to $1.9 billion, up from $1.45 billion last year. Net Revenue grew 28% in North America and 35% internationally. Total comparable sales were also up 23% for the quarter, while comparable store sales increased 16% during the quarter, year-over-year. Lululemon also boosted its full-year profit forecast.
“Lululemon remains predominantly a full-price business, and we have not changed our promotional cadence or markdown strategy and we have no plans to do so,” CEO Calvin McDonald told investors on a conference call late Thursday.
Starbucks (SBUX): Shares of the coffee giant rose slightly in pre-market trading after the company announced that Laxman Narasimhan, most recently chief executive officer of Reckitt Benckiser Group Plc, will be its new CEO. This comes at a time when baristas are seeking to unionize and sales have been stagnant in recent quarters.
“Laxman is an inspiring leader,” Starbucks board chair Mellody Hobson said. “His deep, hands-on experience driving strategic transformations at global consumer-facing businesses makes him the ideal choice to accelerate Starbucks growth and capture the opportunities ahead of us.”
Broadcom (AVGO): Shares were up in pre-market trading after the chipmaker posted stronger-than-expected third quarter earnings and gave a strong sales forecast for the current quarter. Revenue for the fourth quarter will be about $8.9 billion, compared to the Bloomberg consensus estimates of $8.72 billion. Chief Executive Hock Tan told analysts following the release of the earnings report that “infrastructure spending is still very much holding.” He also admitted the company’s earnings report was “somewhat surreal.”
Dani Romero is a reporter for Yahoo Finance. Follow her on Twitter @daniromerotv
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