
Costco Declines in Premarket; Bristol-Myers Squibb and Wynn Resorts Gain
US stock futures exhibited little change on Friday as investors geared up for the release of a series of economic reports, including new consumer spending data and the Federal Reserve’s preferred inflation measure.
As of 06:31 ET (10:31 GMT), Dow futures remained largely stable, while S&P 500 futures were down by 5 points or 0.1%, and Nasdaq 100 futures saw a decline of 43 points or 0.2%.
Here’s a look at some significant premarket movers in the US stock market today:
Costco reported fourth-quarter revenue that fell below analyst expectations, impacted by decreased spending on high-cost items and lower gasoline prices. Consequently, the company’s shares dropped by 1.4% in premarket trading, although they have increased approximately 38.5% year-to-date.
Bristol-Myers Squibb experienced a surge in share price after US regulators authorized the first new schizophrenia treatment in decades. The new medication, Cobenfy, does not carry warnings regarding increased mortality risk in certain elderly patients, boosting investor confidence.
Cassava Sciences saw its shares decline after the company and two former executives agreed to pay over $40 million to settle federal allegations of making misleading statements regarding the results of an Alzheimer’s drug trial.
Dollar General shares fell as analysts at Citi noted that market share gains by competitor Walmart could put pressure on the company.
HP Inc. shares dropped after Bank of America downgraded its rating for the company from "Buy" to "Neutral," citing concerns about its printing division.
Udemy experienced a decline in stock price following a downgrade by Morgan Stanley to "Underweight," with the firm warning of weak demand affecting the company.
Wynn Resorts shares rose after Morgan Stanley upgraded its outlook for the company to "Overweight," citing a more attractive valuation and potential growth in the United Arab Emirates.
Establishment Labs saw a notable increase in share price after receiving US approval for its Motiva breast implants.
Bumble shares fell after KeyBanc downgraded the stock’s rating from "Overweight" to "Sector Weight," stating that the market reaction to the dating app’s second-quarter earnings report was exaggerated.