The pace of jobs growth in the U.S. moderated in October, with nonfarm payrolls recording a 150K increase, less than the expected 179K and significantly fewer than the 297K new jobs added in September. The slower pace of job growth may give the Federal Reserve confidence that its tighter monetary policy is having its intended effect to tamp down the economy and thus, inflation.
Fortinet (FTNT, Financial) shares plunged 22% in pre-market trading on Friday following a disappointing outlook for the fourth quarter. The company expects revenue in the range of $1.38B to $1.44B, below the average analyst estimate of $1.49B. Adjusted earnings per share are forecast to be between 42 and 44 cents per share, compared to the expectations of 42 cents per share.
Apple (AAPL, Financial) shares dipped in pre-market trading on Friday as the tech giant suggested that sales growth would decline for a fifth straight quarter. Several Wall Street firms cut their estimates and some said there was a "lot of noise" coming from Cupertino.
Regeneron Pharmaceuticals (REGN, Financial) was upgraded from Market Perform to Outperform by Raymond James after the company reported better than expected Q3 2023 financials. The analyst noted that a drop in Regeneron's low-dose Eylea sales was offset by a strong uptake of its recently-launched high-dose version in the U.S.
Stryker (SYK, Financial) shares fell in early trading on Friday despite a better-than-expected third quarter performance and revised guidance for the full year. The medical device company delivered another quarter of strong organic sales growth (9.2%) and continued margin expansion (+110 bps to 23.4%).
Skyworks Solutions (SWKS, Financial) shares fell more than 4% in pre-market trading on Friday after the semiconductor company reported fourth-quarter results and issued guidance for the coming quarter that Wall Street said is showing "glimmers of hope."
W.P. Carey (WPC, Financial) stock slipped 1.6% in Friday premarket trading after the net lease REIT trimmed its 2023 guidance to reflect the company's exit from the office sector and initiated 2024 guidance that's lower than the average analyst estimate.
U.S. stock index futures on Friday pointed to a positive open, with Wall Street looking to extend its rally from the previous session. The latest non-farm payrolls report came in cooler-than-anticipated, while also showing an uptick in unemployment. The data bolstered bets that the Federal Reserve was done hiking rates.
Cameco (CCJ, Financial) said Friday its joint acquisition of Westinghouse Electric with Brookfield Renewable Partners (BEP, Financial) and institutional partners has received all required regulatory approvals, with the transaction now set to close by November 7.
Elon Musk said that his artificial intelligence startup xAI will release its initial AI model on Saturday, adding that in "some important respects, it is the best that currently exists."
Bank of America’s global research team noted on Friday that U.S. banks are at an 80-year low versus the S&P 500 (SP500), while tech is at an all-time high versus the benchmark index. "AI productivity miracle bull way more priced in than inflation," BofA stated in a note to investors.
Stock futures inched lower in the early trading hours of Friday after tech giant Apple's (AAPL, Financial) Q4 earnings results, which showed stagnancy in revenue growth.
FuboTV press release (FUBO): Q3 GAAP EPS of -$0.29 beats by $0.03. Revenue of $320.9M (+42.7% Y/Y) beats by $34.72M.
Enbridge press release (ENB): Q3 Non-GAAP EPS of C$0.62.
China's commerce minister suggested that the Asian country is open to U.S. semiconductor company Micron Technology (MU, Financial) expanding its presence in the Chinese market, Reuters reported.
Generac Holdings (GNRC, Financial) on Friday was upgraded to Buy from a previous investment rating of Neutral by analysts at financial-services firm Guggenheim Securities.
This week's dividend activity included increased payouts from ConocoPhillips (COP, Financial) and Miro Technology (MCHP, Financial) as well as declarations from companies like IBM (IBM, Financial) and Eli Lilly (EL, Financial).
Elon Musk, the billionaire CEO of Tesla (TSLA, Financial), believes artificial intelligence will likely make all jobs obsolete at some point in the future. "There will come a point where no job is needed," he told U.K. Prime Minister Rishi Sunak at an event at Lancaster House.
