An Hour Ago
European markets open higher
European stocks were slightly higher Friday as investors look ahead to key inflation data from the euro zone and U.S.
The pan-European Stoxx 600 was up 0.17% in early trade, as the majority of sectors and major bourses traded in the green. Mining stocks rose 0.82%, while household goods dipped 0.5%.
10 Hours Ago
Stress test results show U.S. banks are in a ‘good’ place, Mike Mayo says
U.S. banks are doing well following Wednesday’s results of the Federal Reserve’s stress test, according to Wells Fargo’s Mike Mayo.
“The Fed threw the kitchen sink at the banks,” the top bank analyst told CNBC’s “Closing Bell.” He added that the hypothetical scenario was “worse” than the 2008 global financial crisis. “U.S. banks are in a very good, resilient place,” he continued.
Mayo also said that the result of Citigroup, in particular, was “a surprise.” Shares of the firm were marginally higher during Thursday’s trading session and are up about 19.7% this year.
— Sean Conlon
10 Hours Ago
Accolade, American Outdoor Brands diverge in extended trading
In addition to Nike, some lesser-known stocks were also moving after the bell on the back of financial releases.
Health technology stock Accolade fell more than 27%. Despite exceeding expectations of analysts polled by FactSet on adjusted EBITDA and revenue for the first fiscal quarter, the company issued softer-than-expected guidance for the current quarter.
The company said it should see a loss of between $8 million and $10 million in adjusted EBITDA during the quarter, wider than the FactSet consensus forecast of $5.9 million. Accolade also said to anticipate quarterly revenue in the range of $104 million and $106 million, under Wall Street’s estimate of $113.2 million.
On the other hand, American Outdoor Brands climbed more than 8% on strong earnings in its fiscal fourth quarter. The outdoors-focused product maker saw $46.3 million in revenue, while analysts surveyed by FactSet penciled in revenue of just $43.1 million.
— Alex Harring
10 Hours Ago
Most retail traders own financial stocks, survey says
Retail investors may not be quite as hungry for highly volatile stocks as their reputation implies, according to a survey from eToro.
The brokerage firm’s second-quarter Retail Investor Beat report said that 54% of retail investors reported holding financial services stocks, compared to only 49% holding technology stocks. That has been true in the three previous quarterly surveys as well.
The survey was done in May, after a slight pullback for the market, and eToro US investment analyst Bret Kenwell told CNBC that the dip appeared to impact confidence among younger investors.
“Older investors are letting their experience kind of work in their favor, whereas the younger investors aren’t necessarily scared off … but they’re less experienced in general, and because of it I think they get a little more rattled than the older, seasoned investor,” Kenwell said.
— Jesse Pound
11 Hours Ago
Nike shares sink on revenue worries
Despite a big earnings beat, Nike shares fell about 11% in extended trading after the company posted its third revenue miss in four quarters and cautionary guidance for its new fiscal year.
Accounting for the drop in after hours, Nike’s stock is down nearly 23% year to date. Only Intel and Boeing have fared worse in the Dow this year.
The weaker consumer environment is weighing on sales, with North America and Asia/Latin America revenues missing Wall Street’s expectations. Chief Financial Officer Matthew Friend remarked in the earnings release that “our fourth quarter results highlighted challenges that have led us to update our Fiscal ’25 outlook.”
— Robert Hum
11 Hours Ago
Stock futures are near flat
Stock futures were little changed shortly after 6 p.m. ET.
Dow futures slipped 0.1%, while S&P 500 and Nasdaq 100 futures each inched higher.
— Alex Harring
