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Stock futures were pointing to a slightly higher start for Wall Street on Friday.
The time of dreams
Equity futures rose slightly on Friday, with the
Dow Jones Industrial Average
is coming off its ninth consecutive winning day – its longest winning streak since 2017 – and the
Nasdaq Compound
falling more than 2% after a post-earnings sell-off of
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shares.
These stocks were set to move on Friday:
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(TSLA) rose 1.6% in premarket trading after falling 9.7% on Thursday following the electric vehicle maker’s second-quarter earnings report that showed a continued decline in profit margins following steep price cuts.
Intuitive surgery
(ISRG) fell 4.8% in premarket trading after the robotic surgical systems maker posted second-quarter adjusted earnings that missed analysts’ estimates.
Rail operator
CSX
(
CSX
) reported second-quarter revenue of $3.69 billion, down 3% from a year earlier and below Wall Street forecasts. The company cited falling fuel and coal prices as reasons for the shortfall. The stock fell 5%.
Knight-Swift Transportation
(KNX), North America’s largest truckload carrier, reported a 21% decline in second-quarter revenue due to weaker demand for its truckload business. Knight-Swift shares were down 5.3% in premarket trading.
caravan
(CVNA) was down 0.2% in premarket trading. Late Thursday, the stock was downgraded from neutral to overweight by analysts at Piper Sandler. This follows a downgrade to Underperform from Sector Perform by RBC Capital Markets. Shares of the used-car retailer fell 16% on Thursday.
PPG Industries
(PPG), the paints and coatings maker, raised its full-year forecast but warned of “continued lukewarm global industrial production” and a “gradual slowdown in U.S. architectural residential paint due to significantly lower sales of existing homes.”
Earnings reports are due Friday from the credit card giant
American Express
(AXP),
SLB
(
SLB
), the oil services company formerly known as Schlumberger and used car retailer
AutoNation
(A).
Write to Joe Woelfel at joseph.woelfel@barrons.com