Dollar index heads for winning week
The dollar index fell 0.1% to an intraday low of 103.94, its lowest level since October 22nd at 103.816.
The dollar index is up 0.4% week to date, on track for its first four consecutive positive weeks since June 28th and its fourth straight winning week.
— Ha-Kyung Kim, Gina Francola
Stocks open on Green Friday
Stocks that make the biggest moves before the market
Check out some of the companies making headlines in pre-market trading.
Deckers Outdoor — The maker of Ugg and Hoka soared 14% after a big profit gain. Deckers’ earnings per share were $1.59, beating the $1.24 expected by analysts polled by LSEG. Revenue was $1.31 billion, well above the consensus estimate of $1.2 billion. Digital Realty Trust — The real estate investment trust soared 11% before the opening bell after reporting record lease bookings for the third quarter. Digital Realty also raised its full-year revenue forecast to $5.6 billion, compared to the $5.57 billion analyst estimate compiled by FactSet Capri, Tapestry – Tapestry shares rose 13%; ‘s stock price plunged 47%. The sharp move comes after a federal judge blocked Tapestry’s acquisition of Capri.
Read the full list here.
— Brian Evans
Citi downgrades Bristol-Myers Squibb from buy to hold
Budrul Cukurt | SOPA Images | Light Rocket | Getty Images
New product launches could be a headwind for Bristol-Myers Squibb in the short term, according to Citi.
Shares fell slightly in premarket trading after analyst Jeff Meacham downgraded the company’s rating from “buy” to “neutral.” His updated price target suggests an upside of about 4% from Thursday’s closing price.
“While we are bullish on the new product portfolio and its impact on growth towards the end of the decade, the transition period from 2025 to 2027 could lead to further volatility in performance,” the analyst said in a note to clients. I think it’s high.” on friday.
In particular, Meacham believes the company’s new launch portfolio could contribute 27% of total revenue, compared to 11% in 2024, making the company a growth story from 2027 onwards.
The company’s stock has risen more than 3% this year, but the gains have been even stronger in recent months, up about 17% in the past three months and more than 18% in the past six months.
— Sean Conlon
Jefferies downgrades Boston Beer due to lack of stability
Jeffries heads to the Boston Beer sideline.
The stock price fell more than 4% earlier after analyst Kaumil Gajrawala downgraded the company’s stock rating from “buy” to “hold.” His updated price target still reflects more than 7% upside from Thursday’s closing price.
“We thought Truly was finding its bottom, but we were wrong,” the analyst said in a note Friday. “Despite the strong performance, the decline accelerated this summer (-22% year-to-date in May and -23% June-September), while White Claw growth accelerated (from +1.6% to +2.5%), suggesting the problem transcends categories.” ”
Gajrawala also pointed out that growth at Twisted Tea, the company’s key growth driver, has also slowed. Overall, he said, the company is limited when it comes to other growth avenues.
“We’re confident the industry will find out, but we’ll remain on the sidelines until we see better evidence,” the analyst continued.
The stock has fallen more than 12% this year, but is up more than 11% in the past month.
— Sean Conlon
KeyBanc downgrades Apple over iPhone sales concerns
A man places two new iPhone 16s on a table at the Apple Store in Mitte.
Elisa Xu | Picture Alliance | Getty Images
KeyBanc Capital Markets says recent consumer survey data on iPhone sales shows a lack of growth for Apple.
Shares fell nearly 1% in the premarket session after analyst Brandon Nispel downgraded the mega-cap tech stock from sector weight to underweight, with his updated price target as of Thursday’s close. This reflects a future decline of more than 13%.
Citing data from the company’s September consumer iPhone survey, Nispel believes the iPhone SE is “not purely additive” to overall iPhone sales. The survey found that 59% of respondents are interested in upgrading to iPhone 16. Additionally, of those likely or very likely to upgrade to iPhone 16, 61% are interested in iPhone SE.
“We believe this indicates that iPhone SE sales are not increasing and could possibly cannibalize iPhone 16 sales,” the analyst said in a note Thursday. “In our view, if the iPhone SE is successful, contrary to consensus, iPhone sales may increase, but (average selling price) may decline.”
CNBC Pro subscribers can read more here.
— Sean Conlon
Tapestry pops out while Capri slides after Judge blocks acquisition
Joan Crevoissera, CEO of New York Stock Exchange Tapestry, October 31, 2022.
Source: New York Stock Exchange
Tapestry stock rose more than 14% in premarket trading Friday after a federal judge blocked Coach’s owner’s proposed takeover of Capri.
Following the judge’s ruling, Michael Kors’ parent company’s stock price plummeted nearly 47%. Tapestry’s stock has risen nearly 21% this year, while Capri’s has fallen more than 17%.
Stock chart iconStock chart icon
TPR vs. CPRI, 1 day
Asian markets trade mixed ahead of Japan’s general election
Asia-Pacific markets were mixed on Friday as investors awaited Japan’s general election over the weekend.
Tokyo’s headline inflation rate fell to 1.8% in October from 2.2% the previous month, and the core inflation rate, which excludes the price of fresh food, also fell to 1.8% from 2%.
The benchmark Nikkei Stock Average fell 0.60% to close at 37,913.92 following the inflation report, while the TOPIX fell 0.65% to 2,618.32, falling for the fifth straight day.
In contrast, Hong Kong’s Hang Seng Index was up 0.52% at the close of trading after falling in the previous session, and mainland China’s CSI300 index rose 0.70% to close at 3,956.42.
South Korea’s Kospi and Australia’s S&P/ASX 200 rose slightly.
— Lim Huijie
European stocks open slightly lower
Stock chart iconStock chart icon
STOXX 600 index.
Stocks heading for a down week
With Friday’s trading remaining, all three major indexes were on track to snap six-week winning streaks.
The Dow Jones Industrial Average’s performance this week was the worst, dropping more than 2%. The S&P 500 and Nasdaq Composite fell 0.9% and 0.4%, respectively, for the week.
— Alex Harring
Stock prices move significantly after hours
Below are some of the stocks that are rising in after-hours trading.
Capri, Tapestry — Capri stock plunged 48% and Tapestry stock jumped 12% after a judge blocked an $8.5 billion merger between two luxury goods companies. Skechers — The shoe maker soared 5.1% after third-quarter profit beat expectations. L3Harris Technologies — The defense stock rose 4% after posting third-quarter wins on both lines.
See the complete list here.
— Alex Harring
Stock futures little changed
Futures tracking the Dow, S&P 500 and Nasdaq 100 were all nearly flat after 6pm ET.
— Alex Harring
