News

Stock Futures Trade Lower Ahead of U.S. Jobs Report

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Andrew R. Michaud

• January 05, 2024

Stock futures are trading lower on Friday as investors await the U.S. jobs report for December. Economists predict that the U.S. will have added 160,000 jobs in the final month of 2023, a decrease from the 199,000 jobs added in November.

Exxon Mobil Expects Impairments in Upstream Business

Exxon Mobil announced that it anticipates recording impairments of up to $2.6 billion in its upstream business during the fourth quarter. These impairments are mainly attributed to idle Upstream Santa Ynez Unit assets and associated facilities in California. Exxon Mobil stated in a regulatory filing that challenges in the state regulatory environment have hindered progress in restoring operations. This news comes after Chevron also announced that it would incur a charge of up to $4 billion in the fourth quarter due to environmental regulations in California and issues in some Gulf of Mexico fields. In premarket trading, Exxon shares increased by 0.4%, while Chevron saw a rise of 0.2%.

QuantumScape Shows Promise with Solid-State Battery Cell

QuantumScape experienced a rise of 0.7% in premarket trading following a 43% gain in the previous day's trading session. Volkswagen's battery company, PowerCo, reported that QuantumScape's solid-state battery cell had surpassed the requirements in the A-sample test and successfully completed over 1,000 charging cycles. This progress indicates potential advancements in technology that could result in cheaper batteries, faster charging times, and longer driving ranges.

Apple Stock Declines in Premarket Trading

Apple's stock has declined by 0.4% in premarket trading. The tech giant has experienced a 5.5% decrease in its shares so far in 2024, and it has closed lower for four consecutive days. Furthermore, two Wall Street firms have downgraded the stock this week.

Costco Wholesale Reports Impressive December Revenue Growth

Costco Wholesale has announced that its revenue in December surged by 9.9% compared to the previous year, reaching $26.2 billion. This growth represents an acceleration from the 5.1% increase seen in November. Moreover, same-store sales rose by 8.5% in December, following a 3.5% increase in November. The increased revenue can be attributed to the busy holiday shopping season. As a result, shares of the membership retail chain have risen by 1%.

Kura Sushi USA Reports Quarterly Loss but Exceeds Sales Expectations

Kura Sushi USA, a Japanese restaurant chain, has reported a wider-than-expected fiscal first-quarter loss of 18 cents per share. Analysts had estimated a loss of only 10 cents per share. However, comparable-restaurant sales surpassed expectations, rising by 3.8% during the quarter. Additionally, the company achieved sales of $51.5 million, which exceeded the projected figures. Kura Sushi USA anticipates fiscal 2024 sales to range between $239 million and $244 million. As a result of these positive results, shares of the company have risen by 8.4%.

Fusion Pharmaceuticals Receives FDA Alignment for Prostate Cancer Treatment

Fusion Pharmaceuticals, a clinical-stage oncology company, has reached an alignment with the Food and Drug Administration (FDA) regarding the Phase 2/3 protocol and development plan for its treatment called FPI-2265, which targets certain types of prostate cancer. The news of this alignment has led to an increase of 8.4% in the company's shares.

Constellation Brands Expected to Report Strong Earnings

Analysts predict that Constellation Brands, a beer and wine seller, will report fiscal third-quarter earnings of $3.01 per share on sales of $2.54 billion. As the anticipation builds, the company's shares have risen by 0.8% prior to the earnings report.