Stock futures traded lower Friday after price pressures in the U.S. continued to ease adding to investors’ optimism the Federal Reserve could be close to ending its rates-hiking campaign. San Francisco Fed President Mary Daly, however, said the Fed still has “more work to do” to combat inflation.
These stocks were poised to make moves Friday:
Cano Health
(CANO) was falling 50% in premarket trading to about 77 cents after the primary-care provider said there was “substantial doubt” about its ability to continue operating within one year. Cano also said it would cut its workforce by 17% and was “pursuing a comprehensive process to identify and evaluate interest in a sale” of the company.
Maxeon Solar
(MAXN), the Singapore-based solar technology company, reduced full-year guidance citing a “near-term softening of residential demand and the challenging market conditions” that it expects to persist through the fourth quarter. The company said it expects full-year revenue of $1.25 billion to $1.35 billion, compared with prior guidance of $1.4 billion to $1.6 billion. Adjusted earnings before interest taxes, depreciation, and amortization for the year were forecast at $80 million to $100 million, lower than its previous guidance of $95 million to $120 million. The stock tumbled 24%.
IonQ
(IONQ) rose 6.4% after the quantum computing hardware and software company again raised its bookings outlook for the year to a range of between $49 million to $56 million.
Flowers Foods
(FLO) reported second-quarter adjusted earnings of 33 cents a share, beating analysts’ estimates, as revenue rose 8.8% to $1.23 billion. Shares of the packaged bakery foods producer were rising 1.9% in premarket trading.
Write to Joe Woelfel at [email protected]
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