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Dollar index headed toward winning week
The Dollar index slipped 0.1% to a session-low at 103.94, its weakest level since Oct 22 when it dipped to 103.816.
Week to date, the Dollar index is up 0.4% and is headed toward its fourth straight positive week first time since June 28 and the following four-week win streak.
— Hakyung Kim, Gina Francolla
Stocks open in the green Friday
Stocks making the biggest moves premarket
Check out some of the companies making headlines in premarket trading.
- Deckers Outdoor — The maker of Ugg and Hoka jumped 14% following its big earnings beat. Deckers posted earnings of $1.59 per share, topping the $1.24 a share expected from analysts polled by LSEG. Revenue was $1.31 billion, well above the $1.20 billion consensus estimate.
- Digital Realty Trust — The real estate investment trust surged 11% before the opening bell after reporting record lease bookings for the third quarter. Digital Realty also raised the top-end of its full-year revenue forecast to $5.6 billion, while analysts polled by FactSet expected $5.57 billion.
- Tapestry, Capri – Shares of Tapestry surged 13%, while shares of Capri plummeted 47%. The sharp moves come after a federal judge blocked Tapestry’s acquisition of Capri.
Read the full list here.
— Brian Evans
Citi downgrades Bristol-Myers Squibb to hold from buy
Budrul Chukrut | SOPA Images | Lightrocket | Getty Images
New product launches could be a headwind for Bristol-Myers Squibb in the near term, according to Citi.
Shares were marginally lower in premarket trading after analyst Geoff Meacham downgraded his rating on the drug maker to neutral from buy. His updated price target implies about 4% upside from Thursday’s close.
“While we are bullish on the new product portfolio and its growth impact towards the end of the decade, the transition period in 2025-2027 is likely to add volatility to share performance, in our view,” the analyst wrote in a note to clients on Friday.
Notably, Meacham believes the company is more of growth story in 2027 and beyond, as he estimates its new launch portfolio could contribute 27% of total revenues then compared to 11% in 2024.
Though the stock has risen more than 3% this year, it’s had a much bigger run in recent months, surging about 17% in the past three months and more than 18% in the past six.
— Sean Conlon
Jefferies downgrades Boston Beer, cites lack of stabilization
Jefferies is heading to the sidelines on Boston Beer.
Shares slid more than 4% in the premarket after analyst Kaumil Gajrawala downgraded his rating on the stock to hold from buy. His updated price target still reflects more than 7% upside from Thursday’s close.
“We thought Truly was finding its floor – we were wrong,” the analyst wrote in a Friday note. “Declines accelerated this summer (-22% May YTD vs. -23% from June-Sept.) despite favorable comps. Meanwhile, White Claw growth accelerated (+1.6% to. +2.5%), suggesting its issues go beyond the category.”
Gajrawala also noted that growth for Twisted Tea – a key growth driver for the company – has been slowing as well. Overall, the company is limited when it comes to other growth avenues, he said.
“We are confident the biz will find it, but until we see better evidence we stay on the sidelines,” the analyst continued.
While shares have slumped more than 12% this year, they’ve risen more than 11% in the past one month.
— Sean Conlon
KeyBanc downgrades Apple over iPhone sale concerns
A man places two new iPhones 16 on a table in the Apple store in Mitte.
Elisa Schu | Picture Alliance | Getty Images
Recent consumer survey data on iPhone sales points to a lack of growth for Apple, according to KeyBanc Capital Markets.
Shares fell nearly 1% in the premarket after analyst Brandon Nispel downgraded the megacap tech name to underweight from sector weight, and his updated price target reflects more than 13% downside ahead, as of Thursday’s close.
Nispel thinks the iPhone SE is “not purely additive” to overall iPhone sales, citing data from the firm’s consumer iPhone survey for September. The survey showed that 59% of respondents are interested in upgrading to the iPhone 16. Additionally, among those who are likely or extremely likely to upgrade to the iPhone 16, 61% are interested in the iPhone SE.
“We think this shows the iPhone SE is not incremental, and could possibly be cannibalistic to iPhone 16 sales,” the analyst wrote in a Thursday note. “From our view, if iPhone SE is successful, iPhone Units could rise but [average sales prices] could fall, contrary to consensus.”
CNBC Pro subscribers can read more here.
— Sean Conlon
Tapestry pops while Capri slides after judge blocks acquisition
Joanne Crevoiserat, CEO, Tapestry at the NYSE, Oct. 31, 2022.
Source: NYSE
Tapestry shares rose more than 14% in premarket trading Friday on the heels of a federal judge blocking the Coach owner’s proposed acquisition of Capri.
Following the judge’s decision, the Michael Kors parent’s stock plummeted nearly 47%. This year, shares of Tapestry have surged nearly 21%, while Capri has fallen more than 17%.
TPR vs. CPRI, 1-day
Asia markets see a mixed session ahead of Japan general elections
Asia-Pacific markets were mixed Friday, with investors awaiting Japan’s general election over the weekend.
Tokyo’s headline inflation rate fell to 1.8% in October from 2.2% the month before, with core inflation — which strips out prices of fresh food — also coming in at 1.8%, down from 2%.
The benchmark Nikkei 225 fell 0.60% after the inflation report to close at 37,913.92, while the Topix fell 0.65% to 2,618.32, marking a fifth straight day of losses.
In contrast, Hong Kong’s Hang Seng index was up 0.52% as of its final hour of trade after falling in the previous session, while mainland China’s CSI 300 rose 0.70% to close at 3,956.42.
South Korea’s Kospi and Australia’s S&P/ASX 200 gained marginally.
— Lim Hui Jie
Europe stocks open slightly lower
Stoxx 600 index.
Stocks head for losing week
With just Friday’s session left in the trading week, all three of the major indexes tracked to snap six-week win streaks.
The Dow has performed the worst this week, falling more than 2%. The S&P 500 and Nasdaq Composite have slid 0.9% and 0.4%, respectively, on the week.
— Alex Harring
Stocks making big moves after hours
These are some of the stocks on the move in extended trading:
- Capri, Tapestry — Capri shares plummeted 48%, while Tapestry shares popped 12% after a judge blocked the $8.5 billion merger of two luxury goods makers.
- Skechers — The shoe maker jumped 5.1% after third-quarter earnings topped expectations.
- L3Harris Technologies — The defense stock added 4% after posting a third-quarter beat on both lines.
— Alex Harring
Stock futures are little changed
Futures tied to the Dow, S&P 500 and Nasdaq 100 were all near flat shortly after 6 p.m. ET.
— Alex Harring
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