Stock futures edged lower on Thursday as oil prices surged and the yield on the 10-year Treasury remained near levels last seen in 2007.
Micron Technology Reports Narrower Loss
Micron Technology (MU) reported a fiscal fourth-quarter adjusted loss that was narrower than analysts’ expectations. However, the company’s revenue of $4.01 billion fell sharply from $6.64 billion a year earlier. Micron also forecasted a wider-than-estimated first-quarter loss of $1 to $1.14 a share. As a result, the stock declined 5% in premarket trading.
Peloton Signs Five-Year Deal with Lululemon Athletica
Peloton Interactive (PTON) experienced a 12% surge after signing a five-year deal with Lululemon Athletica (LULU). Under this agreement, Lululemon will stop selling its Studio Mirror exercise screen, and Peloton will become the company’s exclusive provider of digital fitness content. In return, Lululemon will become Peloton’s primary apparel partner.
Workday’s Revised Annual Revenue Growth Target
Workday (WDAY) witnessed a 8.9% decline in its stock after the cloud-software company revised its target for annual subscription revenue growth. The new target stands between 17% and 19% over the next three years.
Jefferies Financial Reports Decreased Revenue
Jefferies Financial (JEF) reported fiscal third-quarter earnings of 22 cents a share on revenue of $1.18 billion, down from $1.51 billion a year earlier.
Upcoming Earnings Reports
Earnings reports are expected on Thursday from the following companies: Accenture (ACN), Nike (NKE), Jabil (JBL), CarMax (KMX), and BlackBerry (BBY).
