U.S. futures were slightly lower Thursday morning, as the second-quarter earnings season continues to wrap up with a number of retail stocks reporting today.
Markets in Asia had a rough day of trading, with the Nikkei leading the way down 1.6% and the Shanghai Composite falling 0.2%. The Hang Seng was the lone bright spot on the continent, rising 1% in the day's trading. Europe was fairing slightly better Thursday, with the German Dax up 0.4%, the French CAC 40 climbing 0.2% and the British FTSE 100 gaining 0.1% with about three hours left in trading.
Oil futures were also mixed before the opening bell: Industry standard Brent crude futures for October delivery were falling 0.1% to $49.78 a barrel while West Texas crude futures were gaining 0.5% to $47.04 a barrel.
Walmart (WMT) shares were rising by more than 3% before the bell after the company posted top-and-bottom-line beats for the fiscal second quarter. Earnings of $1.07 a share on revenue of $120.85 billion surpassed Wall Street's estimates of $1.02 on revenue of $120.3 billion. The retail giant also raised its full-year EPS guidance to $4.15 to $4.25, up from the previous outlook of $4.00 to $4.30.
"We remain focused on building e-commerce capabilities globally and executing our omnichannel plan, as evidenced by our recent alliance with JD.com in China and agreement to acquire Jet.com in the U.S," said CEO Doug McMillon in a statement.
Shares of Ross Stores (ROST) were also rising premarket, after the company declared a quarterly cash dividend of $0.135 a share, payable Sep. 30 to stockholders of record on Sep. 2. The company is scheduled to report its latest earnings results after the closing bell on Thursday. Analysts are expecting the company to report quarterly earnings of $0.67 a share on revenue of $3.13 billion. Ross reported earnings of $0.63 per share on revenue of $2.97 billion in the year-ago period.
Meanwhile, shares of Cisco (CSCO) were down about 1.5% before the opening bell after the company announced it will be cutting up to 7% of its workforce, or about 5,500 jobs, in an aftermarket earnings release Wednesday.
The San Jose, Calif.-based tech giant also released better-than-expected earnings for its fiscal fourth quarter, with earnings per share of $0.63 topping analyst forecasts by $0.03. Sales of $12.64 billion for the period also topped expectations of $12.57 billion.
Cisco shares are held in Jim Cramer's Action Alerts PLUS charitable trust.
Finally, Urban Outfitters (URBN) shares were up more than 1% premarket following the company's strong 2Q financial results the day before. The teen apparel retailer rose more than 15% the previous day after it reported earnings of $0.66 a share on $890 million in revenue vs. Wall Street's expectations of $0.56 on revenue of $886.84 million.
Analysts at Baird raised its price target on the company to $38 from $33 while maintaining its Outperform rating. Cowen also raised its price target to $37 from $28, and Deutsche Bank raised its target to $37 from $32.