U.S. stock futures dipped slightly in premarket trading Friday, as earnings season winds down.
Among the standouts that reported since last night, Foot Locker (FL) saw its shares trading higher before the opening bell after the footwear retailer booked better-than-expected second-quarter earnings this morning. The New York-based company reported earnings of $0.94 per share that topped consensus expectations by $0.04, while sales of $1.78 billion beat forecasts of $1.76 billion. CEO Richard Johnson attributed the company's success on the quarter to comparable sales growth, which grew about 4.7% for the period. "Within the second quarter, we drove comparable sales gains across basketball, running, and classic footwear, as well as apparel," he said in a statement.
Shares of Applied Materials (AMAT) were up about 6% in premarket trading after the semiconductor manufacturer boosted its 2016 sales and profit forecasts late Thursday. The Santa Clara, Calif.-based company said it expects sales for its fiscal fourth quarter ending October to rise about 15% to 19% from the previous quarter, suggesting sales could clock in at roughly $3.4 billion. Analysts had been expecting sales of about $3.25 billion, based on data compiled by Thomson Reuters. Forecasted earnings of about $0.61 to $0.69 per share vs. consensus expectations of about $0.63. Applied Materials also booked quarterly EPS of $0.5, which topped analyst expectations by about 4%, while sales of $2.82 billion fell short by just under 1%.
Meanwhile, shares of Deere (DE) got a roughly 3% boost before the opening bell after the agricultural-equipment manufacturer hiked its 2016 profit forecast after cutting production costs among its tractor businesses. The company also booked earnings of $1.2 billion for its fiscal third quarter, representing $3.91 a share, down from $4.67 year over year. Sales also dipped about 11% over the period to about $6.7 billion, with CEO Samuel Allen noting a pullback in demand across the international farming market.
Shares of mobile-payment firm Square (SQ) also ticked higher after hedge fund Point72 Asset Management, a successor to Steven A. Cohen's Connecticut-based S.A.C. Capital Advisors, unveiled a 5.4% stake in the company, making it the third-largest holder, according to Bloomberg data. As Real Money reported, shareholder advisory firms have recently raised red flags that Square's board's incentive structure could lack transparency and may even dissuade suitors from making takeover offers.