U.S. markets will be looking to close out the week on a positive note after a dismal showing over the past few sessions. Retailers continue to weigh down the wider market.
Not even Action Alert PLUS holding Apple's (AAPL) annual hype event was able to turn around that stock's recent fortunes, with the tech company falling 2.5% in trading Thursday and continuing that downtrend premarket Friday, down another 0.4% before the opening bell.
Dow Chemical (DOW) and DuPont's (DD) proposed merger hit an international snag Friday after EU regulators suspended their review of the proposed $135 billion tie up due to what the commission said was insufficient information provided.
"The Commission has stopped the clock in its in-depth investigation into the proposed merger between Dow and Dupont," an EU spokesperson said, according to Reuters. "This procedure in merger investigations is activated if the parties do not provide an important piece of information that the Commission has requested from them."
The EU Commission has been reviewing the merger since August.
Here in the U.S., the Federal Reserve is pushing Congress to repeal large banks' authority to engage in merchant banking, according to a Wall Street Journal report. The central bank is also moving to limit their ability to engage in commodities trading as well as other non-lending activities.
Restoration Hardware (RH) shares soared by more than 10% before the bell Friday after posting top- and bottom-line beats for the second quarter. Earnings of $0.44 per share on revenue of $543.4 million surpassed Wall Street's forecast for earnings of $0.29 per share on revenue of $511.4 million.
The results "were well ahead of our guidance for the quarter due to our ability to ship products earlier than anticipated, resulting in a pull forward of revenue and earnings into the second quarter from the third quarter," said CEO Gary Friedman in a statement.
Mattress Firm Holding (MFRM) investors aren't sleeping easy after the mattress retailer missed quarterly estimates. Shares were down slightly in early trading. Earnings of $0.57 per share were eight cents below forecasts. Revenue of $980 million also missed expectations. Comparable-store sales declined 1.1%.
"We are also moving towards the completion of our transaction with Steinhoff, and believe Steinhoff is the ideal long-term partner for our customers, employees, suppliers and other stakeholders," said CEO Steve Stagner in a statement.