Futures are trending lower and bond yields hit multi-month highs as uncertainty persists over highly indebted real estate giant China Evergrande Group. Here’s what we’re going to watch before the opening bell on Friday.
- Bitcoin’s price fell as much as 5% after China’s central bank declared that all cryptocurrency-related transactions are illegal, reinforcing the country’s tough stance on government-issued money’s digital rivals. The Coinbase crypto exchange fell 4%.
- Meredith shares rose 25% prior to going public. IAC / InterActiveCorp. is in advanced talks to take over the magazine publisher, according to people familiar with the situation.
- Nike shares lost 4.7% before the IPO. The sneaker giant reported a 16% increase in quarterly sales, but said manufacturing problems in Asia and delivery delays in the trans-Pacific region are limiting sales.
- Progress Software rose 6% pre-launch after the enterprise software company posted a profit and raised its full year outlook.
- Biopharmaceutical company vTv Therapeutics said it was seeing positive results from a dose study for the treatment of psoriasis. Shares rose 19% ahead of the market.
- Costco gained 0.5%. The retailer’s sales rose last quarter, but inflationary pressures continued to mount.
- Aehr Test Systems, a semiconductor test provider with a market capitalization of approximately $ 287 million, has raised its revenue outlook for the fiscal year. Shares soared 17% early on the market.
- Cruise operator Carnival is among the companies to report their profits on Friday.
Chart of the day
- When the China Evergrande Group’s stock and bond prices fluctuated last year, it offered deep discounts to keep top-line growth during the pandemic, and the government effectively said it had borrowed too much. But the builder’s auditor issued a clean health certificate in an annual report published in spring.
Write to James Willhite at firstname.lastname@example.org