Stock futures declined on Friday morning, apparently sympathetic to selling pressure in Europe.
At 8:35 a.m.: DJIA: -0.28%, S&P 500: -0.41%, NASDAQ: -0.46%.
Here’s what’s buzzing on Friday morning:
Sears Holdings (NASDAQ:SHLD) fell as much as 15 percent in pre-market trading after reporting first-quarter financial results that fell way short of expectations. Revenue declined 8.82 percent on the year to $8.45 billion, beating the average estimate — however, earnings declined to -$1.29 per share in the quarter, which compares to expectations for earnings of $0.60 per share. Chairman and CEO Eddie Lampert commented, “Our recent financial performance has not been acceptable, although we have seen some positive momentum as sales per member increased, and our online business grew 20 percent in the quarter.”
Proctor & Gamble (NYSE:PG) climbed as much as 3.6 percent in pre-market trading after announcing that Alan George Lafley has rejoined the company as president and CEO effective immediately. He has also been elected to the Board of Directors and will serve as its Chairman. The company also confirmed its 2013 earnings guidance in a range between $3.94 and $4.04 per share.
Google (NASDAQ:GOOG) has reportedly joined the list of technology titans looking at Israeli start-up Waze as a possible acquisition. Facebook (NASDAQ:FB) and Apple (NASDAQ:AAPL) both reportedly expressed interest in the company — which creates a mobile app designed to help drivers avoid traffic — to the tune of $500 million to $1 billion. Google stock was off fractionally in pre-market trading.
Pandora (NYSE:P) climbed as much as 12.7 percent in pre-market trading after reporting fiscal first quarter earnings. GAAP revenue increased 55 percent on the year to $125.5 million, beating the average analyst estimate of $123.83 million. Adjusted earnings were a loss of $0.10 per share, in line with analyst estimates.
Gap (NYSE:GPS) fell as much as 2 percent in pre-market trading after reporting first-quarter earnings. Net sales increased 7 percent on the year to $3.73 billion, beating analyst estimates for $3.68 billion. Diluted earnings increased 51 percent on the year to $0.51 per share, missing the average estimate of $0.69 per share.
HSBC Holdings (NYSE:HBC) was off as much as 2 percent in pre-market trading after reports that a judge could reject the banks $1.9 billion settlement and pursue criminal charges. The Telegraph reports that Judge John Gleeson is considering cancelling a deferred prosecution agreement and pursuing a tougher punishment for alleged crimes such as money laundering.
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