Stock futures are down, pointing to Wall Street indexes extending Thursday’s selloff that came after data showed inflation hitting a new four-decade high. Here’s what we’re watching in Friday’s trading:
- Affirm Holdings AFRM -21.42% shares dropped 10% premarket. A Twitter slip-up on Thursday sent the buy-now-pay-later company’s shares on a wild ride that ended with its worst one-day drop on record.
- HubSpot HUBS 2.22% shares jumped 10% premarket after it reported a 47% rise in quarterly revenue on the year.
- GoDaddy GDDY -0.96% gained 7.7% ahead of the bell after the company reported full-year revenue growth and announced a share repurchase plan.
- Zendesk ZEN 10.74% added 3.4% premarket. Thoma Bravo and other firms have made takeover approaches to Zendesk, which is also facing a proxy fight from an activist investor seeking to scuttle a proposed acquisition of SurveyMonkey’s MNTV -2.52% parent company Momentive Global. MNTV -2.52% Momentive shares added 7.6% off hours.
- Zillow Z -1.75% jumped 14% premarket. The online real-estate company said it lost $881 million on its algorithmic-driven home-flipping business last year in its first earnings report since it shut down that operation in the fall.
Zillow’s now-shuttered home-flipping business had been responsible for the majority of its revenue in recent years but none of its profits.
Photo: Tiffany Hagler-Geard/Bloomberg News
- Cleveland-Cliffs CLF 1.21% dropped 6.5% premarket after the flat-rolled steel producer reported results.
- Some big tech names were ticking down amid the dim mood. Apple AAPL -2.36% edged down 0.5%, Tesla TSLA -2.95% shed 0.4%, Netflix NFLX -1.60% fell 1.3%, Alphabet GOOG -2.02% slipped 0.5% and Amazon AMZN -1.36% was down 0.6%.
- Crypto stocks were also having a bad day. Bakkt Holdings BKKT -3.15% fell 4.7%, Coinbase Global COIN -4.54% edged down 0.6%, and bitcoin miners Marathon Digital MARA -0.59% and Hut 8 Mining were down 2.3% and 4.2% respectively. Bitcoin itself was down 1% from its 5 p.m. ET level on Thursday.
- Yelp YELP -2.95% rose 4.4% premarket. The company reported revenue above pre-pandemic levels, driven by record advertising sales for services categories and multi-location and self-serve channels.
- Under Armour, UA -0.74% Newell Brands NWL -3.60% and Dominion Energy D -2.58% are among the companies reporting earnings Friday.
Chart of the Day
- U.S. stocks appear cheaper than they have since the early days of the Covid-19 pandemic—but such bargains won’t be enough to power the next leg of the bull market, investors say.
Write to James Willhite at james.willhite@wsj.com
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