Here are the key events taking place on Friday that could impact trading.
COSTCO: Shares traded more than 2% lower in extended trading as operating expenses rose. Merchandise costs grew 16% to $63.56 billion.
The big-box retailer beat Wall Street revenue and profit estimates.
Fiscal fourth total revenue rose 15% to $72.10 billion. The analysts’ average estimate was $72.04 billion. Comparable sales grew 13.7%, with e-commerce up 7.1%. U.S. sales were 15.8%.
Net income for the three months ended August 28 was $1.87 billion, up from $1.67 billion.
Diluted earnings per share was $4.20. The estimate was $4.17.
FRESHPET: Shares jumped 21% in late trading Thursday. The Wall Street Journal reported that activist investor Jana Partners has acquired a stake in the company to boost share prices and explore a sale.
People familiar say Jana has acquired nearly 10% of the company specializing in high-end refrigerated pet food.
The company has a market capitalization of about $2.1 billion, down from $8 billion at its peak.
APPLE MUSIC: The company will be the new sponsor of this season’s Super Bowl halftime show.
The National Football League announced the new partnership on Thursday.
The multi-year deal will begin with Super Bowl LVII, which will be played on Sunday, Feb. 12, 2023 in Glendale, Arizona.
Pepsi had been the halftime show sponsor for the last ten years and announced in May that it would not return as sponsor, according to Variety.
S&P GLOBAL REPORTS: The September manufacturing and services purchasing managers’ indices will be reported Friday morning.
The Refinitiv estimates are 51.1 for the manufacturing component, and 45.0 for services. As with the broader and more closely followed ISM PMIs, 50 is the dividing line between an expanding and contracting sector.
OIL’S DOWN WEEK: Oil prices fell Friday amid recession fears and a stronger U.S. dollar, though losses were capped by supply concerns.
West Texas Intermediate (WTI) crude futures were trading around $83.00.
Brent crude futures traded around $89.00 per barrel.
For the week the contracts for WTI and Brent were down 2.3% and 1.5% respectively.
Central banks around the world raised interest rates this week, raising the risk of economic slowdowns.