Stock futures are little changed after the Nasdaq and S&P 500 hit record highs yesterday; U.S. regulators cleared Paramount’s (PARA) merger with Skydance Media; Intel (INTC) shares are plunging after the chipmaker posted a surprise loss; Deckers Outdoor (DECK) is rising after the footwear maker reported a jump in revenue; and miner Newmont (NEM) reported rising profits with higher gold prices. Here's what investors need to know today.
1. Major Indexes Look to Post Weekly Gains After Busy Earnings Week
Stock futures are little changed in premarket trading with the major indexes looking to post weekly gains after the Nasdaq and S&P 500 hit record highs yesterday, while the Dow Jones Industrial Average dropped 0.7% in the prior session amid a slew of corporate earnings. Bitcoin (BTCUSD) is moving lower to trade at just over $116,000. The yield on the 10-year Treasury note is little changed. Oil futures are slightly higher, while gold futures are lower.
2. US Regulators Clear Paramount-Skydance Merger
The Federal Communications Commission approved the $8 billion merger between Skydance Media and Paramount (PARA), the parent of CBS broadcast network, the Paramount Pictures movie studio and cable channels that include MTV, Nickelodeon and Comedy Central. The approval from the regulator comes after Paramount agreed to pay President Donald Trump $16 million to settle his lawsuit over a CBS interview with former Vice President Kamala Harris. Shares of Paramount are higher by nearly 2% in premarket trading.
3. Intel Stock Tumbles After Chipmaker Reports Quarterly Loss
Intel (INTC) reported quarterly revenue that beat analysts' expectations, though the chipmaker posted a surprise loss as the company works to turn around its business. As part of its cost-saving measures, Intel said it plans to trim 15% of its workforce, while also canceling projects in Germany and Poland, and slowing construction of chipmaking facilities in Ohio. Intel shares are lower by nearly 6% in premarket trading.
4. Hoka and UGG Owner Deckers Soars After Strong Earnings
Shares of footwear maker Deckers Outdoor (DECK) are jumping 12% in premarket trading after it posted strong quarterly earnings. The company reported a 17% year-over-year rise in quarterly sales to $964.5 million, while its diluted earnings per share increased 24% to come in at $0.93 a share. The company reported sales of its Hoka brand shoes surged 20%, while UGG sales were up 19%. The higher sales and profits come after Deckers didn’t issue a full-year outlook last quarter due to uncertainty over tariffs. The company said it expects current quarter revenue to come in at $1.38 billion to $1.42 billion.
5. Miner Newmont Reports Better-Than-Expected Earnings as Gold Prices Rise
Miner Newmont (NEM) reported second-quarter earnings of $1.43 per share, up from $0.72 per share in the same quarter last year, and above analysts' estimates compiled by Visible Alpha as gold prices rose. The company reported an average realized gold price of $3,320 for the quarter, above the $2,347 gold price from the year-ago quarter. The company also said its board authorized another $3 billion in share buybacks. The report comes after the company’s CFO unexpectedly resigned earlier this month. Newmont shares are higher by nearly 2% in premarket trading.
