Companies and the stock market
US stock indices are rising in early trading on Friday, recovering from a decline the day before.
The Dow Jones Industrial Average added +0.56% to 33,734.88 points by 11:20 a.m. ET.
The Standard and Poor's 500 added +0.37% to 3,961.24 points.
The Nasdaq Composite added +0.05% to 11,150.30 points.
Indices declined on Thursday after Federal Reserve Bank of St. Louis Governor James Bullard said that the Fed will have to keep raising the benchmark interest rate. However, he did not specify how high he thought the rate should be raised. But the charts accompanying his remarks showed that its level could be in the 5-7% per annum range.
Also on Friday will be the US secondary market home sales data for October. Analysts surveyed by Trading Economics forecast that sales fell 1.5% year-on-year to 4.38 million homes in September.
Cisco Systems (NASDAQ: CSCO) +2.1% and Chevron (NYSE: CVX) -1.9%.
Foot Locker (NYSE: FL) shares jumped 14%. The company cut net income and revenue in Q3 FY2022, but unexpectedly to analysts recorded an increase in comparable sales.
Spectrum Brands Holdings (NASDAQ:SPB)'s stock price was down 0.7%. The company posted a sharp decline in net income last fiscal quarter and recorded a decline in revenue.
General Motors (NYSE: GM) improved its free cash flow forecast for 2022, noting rapid growth in the company's electric vehicle portfolio. The company's stock is up 2.8%.
Gap Inc (NYSE: GPS). which owns the clothing chain, is up 5.6% as the company returned to profitability in the third fiscal quarter and increased revenue by 2%.
The market value of Amazon (NASDAQ: AMZN). is down 0.1% after the online retailer's chief Andrew Jassy said the company plans to continue laying off employees in 2023.
Shares in food manufacturer Tyson Foods (NYSE: TSN) are up 0.1% despite news of a recall of 42,500kg of minced meat that may have been contaminated by foreign material. The recall will only affect the state of Texas.
Also, Visa (NASDAQ:V) shares lost -10% with 210.77 points. It's also worth noting that the company said on Thursday that Ryan McInerney will become its new CEO in February 2023, replacing Alfred Francis Kelly.