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U.S. stock index futures on Friday were mixed, after market participants received hotter-than-anticipated producer inflation data in the wake of a similar jump in consumer inflation earlier this week. Here are some stocks to watch on Friday:
- Nike (NYSE:NKE) stock fell around 1% in pre-market trading. The Wall Street Journal reported that the sports footwear and apparel giant was planning to reduce its workforce by about 2%, or more than 1.6K people, in order to shed $2B in costs over the next three years. The job cuts are not expected to affect employees in stores and distribution centers or those in its innovation team, WSJ said, citing an internal memo that it reviewed. Separately, Oppenheimer downgraded Nike (NKE) stock to Perform from Outperform, citing concerns about sluggish top line trends over the next several quarters. "We are hard-pressed to envision the still-premium valuation of NKE climbing higher, until clearer signals of sustained, improved fundamental expansion emerge," the brokerage said.
- Class A shares of Toast (TOST) surged nearly 9% ahead of the opening bell, after the restaurant-focused software firm's quarterly results helped overshadow a restructuring plan involving laying off 550 workers. Before the close of regular trading on Thursday, a Bloomberg report about the job cuts send Toast (TOST) sliding. However, the earnings report announced after hours helped the stock jump back into positive territory. Toast (TOST) delivered a narrower loss and its third consecutive quarter of adjusted EBITDA profitability. Moreover, the company said it expects GAAP operating income profit by H1 2025. Toast (TOST) also confirmed the restructuring plan and the job cuts.
- U.S.-listed shares of TC Energy (TRP) climbed almost 3% ahead of market open, after the Canadian pipeline operator reported a Q4 2023 top and bottom line beat. The company's pipelines in the U.S., which was the world's top liquified natural gas (LNG) exporter last year, brought in quarterly earnings of C$955M compared to C$882M a year ago. Its Canadian natural gas pipelines swung to quarterly earnings of C$692M from a loss of C$2.59B a year ago. According to TC Energy (TRP), which was formerly known as TransCanada, its Canadian natural gas gathering and transportation system deliveries averaged 14.5 Bcf/day in the quarter, while various pipelines in the U.S. achieved record throughput volumes.
- Class A shares of DoorDash (DASH) slipped about 9% in pre-market trading, after higher labor costs took the shine off the online food delivery platform's quarterly revenue, orders and gross order value growth. DoorDash's (DASH) Q4 2023 total costs and expenses rose 9.3% Y/Y, exacerbated by events such as New York City raising the minimum wage for service workers. DoorDash (DASH) sees Q1 2024 adjusted EBITDA of $320M to $380M. Finance chief Ravi Inukonda on the earnings conference call said that the Q1 adjusted EBITDA guidance included anticipated regulatory costs.