T-Mobile buyback, DocuSign jumps and more: Friday's 5 things to know
Oil is heading for a second straight losing week as the market is concerned that interest rate hikes and China's COVID-19 shutdowns will hurt demand
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Here are the key events taking place on Friday that could impact trading.
T-MOBILE: Shares of the wireless company are higher by 1.8% in premarket trading after the company announced a $14 billion share buyback program that will run till September next year.
The stock has jumped 25.3% for the year so far, compared with a 9.7% drop in rival AT&T and Verizon's 20.5% slump.
The buyback announcement comes a day after T-Mobile announced the sale of its wireline business to Cogent Communications Holdings in order to focus more on 5G.
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The logo for T-Mobile appears on a screen at the Nasdaq MarketSite in New York. (AP Photo/Richard Drew / AP Newsroom)
SMITH & WESSON: Shares are down 6% in premarket trading after the gunmaker posted quarterly results that underscored a drop in consumer demand following a surge two years ago.
The Springfield, Massachusetts, company said its profit tumbled from a year earlier in what it described as a "challenging" July fiscal quarter.
For its July fiscal quarter, Smith & Wesson reported GAAP net income of $3.3 million, dropping from $76.9 million in the year-ago period. Net sales slumped 69% to $84.4 million.
DOCUSIGN: Shares are surging 17% in premarket trading after earnings topped expectations.
The company reported a loss of $45.1 million in its fiscal second quarter.
DocuSign said it had a loss of 22 cents per share. Earnings, adjusted for one-time gains and costs, came to 44 cents per share.
The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 42 cents per share.
The provider of electronic signature technology posted revenue of $622.2 million in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $602.1 million.
The company expects full-year revenue in the range of $2.47 billion to $2.48 billion.
HERSHEY: The candy maker says it will spend $90 million to open two new production lines in a Mexican plant in the northern border state of Nuevo Leon.
An employee holds out a Hershey's chocolate bar. (REUTERS/Fabrizio Bensch/File Photo / Reuters Photos)
The expansion of the plant will increase output by 25%, according to Reuters.
The state said the investment will also generate 300 new jobs in addition to the 2,500 already employed at the plant, which makes hundreds of products.
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OIL LOSSES: Prices headed for a second straight losing week. Both benchmarks were down about 4% for the week.
Storage tanks are seen at Marathon Petroleum's Los Angeles Refinery. (REUTERS/Bing Guan / Reuters Photos)
The market actually hit its lowest level since January at one point.
U.S. West Texas Intermediate crude futures traded around $83.00 a barrel, after climbing 2% in the previous session.
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Brent crude futures slipped to around $89.00 a barrel, after rising 1.3% on Thursday.
The concern remains central banks' aggressive rate hikes and China's COVID-19 curbing demand.