Stock futures rose on Friday as Wall Street returned to shortened trading after the Thanksgiving holiday. Retailers will be focusing on Black Friday, which marks the unofficial start of the Christmas shopping season.
The National Retail Federation estimates that retail sales are expected to increase 3% to 5% this season compared to last year, which is about the same as the average annual increase in the decade before the COVID-19 pandemic. Match. TD Cowen analyst Oliver Chen said the world’s largest retailer Walmart (WMT) is well positioned heading into the holiday season. He said Walmart has done a “really great job” of consistently undercutting its competitors on price while providing an easy and enjoyable shopping experience. Shares rose 0.4% in premarket trading.
Other companies that analysts are watching for offering value and convenience include Costco Wholesale (COST), Amazon.com (AMZN), and TJX Cos. (TJX).
Nvidia (NVDA) fell 0.7% in pre-market trading. Semiconductor companies have told Chinese customers that they are delaying the launch of new artificial intelligence chips designed to comply with U.S. export controls until the first quarter of 2024, Reuters reported, citing sources familiar with the matter. He said.
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Vista Outdoor (VSTO) announced that its board of directors will evaluate an acquisition proposal from firearms manufacturer Colt CZ Group that values ​​the sports and outdoor equipment company at $30 per share. Colt’s offer comes after Vista and Czech industrial technology company Czechoslovakia Group announced their own merger agreement in October. Vista Outdoor stock closed at $25.75 on Wednesday.
General Motors’ (GM) self-driving car division, Cruise, plans to eventually restart operations, but only in one city. Plans for GM’s Origin driverless taxi will also be shelved, the Wall Street Journal reported, citing an email Wednesday from Cruise’s new co-president, Mo El-Shenawy, to employees. .
Email Joe Weelfel at joseph.woelfel@barrons.com.