U.S. Stock Futures Mixed But Flexsteel Industries Soars
U.S. stock futures were a mixed bag this morning, with the Dow futures gaining around 50 points on Friday.
Flexsteel Industries Reports Strong Preliminary Results
Shares of Flexsteel Industries, Inc. FLXS surged in today’s pre-market trading after the company unveiled robust preliminary results for the second quarter.
The company forecasted preliminary earnings of 57 cents per share, far outstripping analysts’ estimates of 27 cents per share. Additionally, it projected revenue of $100.1 million compared to expectations of $96.77 million. Flexsteel Industries also released financial guidance for the remaining quarters of fiscal year 2024 and fiscal year 2025.
As a result, Flexsteel Industries shares catapulted 26.8% to $22.87 in pre-market trading.
Big Stocks on the Move in Pre-Market Trading
Several top stocks made significant gains in today’s pre-market trading session:
- Sify Technologies Limited SIFY saw its shares rise by 6.9% to $1.86 in pre-market trading. It is expected to report unaudited IFRS financial results for the third quarter ended Dec. 31, 2023, before the opening bell on Jan. 18, 2024.
- Arcutis Biotherapeutics, Inc. ARQT climbed 5.4% to $3.90 in pre-market trading after experiencing a 10% drop on Thursday. Arcutis Canada recently announced Health Canada’s acceptance of the supplement to a new drug submission for Roflumilast Foam 0.3% for seborrheic dermatitis in individuals 9 years of age and older.
- Nordic American Tankers Limited NAT experienced a 5.3% gain to $4.58 in pre-market trading.
- Ginkgo Bioworks Holdings, Inc. DNA gained 4.4% to $1.40 in pre-market trading subsequent to its approximately 5% decline on Thursday. Ginkgo Bioworks recently indicated that preliminary unaudited Cell Engineering revenue is expected to fall within the previously disclosed guidance range of $145 – $150 million in 2023.
- NexGen Energy Ltd. NXE rose 4.7% to $7.38 in pre-market trading.
- ZIM Integrated Shipping Services Ltd. ZIM surged 4.3% to $14.31 in pre-market trading after advancing over 6% on Thursday.
- Wheels Up Experience Inc. UP gained 3.9% to $4.55 in pre-market trading.
- Wipro Limited WIT posted a 3% increase to $5.53 in pre-market trading ahead of quarterly results.
Final Thoughts
Investors are closely watching the pre-market activity of major stocks today, particularly after Flexsteel Industries’ significant surge following its strong preliminary results. The economic outlook remains uncertain, but these notable market movements reflect a mix of optimism and cautious anticipation.
As we head into the trading day, the question remains: Will the strong performance of these stocks continue when the opening bell rings? Only time will tell, and investors are poised to act on the pulse of the market today.
