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In a whirlwind of Wall Street remixes, S&P Dow Jones Indices dropped a late-week beat that had Chesapeake Energy (CHK), the U.S. natural gas protagonist, and Mercury Systems (MRCY), the defense dance maestro, grabbing their dancing shoes. CHK waltzed to new heights at the news, while MRCY did a classy cha-cha to join the upward groove on Thursday.

In this index shuffle extravaganza, Chesapeake earned itself a VIP pass to the S&P MidCap 400 party, swaying its way in like the life of the midsize bash. Meanwhile, Mercury Systems decided it was time for a bit of mingling and moved from the midcap scene to the more intimate S&P SmallCap 600 gathering. Both transformations are set to kick off with Monday’s market sunrise.

As the financial stage continues to shift, Arconic (ARNC), the metal maestro of fabrication fame, is taking its final bow from the S&P SmallCap 600 limelight. The rumor mill whispers that fund manager Apollo Global Management (APO) is prepping a $5.2 billion takeover for ARNC, an encore that’s expected to hit the acquisition crescendo soon.

Biggest Movers

Dow futures steady, Ross Stores up 5.5% after earnings

U.S. stock futures remained little changed during Thursday’s evening trade after major benchmark indices extended declines for the third consecutive session as higher bond yields soured risk sentiment.

By 7:30pm ET (11:30pm GMT) Dow Jones Futures were flat, S&P 500 Futures were 0.1% lower and Nasdaq 100 Futures dipped 0.2%.

In extended deals, Ross Stores (NASDAQ:ROST) added 5.5% after reporting Q2 EPS of $1.32 versus $1.16 expected, while revenues came in at $4.93 billion versus $4.74 billion expected. The company also forecasted Q3 2024 EPS in the range of $1.16-$1.21 versus expectations of $1.16 Holdings Inc (NYSE:BILL) lost 3.9%, reporting Q4 EPS of $0.59 versus $0.41 expected, while revenue was reported at $296 million versus $282.15 million expected.

Keysight Technologies (NYSE:KEYS) dipped 8.2% after the company reported Q3 EPS of $2.19 versus $2.04 on revenues of $1.38 billion versus $1.38 billion expected.

Farfetch Limited (NYSE:FTCH) tanked 35.9%, reporting Q2 losses of $0.21 per share versus expected losses of $0.28 per share. Revenue was reported at $579.35 million $648.27 million expected.

Ahead in Friday’s trade, quarterly earnings results from Palo Alto Networks Inc (NASDAQ:PANW), Deere & Company (NYSE:DE) and Estee Lauder Companies Inc (NYSE:EL) will be closely monitored by market participants.

During the regular session Thursday, the Dow Jones Industrial Average fell 290.91 points or 0.8% to 34,474.8, the S&P 500 lost 34 points or 0.8% to 4,370.4 and the NASDAQ Composite dipped 157.7 points or 1.2% to 13,316.9.

Among data releases, jobless claims came in at 239K versus 240K expected while the Philadelphia Fed manufacturing index bounced back to 12 following last month’s reading of -13.5.

On the bond markets, the United States 10-Year yield was at 4.276%, its highest level since October 2022.

Dow futures steady, Ross Stores up 5.5% after earnings.


BET on Hold: Paramount Global Pulls Plug on Stake Sale, Keeps Streaming Scene Thriving

Paramount Global has apparently decided to hang onto its BET Media Group, complete with the VH1 and BET cable networks, along with the BET+ streaming service. The Wall Street Journal spilled the beans, relying on those in the know.

The grievances spilled out like a fashion faux pas on the runway – wage cuts and pilferage leading the pack, followed by unfair dismissal drama, inhumane work tempo twists, and the grand finale: forced overtime extravaganza. All this juicy intel comes courtesy of the Business and Human Rights Resource Centre (BHRRC), the non-governmental maestros, whose upcoming report has Reuters salivating, poised to debut this Wednesday.”

Choco-Cost Crunch: Hershey and Mondelez’s Sweet Profits Dance with Soaring Cocoa Prices and Sugar Surges

As cocoa costs soar to heights even Willy Wonka couldn’t have predicted, chocolate titans like Hershey and Mondelez find themselves in a sticky situation. Armed with golden tickets of demand, they’ve enjoyed a sweet streak of profits despite cocoa price hikes.

However, as sugar prices join the inflation party, these confectionery wizards must now navigate the treacherous terrain of passing on costs to penny-pinching consumers. It’s a test of their Willy Wonka-esque creativity to keep the chocolate bars flowing without sending wallets screaming for an Oompa Loompa bailout.

Tiptoeing through the market is like mastering the Friday night dance floor – a blend of strategy, anticipation, and a dash of daring. Investing before the weekend is like placing your bets on the hottest dance move that everyone’s secretly practicing. Will your portfolio sashay to success or do the Wall Street waltz? Just remember, while others are busy planning their weekend getaways, you’re plotting your financial getaway – and if all goes well, you’ll be the one buying the drinks next week. Cheers to calculated risks and dancing digits!