Dow futures really started to soar after the government's May jobs report was much better than feared. Nonfarm jobs last month actually rose by 2.5 million. Estimates had called for job losses of 8.3 million. The nation's unemployment rate in May declined to 13.3%, a far cry better than forecasts for 19.5%. Taking a four-session winning streak into Friday, the Dow was tracking for a 3.5% weekly advance. (CNBC)
* May sees biggest jobs increase ever as economy starts to recover from coronavirus (CNBC)
United Airlines (UAL), American Airlines (AAL), Delta Air Lines (DAL), Southwest Airlines (LUV) and JetBlue (JBLU) are extending this week's rally this morning, as demand continues to rebound faster than expected despite being substantially below normal levels. (CNBC)
Barry Diller, chairman of Expedia (EXPE) and digital media group IAC, told CNBC on Friday the two companies will no longer provide earnings guidance. Many companies suspended earnings guidance due to the uncertainty caused by the coronavirus pandemic. Diller hopes that trend will become permanent. (CNBC)
Coronavirus cases in the U.S. have been slowly increasing since Memorial Day, according to a CNBC analysis of data compiled by Johns Hopkins University. Total cumulative coronavirus cases in the U.S. approached 1.9 million on Friday, with 108,211 deaths. Global cases neared 6.7 million, with 391,570 fatalities. (CNBC)
Comcast's Universal reopens its Orlando, Florida, theme parks to the public Friday. Islands of Adventure, Universal Studios and the Volcano Bay water park will be operating with a reduced capacity among other coronavirus safety measures. Last week, Disney got approval to reopen its four Orlando-based theme parks starting July 11.
The National Basketball Association has approved a plan to restart its season on July 31, in a closed environment in Orlando. The proposal still needs approval from the National Basketball Players Association. It's also contingent on an
Many of the protests against police brutality, following the death of George Floyd, were more subdued for a second straight night as marches Thursday turned into memorials for Floyd. The 46-year-old African American was the focus of a heartfelt tribute in Minneapolis that drew family members, celebrities, politicians and civil rights advocates. (AP)
* House Speaker Nancy Pelosi calls for 'very strong' change in response to nationwide unrest (CNBC)
Gap (GPS) lost $2.51 per share for the first quarter, wider than the 67 cents a share loss that analysts were expecting. The apparel retailer's revenue was also below forecasts, amid pandemic-related store closures, although Gap noted an improvement in online sales. Gap also said 55% of its company-owned North American stores are now open.
Slack Technologies (WORK) lost 2 cents per share for the first quarter, smaller than the 6 cents a share loss that Wall Street had been anticipating. The messaging platform company's revenue also beat forecasts, but growth in its paid customer base slowed. Slack withdrew its 2021 billings forecast due to pandemic-related uncertainty.
RH (RH) reported quarterly profit of $1.27 per share, beating the consensus estimate of 81 cents a share. The Restoration Hardware parent's revenue was also above Wall Street forecasts. The home furnishings retailer said that the second quarter is seeing a strong rebound in business.
Broadcom (AVGO) matched estimates with quarterly earnings of $5.14 per share, with the chipmaker's revenue slightly above forecasts. Broadcom said it had only a limited impact from Covid-19, and saw a surge in demand from cloud customers. It also noted a negative impact from supply-chain constraints, however, and gave a current-quarter revenue forecast below consensus. Following the earnings report, Piper Sandler named the stock a "top pick" based on upbeat prospects for the next 12 to 24 months.
DocuSign (DOCU) beat estimates by 2 cents a share, with quarterly earnings of 12 cents per share. The provider of digital security technology's revenue beat estimates as well. DocuSign also gave better-than-expected guidance for the current quarter and the full year.
Uber's (UBER) Uber Eats service launched a feature that lets U.S. and Canadian customers easily find and order food from black-owned restaurants. The introduction of the feature follows nationwide protests over the death of George Floyd while in police custody.
Netease (NTES) raised at least $2.7 billion in a secondary stock offering in Hong Kong, according to sources who spoke to Reuters. The Chinese online gaming firm also has the option of selling an additional 25.72 million shares under a so-called "greenshoe" option.
Cooper Companies (COO), a medical products maker, reported quarterly profit of $1.51 per share, short of the $2.29 a share consensus estimate. Revenue also fell short of forecasts, primarily due to weakness at the company's CooperVision contact lens manufacturing unit.
Zumiez (ZUMZ), a maker of action sports apparel and equipment, lost 79 cents per share for its latest quarter, wider than the 54 cents a share loss that analysts were predicting. Revenue was also below forecasts, with sales impacted by virus-related store closures.