What to watch today: Stock futures turn positive after three days of losses

U.S. stock futures turned positive Thursday after three days of losses as tech names and bitcoin bounced higher. Dow component Cisco Systems dropped 4% in Thursday's premarket, trimming bigger overnight losses, one day after the data center networking firm issued weaker-than-expected earnings guidance. The Nasdaq closed basically flat after sinking as much as 1.7% earlier Wednesday. The Dow Jones Industrial Average and S&P 500 also saw major comebacks from steep drops to close only modestly lower. (CNBC)

* Strategist Tom Lee says stocks may be primed for a big rally. Here's why (CNBC Pro)

The Labor Department on Thursday reported a new Covid low for initial jobless claims. New filings for unemployment benefits came in at a lower-than-expected 444,000 last week. The prior week was revised slightly higher to 478,000. (CNBC)

* More GOP states cut $300-per-week federal jobless benefits boost (WSJ)

The 10-year Treasury yield backed away from its previous day pop to 1.678% as minutes from the Federal Reserve's April meeting suggested central bankers might taper the pace of extraordinary pandemic-era asset purchases if the economy continues to recover rapidly. (CNBC)

Bitcoin on Thursday rose to nearly $42,000 after the wild ride of the past day saw the world's largest cryptocurrency tank 30% Wednesday to three-month lows near $30,000. That represented an over 50% decline from last month's all-time high of almost $65,000. During Wednesday afternoon trading, bitcoin rebounded before pulling back later in the day and overnight. (CNBC)

* Dogecoin jumps on Elon Musk tweet as wild cryptocurrency trading continues (CNBC)
* NYU's 'dean of valuation' says ether has a better chance of becoming a commodity than bitcoin (CNBC)

Shares of Virgin Galactic (SPCE) jumped 21% in Thursday's premarket after the space tourism firm said it's targeting Saturday for its next spaceflight test. The company made the announcement following the completion of a maintenance review of its carrier aircraft that had threatened delays. Virgin Galactic is aiming to begin commercial service in 2022. (CNBC)

Oatly is set to debut on the Nasdaq on Thursday after pricing its initial public offering at $17 per share, the top of the expected range. The Swedish oat milk maker raised $1.4 billion, valuing the company at $10 billion. Last year, Oatly raised $200 million in a funding round led by Blackstone, and included Oprah Winfrey, Natalie Portman, rapper Jay Z, and former Starbucks boss Howard Schultz. (Reuters)

* How Oatly went from a decades-old obscure brand to a $10 billion valuation (CNBC's Make It)
* Squarespace CEO is worth $2.4 billion after web company he built in college debuts on NYSE (CNBC)

McDonald's (MCD) board will likely face tough questions from shareholders at Thursday's annual meeting about how the fast food giant handled the firing of former CEO Steve Easterbrook. Easterbrook was ousted in November 2019 for having a relationship with an employee in violation of company policies. (CNBC)

* Amazon faces five new racial, gender bias lawsuits (Reuters)

Ford (F) said its new electric F-150 Lightning pickup will be profitable when it arrives in U.S. dealer showrooms next year, with pricing between about $40,000 and $90,000. The pickup, which Ford officially unveiled Wednesday night, resembles the automaker's current F-150 but includes new interior and exterior features. (CNBC)

* Biden tales Ford’s new electric pickup for a test drive (Washington Post)

House Republicans introduced a five-year, $400 billion transportation measure that directs historic levels of funding to highways, bridges and transit systems. The GOP bill comes as talks continued this week between the White House and Senate Republicans over competing infrastructure plans. (CNBC)

Kohl's (KSS) shares fell more than 6% in Thursday's premarket despite the retailer beating Wall Street expectations on both the top and bottom lines. Kohl's earned $1.05 per share in the first quarter, compared the consensus estimate of just 4 cents per share. Revenue soared 70% to $3.89 billion. The company also raised its outlook.

Petco (WOOF) gained 1% in premarket action, after reporting quarterly earnings of 17 cents per share compared to a consensus estimate of 9 cents per share. The pet products retailer's revenue also beat forecasts. It raised its full-year outlook.

L Brands (LB) came in 4 cents a share above estimates, with quarterly profit of $1.25 per share. Revenue came in very slightly above consensus. Comparable-store sales at its Victoria's Secret unit jumped 25%, while Bath & Body Works saw a same-store sales increase of 16%. The company is not providing guidance for the full year, and also said it is targeting the completion of its split into two separate companies for August. The company's shares fell 2% in the premarket.

BJ's Wholesale (BJ) reported quarterly earnings of 72 cents per share, 15 cents a share above estimates. Revenue beat estimates as well. The retailer's comparable-store sales ex-fuel fell by 5%, but that was smaller than the 8.3% drop predicted by analysts who were surveyed by FactSet. BJ's also said that the rest of 2021 remains difficult to forecast. Its shares sank 3.3% in the premarket.

Shoe Carnival (SCVL) shares slid 7.2% in premarket trading after the footwear retailer predicted a drop in current-quarter sales compared to a year ago. The company did not provide an outlook for the second half of the year, citing supply chain issues and other potential uncertainties.

Hormel Foods (HRL) reported quarterly earnings of 42 cents per share, a penny a share above estimates. The food producer's revenue also came in above analysts' projections. The company behind brands like Spam, Dinty Moore and Jennie-O said demand in its various channels remains elevated compared to pre-pandemic levels.

After the 2020 PGA Championship was pushed back to August because of the coronavirus pandemic, golf's second major is back to its usual spot in May. Round One starts today at the Kiawah Island Golf Resort's Ocean Course in South Carolina. Collin Morikawa is the defending champ. (USA Today)