Stock Futures Point Upwards Ahead of Powell Speech

The stock futures market indicated a modestly positive trend on Friday as investors adopted a cautious approach in anticipation of a speech from Federal Reserve Chairman Jerome Powell at the central bank summit held in Jackson Hole, Wyo.

Positive Gains for Affirm (AFRM)

Affirm, the buy-now-pay-later company, saw its stock rise by 11% after announcing its fiscal fourth-quarter revenue of $446 million, which exceeded analysts' expectations. Moreover, the company posted a narrower-than-expected loss. The period also witnessed a strong gross merchandise volume (GMV) of $5.5 billion. Affirm is projecting GMV between $5.3 billion and $5.5 billion for the upcoming first quarter.

Marvell Technology (MRVL) Delivers Mixed Results

Marvell Technology reported adjusted earnings for the second quarter that surpassed analysts' forecasts. However, the chip maker issued a third-quarter outlook that was in-line with estimates, disappointing investors. Consequently, the company's shares experienced a 4.8% decrease during premarket trading.

Hawaiian Electric (HE) Faces Challenges

Hawaiian Electric witnessed a significant decline of 19% in premarket trading following its decision to suspend dividends starting in the third quarter. The utility company seeks to enhance its cash position, which it plans to allocate towards rebuilding and restoring power infrastructure. The move aims to ensure a robust future for the utility amidst allegations linking it to the devastating wildfires in Maui.

Intuit Reports Strong Q4 Earnings and Revenue

Intuit (INTU), the popular maker of TurboTax software, reported impressive fiscal fourth-quarter earnings and revenue, surpassing analysts' estimates. The company expects a solid 10% to 11% growth in first-quarter revenue, with adjusted earnings projected to be between $1.94 and $2 per share, slightly lower than the analysts' consensus of $2.01 per share. As a result, the stock declined by 1.5%.

Workday Exceeds Expectations with Robust Q2 Results

Workday (WDAY), a leading provider of enterprise HR and financial software, achieved better-than-expected results in the second quarter. The company reported an impressive 16% surge in revenue, bringing it to $1.79 billion, surpassing analysts' expectations. Furthermore, Workday raised its guidance for fiscal-year subscription revenue growth, demonstrating strong momentum in its business.

Gap Faces Sales Decline in Q2, But Exceeds Earnings Forecasts

Apparel retailer Gap (GPS) experienced an 8% decline in sales during the second quarter, reaching $3.55 billion, falling short of Wall Street estimates. Additionally, comparable-store sales dropped by 6%. However, the company still managed to exceed earnings forecasts with an adjusted profit of 34 cents per share, surpassing expectations of only 9 cents per share. Looking ahead, Gap predicts a potentially significant decrease in third-quarter sales, possibly in the low double-digit range, which is higher than the forecasted 7% decline. Despite this news, the stock rose by 3% during premarket trading.

Nordstrom Delivers Strong Q2 Earnings Amid Revenue Decrease

Nordstrom (JWN), a renowned upscale department-store chain, outperformed analysts' expectations with its second-quarter earnings. The company reaffirmed its fiscal-year forecasts, displaying confidence in its performance, despite experiencing a decrease in revenue from $4.09 billion to $3.77 billion year over year. Consequently, shares fell by 0.7%.