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U.S. stocks on Friday made uncertain moves as investors digested a mixed nonfarm payrolls report. Traders are returning from the Independence Day holiday. Here are some stocks to watch on Friday:
- Shares of Discover Financial (DFS) were in focus, after the lender on Wednesday said it had entered into an agreement to settle allegations of credit card misclassification. The agreement is subject to court approval and would resolve claims brought by merchants, merchant acquirers, and other intermediaries. “As of March 31, 2024, the Company had increased its liability to provide refunds as a result of the card product misclassification to $1.2B. The Company expects all payments under the settlement agreement to be covered by that amount,” Discover (DFS) said in a regulatory filing.
- Amazon (AMZN) stock gained slightly ahead of the opening bell. The tech and retail giant will be an investor in HBC’s acquisition of designer clothing brand Neiman Marcus. HBC, the parent company of luxury retailer Saks Fifth Avenue, will buy Neiman Marcus for a total enterprise value of $2.65B. “Upon transaction close, HBC will establish Saks Global, a combination of world-class luxury retail and real estate assets, including Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus and Bergdorf Goodman, each of which will continue operations under their respective brands,” HBC said in a statement.
- U.S.-listed shares of Nio (NIO) were among the most actively traded ahead of market open, slipping nearly 3%. The Chinese electric vehicle maker earlier in the day said its finance chief, Steven Wei Feng, would step down due to personal and family reasons, effective Friday. Feng had been with Nio (NIO) since 2019. The company named Stanley Yu Qu as its new CFO. “We don’t expect this change to disrupt Nio’s (NIO) current operation or future fund-raising plans,” Morgan Stanley weighed in, though analyst Tim Hsiao noted that C-level changes are rarely positive news.
- Trump Media & Technology (DJT) stock retreated nearly 2%. The social media firm controlled by former U.S. President Donald Trump said it was buying assets that were intended to set up its planned TV streaming service – first via its Truth Social platform and later through standalone apps. “We believe this agreement will enable us to build a superior tech stack to support a cutting-edge streaming service,” Trump Media (DJT) top boss Devin Nunes said in a statement. The company also finalized a long-term equity financing arrangement to fund its expansion over the next three years.