New York, NY – The Dow Jones Industrial Average started the day in the red on Thursday, suggesting an end to its recent winning streak. Private equity firm Brightstar Capital Partners has agreed to acquire Las Vegas-based PlayAGS, a maker of online casino games, for $1.1 billion, representing a 40% premium to Wednesday’s closing price. Costco Wholesale saw its shares rise by 0.6% after reporting April sales of $19.80 billion, marking a 7.1% increase from the previous year.
Stocks like Planet Fitness, Tapestry, and Warner Bros. Discovery were among those making significant premarket moves. Planet Fitness shares dropped by 2.8% after a revenue miss in the first quarter, while Tapestry, the parent company of Coach, also experienced a 3% decline in its stock price due to a revenue miss. Warner Bros. Discovery’s stock fell by 3.6% following a higher-than-expected loss per share in the first quarter.
Roblox shares plummeted nearly 29% after the company lowered its guidance for the full year, citing a decrease in expected bookings. The Bank of England decided to keep its benchmark bank rate steady at 5.25% while hinting at potential rate cuts in the future. In Europe, Stoxx 600 index opened mixed, with Germany’s DAX up by 0.3%.
In China, mainland CSI 300 index saw a 1% increase after upbeat trade data. The Bank of Japan discussed the possibility of higher-than-expected rate hikes at its April meeting, indicating a potential shift in monetary policy. Real wages in Japan continued to decline in March, marking the 24th consecutive month of decrease.
Furthermore, Mitsubishi Motors Corp shares dropped by 5% after the company forecasted lower earnings for the current fiscal year. Disney and Warner Bros. Discovery announced a partnership to bundle their streaming services for a combined offering. Lastly, Airbnb reported strong quarterly results, driven by increased travel for special events, signaling continued consumer spending in the travel and entertainment sector.
Overall, the stock futures remained stagnant on Wednesday, following six consecutive positive sessions for the Dow Jones Industrial Average. The market outlook varied across different sectors, with uncertainties looming over potential rate changes and economic fluctuations in various regions globally.
