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Stock futures were lower on Friday, Sept. 8, with investors again risk-averse heading into a weekend when Hurricane Irma is expected to batter the Florida coast.
Dow Jones Industrial Average futures were down 0.3%, S&P 500 futures fell 0.24%, and Nasdaq futures declined 0.2%.
Hurricane Irma was downgraded to a category 4 storm overnight, though the U.S. National Hurricane Center cautioned that it remained "extremely dangerous" and possibly "life-threatening" as it makes an expected landfall on the U.S. mainland on Saturday, Sept. 9. The NHC expects Irma to continue to move through the Bahamas, reaching the north Cuba coast before heading toward southern Florida.
Florida Gov. Rick Scott issued orders late Thursday to close all school colleges and universities in the state until at least Tuesday, Sept. 12, while all of the state's professional sports teams, as well as its major university athletic programs, cancelled weekend competitions.
The storm has killed 14 people on its path across the Caribbean, according to various local officials, and caused the evacuation of tens of thousands of island residents.
Hurricane watch has kept trading nervous in recent days as investors assess the possible economic damage wrought by Irma even as the recovery from Hurricane Harvey continues. Harvey devastated the area surrounding Houston, the nation's fourth-largest city, with catastrophic, record-setting flooding in late August. Moody's said total losses from Hurricane Harvey will come in between $45 billion and $65 billion, with overall U.S. economic losses between $6 billion and $10 billion.
Crude oil prices were slightly lower on Friday morning ahead of a weekly reading on drilling activity to be released from Baker Hughes later in the day. Drilling activity and refinery output have been on the fritz in the wake of Harvey. Historic flooding in Texas and Louisiana, energy-heavy areas, had taken a number of refineries offline and caused crude inventories to balloon in the past week.
West Texas Intermediate crude oil was down 0.4% to $48.92 a barrel on Friday morning.
Equifax Inc. (EFX) - Get Free Report plummeted 12% in premarket trading after disclosing that a massive security breach had compromised millions of people's private data. The credit reporting agency estimates that more than 143 million people had their names, Social Security numbers, birth dates and drivers license numbers exposed in the cyber attack.
Equifax said Thursday, Sept. 7, that criminals gained access to the information through its website in breaches between May and July. The company said it learned of the attack on July 29. The information accessed wasn't from Equifax's consumer and commercial credit databases, meaning that credit scores don't appear to have been exposed. However, the credit card numbers of 209,000 U.S. consumers and dispute documents belonging to an additional 182,000 people were accessed, according to Equifax.
Kroger Co. (KR) - Get Free Report declined almost 6% in premarket trading even after posting a second-quarter beat. The supermarket chain earned an adjusted 47 cents a share, higher than consensus of 39 cents. Sales of $27.6 billion nudged past an expected $27.5 billion. Same-store sales growth of 0.7% exceeded estimates of 0.4%. For the full year, Kroger anticipates adjusted earnings of $2 to $2.05 a share and for same-supermarket sales to increase by 0.5% to 1%.
Ralph Lauren Corp. (RL) - Get Free Report was on watch after Credit Suisse analysts boosted their rating to outperform and increased a price target to $111 from $91, implying 25% upside from current levels. Analysts anticipate "meaningful" revenue growth and higher margin ahead.
American Outdoor Brands Corp. (AOBC) - Get Free Report tumbled 18% in premarket trading after a disappointing first quarter and following weak guidance. Earnings of 2 cents a share missed expectations by 9 cents, while revenue plunged nearly 38% to $129.02 million and missed estimates by roughly $20 million.
The company said a weaker first quarter "reflected lower than anticipated shipments in our Firearms business, consistent with a softening in wholesaler and retailer orders." Concerns over weak gun demand sent industry peers lower, including Sturm Ruger & Co. (RGR) - Get Free Report , Sportsman's Warehouse Holdings Inc. (SPWH) - Get Free Report and Vista Outdoor Inc. (VSTO) - Get Free Report .
For the second quarter, American Outdoor anticipates sales no higher than $150 million, weaker than $174 million consensus, and earnings of 7 cents to 12 cents a share, falling short of per-share profit estimates of 30 cents.
Chipotle Mexican Grill Inc. (CMG) - Get Free Report declined 2.5% before the bell after Cowen analysts downgraded the stock to underperform from market perform and slashed its price target to $250 from $370. The firm also cut its full-year 2017 earnings estimates. Analysts forecast struggles to regain customer trust following multiple high profile food safety scares.
Updated from 8:13 a.m. ET, Sept. 8.
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