What to watch today: Dow to pop after the 30-stock average's six-session losing streak

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BY THE NUMBERS

IN THE NEWS TODAY

Nasdaq futures led the way higher Friday, up about 2%, despite an 12% premarket drop in Twitter (TWTR) shares. The stock dropped as much as 25% after Elon Musk tweeted Friday his deal to buy the social network is “temporarily on hold.” Twitter shares were paring those losses when Musk later tweeted a second time he’s “still committed” to the deal. (CNBC)

The Tesla CEO Musk announced last month that he intends to buy Twitter for $44 billion. Tesla (TSLA) shares, which recently fell on worries about Musk’s Twitter deal being a distraction, rallied more than 5% Friday on the first tweet and held those gains after the second.

Tether, the world’s largest stablecoin, regained its peg to the dollar after more than $3 billion worth of tokens left the system in a single day. Another stablecoin known as TerraUSD or UST, which is supposed to be pegged 1-to-1 with the dollar, traded around 8 cents Friday. Luna, a token closely associated with UST, is now worth $0 as a result. (CNBC)

The stablecoin saga has added a layer of uncertainty that’s contributed to sharp declines across the entire crypto market. Bitcoin on Friday was back above $30,000, rebounding from levels not seen since late 2020. At current levels, bitcoin, the world’s largest cryptocurrency, was down more than 50% from its all-time high of over $68,000 in November. (CNBC)

Sam Bankman-Fried, CEO of crypto exchange FTX, has taken a 7.6% stake in Robinhood, according to a late Thursday filing with the Securities and Exchange Commission. The filing said he paid $648 million. Shares of Robinhood, a popular stock and crypto trading platform, jumped more than 23% in Friday’s premarket. (CNBC)

STOCKS TO WATCH

Affirm Holdings (AFRM) reported a narrower-than-expected quarterly loss. Revenue also beat forecasts. Affirm raised its full-year revenue outlook and announced the extension of its ongoing partnership with e-commerce platform operator Shopify (SHOP). The stock rocketed 33.8% higher in the premarket.

Toast (TOST) added 3.2% in the premarket after the restaurant-focused technology platform company reported a smaller than expected quarterly loss as well as revenue that beat Street forecasts. It also raised its full-year revenue forecast, as more restaurants adopt Toast’s technology.

MicroStrategy (MSTR) rallied 13.9% in premarket action in what’s been a volatile week for the business analytics company. MicroStrategy, which has extensive bitcoin holdings, saw its stock fall more than 25% on both Monday and Wednesday before rising yesterday.

Roper Technologies (ROP) is near a deal to sell its process-technology unit to private equity firm Clayton Dubilier & Rice for about $3 billion, according to people familiar with the matter who spoke to Bloomberg.

The Honest Company (HNST) rose 3.1% in premarket trading after it reaffirmed its full-year revenue outlook. The personal care and household products company also reported a quarterly loss and revenue numbers that were both in line with Wall Street forecasts.

Duolingo (DUOL) surged 15.3% in the premarket after it reported a narrower quarterly loss and better than expected revenue. The language software provider said active user numbers are at an all-time high, and it issued upbeat current quarter revenue guidance.

Figs (FIGS) saw its stock plummet 25.2% in premarket trading after the health care apparel company missed estimates with its latest quarterly results and issued weaker than expected full-year guidance.

Poshmark (POSH) reported a loss of 18 cents per share, 4 cents smaller than Wall Street had anticipated, with revenue also beating estimates. That helped send its stock up 2.1% in premarket action, even though the online apparel marketplace issued a weaker-than-expected current quarter revenue forecast.