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3M reached a $10.3 billion settlement over so-called forever chemicals.
Daniel Acker/Bloomberg
Stock futures traded lower Friday, suggesting a weaker start for Wall Street as investors worried that higher interest rates could lead to a recession.
These stocks were poised to make moves Friday:
3M
(MMM) rose 3.6% after the company said it would settle claims over so-called forever chemicals in drinking water with public water providers across the country. The agreement has a value of $10.3 billion and will be payable over 13 years. 3M said it would record a charge for that amount in the second quarter.
Virgin Galactic
(SPCE) shares fell nearly 18% after the space-tourism company said it would raise up to $400 million through the sale of common shares. The offering follows the successful completion of an “at the market” offering of $300 million.
American depositary receipts of
GSK
(
GSK
) rose 5.9% after the British drug maker announced a settlement of the first case set to go to trial over the company’s blockbuster heartburn medication Zantac. A man had claimed the drug caused his cancer. The case, filed in California state court, will be dismissed. GSK said in a statement that it doesn’t admit any liability in the settlement .
Smith & Wesson Brands
(SWBI) gained 8.4% in premarket trading after the firearms maker reported fiscal fourth-quarter earnings and sales that beat expectations and raised its quarterly dividend by 20%.
Ford Motor
(F) is preparing for another round of layoffs in the coming weeks, The Wall Street Journal reported, citing people familiar with the matter. The layoffs are expected to mostly include U.S. salaried workers, and will affect employees on
Ford
’s
gas-engine side of the business, as well as its electric-vehicle and software division, the people said. The job cuts could be announced as early as next week, some of the people told the Journal. Shares of Ford fell 0.6%.
CarMax
(KMX), the used-car seller, is scheduled to report earnings before the stock market opens. Ahead of the report, CarMax shares fell 0.6%.
Write to Joe Woelfel at joseph.woelfel@barrons.com
