Stock index futures (SPY) (DIA) are mostly flat ahead of the bell Friday, after the Commerce Department said consumer spending fell 0.2% in October, the first decline since May and worse than analysts’ expectations.
Among the big fallers in premarket trades is Yum! Brands Inc. (YUM) which late Thursday delivered weaker-than-expected earnings outlook for next year. Particularly hurting the Taco Bell, KFC and Pizza Hut parent was a fall in sales in China. Analysts reacted badly to the news, with Susquehanna and UBS cutting the stock to Neutral and Raymond James cutting it to� Underperform. The stock is down 8.3% at the latest.
Also falling are shares of Zumiez Inc. (ZUMZ), after the retailer’s latest quarterly revenues missed analyst expectations and it gave a gloomy outlook for the fourth quarter. Zumiez said November same-store sales declined 4.2%. The stock is down 8.1% right now.
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