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Cano Health, Maxeon Solar, IonQ, and More Stock Market Movers

Stock futures traded lower Friday after price pressures in the U.S. continued to ease adding to investors’ optimism the Federal Reserve could be close to ending its rates-hiking campaign. San Francisco Fed President Mary Daly, however, said the Fed still has “more work to do” to combat inflation. 

These stocks were poised to make moves Friday: 

Cano Health
(CANO) was falling 50% in premarket trading to about 77 cents after the primary-care provider said there was “substantial doubt” about its ability to continue operating within one year. Cano also said it would cut its workforce by 17% and was “pursuing a comprehensive process to identify and evaluate interest in a sale” of the company.

Maxeon Solar
(MAXN), the Singapore-based solar technology company, reduced full-year guidance citing a “near-term softening of residential demand and the challenging market conditions” that it expects to persist through the fourth quarter. The company said it expects full-year revenue of $1.25 billion to $1.35 billion, compared with prior guidance of $1.4 billion to $1.6 billion. Adjusted earnings before interest taxes, depreciation, and amortization for the year were forecast at $80 million to $100 million, lower than its previous guidance of $95 million to $120 million. The stock tumbled 24%.

IonQ
(IONQ) rose 6.4% after the quantum computing hardware and software company again raised its bookings outlook for the year to a range of between $49 million to $56 million.

Flowers Foods
(FLO) reported second-quarter adjusted earnings of 33 cents a share, beating analysts’ estimates, as revenue rose 8.8% to $1.23 billion. Shares of the packaged bakery foods producer were rising 1.9% in premarket trading.

Write to Joe Woelfel at [email protected] 

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