News of the day for Nov. 22, 2024

U.S. stock futures are slightly lower but major indexes remain on track for a positive week; Gap (GAP) shares are jumping in premarket trading as the retailer reported better-than-expected results and lifted its outlook on anticipation of strong holiday sales; DirecTV ends efforts to buy Dish Network after bondholders pushed back on the deal; Intuit (INTU) shares are dropping after its revenue outlook came in below expectations; bitcoin (BTCUSD) is little changed as investors watch to see if the surging cryptocurrency can cross the $100,000 mark. Here's what investors need to know today.

1. US Stock Futures Point Lower But Indexes Poised for Positive Week

U.S. stock futures are pointing slightly lower but major stock indexes are still on track to turn in a positive week after earlier gains on positive earnings news. Nasdaq futures are 0.2% lower, S&P 500 futures are down 0.1% after the benchmark index comes off a fourth straight session of gains, and Dow Jones Industrial Average futures are little changed after the index surged by 1.1% Thursday. Treasury yields are slightly lower and crude futures are down about 0.5%, while gold futures are about 1% higher.

2. Gap Stock Soars as Retailer Raises Outlook

Gap (GAP) shares are soaring by 15% in premarket trading after the clothing retailer reported stronger-than-expected third-quarter results and raised its sales outlook. The Old Navy parent reported earnings per share (EPS) of 72 cents on revenue of $3.83 billion, both topping consensus estimates of analysts polled by Visible Alpha. The company now anticipates fiscal 2024 sales to grow between 1.5% and 2% compared to its earlier guidance of “up slightly," as the retailer pointed to a strong holiday season.

3. DirecTV Ends Decades-Long Effort to Buy Dish Network

DirecTV has scrapped its acquisition of Dish Network, coming amid decades of failed attempts at mergers by the two satellite rivals. DirecTV said that it has notified Dish owner EchoStar (SATS) it plans to cancel the deal after bondholders in Dish and subsidiary DBS pushed back. DirecTV said the termination of the deal won't affect TPG's (TPG) acquisition of the private-equity firm's remaining 70% stake in the satellite provider from telecommunications giant AT&T (T). EchoStar shares are 3% lower in premarket trading, while those of AT&T are little changed.

4. Intuit Stock Falls on Disappointing Outlook Despite Earnings Beat

Intuit (INTU) shares are falling about 3% in premarket trading after the tax software maker's current-quarter revenue forecast disappointed investors. The TurboTax parent saw fiscal 2025 first-quarter revenue grow 10% year-over-year to $3.28 billion, above Visible Alpha consensus. The company's profit of $197 million or 70 cents per share declined from $241 million or 85 cents per share in the year-ago quarter, but also topped projections. However, the company's second-quarter revenue guidance of between $3.81 billion and $3.85 billion was below consensus.