4 stocks to watch on Friday: Marvell Technology, Gap and more
Allison Dinner
U.S. stock index futures on Friday pointed to a higher open, with all the attention squarely on Federal Reserve chief Jerome Powell's speech at the Jackson Hole Symposium. Here are some stocks to watch on Friday: 

Realty Income (O) stock will be in focus. Blackstone's (BX) real estate income trust BREIT on Friday said it would cash in on the post-pandemic rebound in Las Vegas by selling part of its stake in The Bellagio Las Vegas to Realty Income (O) in a deal valuing the casino resort at $5.1B. Realty Income (O) also agreed to invest about $950M in a new joint venture that owns 95% of the real estate assets of The Bellagio.

Shares of Marvell Technology (NASDAQ:MRVL) fell about 4% ahead of the opening bell, after the semiconductor company's FQ2 2024 results and FQ3 guidance failed to blow past estimates. MRVL earned an adjusted 33 cents per share on $1.34B in revenue, while analysts were expecting earnings of 32 cents per share on revenue of $1.34B. Moreover, the company expects FQ3 adjusted earnings per share of 35 to 45 cents on revenue of $1.4B plus or minus 5%, compared to a consensus of 40 cents per share on $1.39B in revenue.
Gap (GPS) stock seesawed in pre-market trading, after the apparel retailer posted a mixed Q2 report. Comparable sales fell across all its brands: for Old Navy, it slipped 6%; for Gap, it was down 1%; for Banana Republic, it fell 8%; and for Athleta, it was lower by 7%. Overall comparable sales decreased 6%, while revenue came in 8% lower Y/Y to $3.55B. GPS CFO Katrina O'Connell said the company remained "mindful of the mixed economic and consumer environment" in which they were operating. Gap's (GPS) gross margin improved Y/Y on the back of a 29% fall in ending inventory.
Shares of Nordstrom (JWN) were marginally lower ahead of market open, after the apparel retailer reported a fall in Q2 revenue and gross merchandise value. The quarterly net sales includes a 275 basis point negative impact from the wind-down of Canadian operations. JWN also reaffirmed its revenue and adjusted earnings outlook for 2023. The company's chief brand officer Pete Nordstrom said the retailer remained focused on "managing inventory with greater discipline" and "improving mix and productivity."

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