4 stocks to watch on Friday: CVE, NVDA, FTNT, GOOG

[Mixed group of millennial aged friends discuss investing and cryptocurrency trading]
Trevor Williams

Stock index futures ticked up on Friday as investors awaited Federal Reserve Chair Jerome Powell's speech at Jackson Hole. Here are four stocks to watch on Friday:

Cenovus Energy (CVE [https://seekingalpha.com/symbol/CVE]) shares were up 1.3% in premarket trade as the firm agreed [https://seekingalpha.com/news/4488255-cenovus-energy-to-buy-meg-energy-in-c79b-deal-topping-strathcona-bid] to acquire MEG Energy in a cash and stock deal valued at C$7.9B, including debt, creating one of Canada's largest oil sands companies. Under the deal terms, Cenovus (CVE [https://seekingalpha.com/symbol/CVE]) will acquire MEG for C$27.25/share, which will be paid 75% in cash and 25% in Cenovus common shares.

Nvidia (NVDA [https://seekingalpha.com/symbol/NVDA]) stock was down 1.2% before the opening bell as the company reportedly [https://seekingalpha.com/news/4488207-nvidia-to-halt-work-on-china-focused-h20-ai-chip---report] told some of its suppliers to suspend the production of its H20 AI chip, which was specifically designed for the Chinese market. The move comes after increasing scrutiny and pressure from Chinese regulators.

Fortinet (FTNT [https://seekingalpha.com/symbol/FTNT]) was up 0.5% in extended trading as it increased its share repurchase program [https://seekingalpha.com/news/4488259-fortinet-boosts-share-repurchase-program-by-1b] by $1 billion, bringing its aggregate authorized repurchase amount up to $9.25B. The program was also extended through February 28, 2027.

Alphabet (GOOG [https://seekingalpha.com/symbol/GOOG]) shares were up 1.5% in premarket trade as Meta Platforms (META) signed a major six-year cloud computing deal with Google (NASDAQ:GOOG) Cloud, valued at over $10 billion. The contract marks a substantial win for Google (GOOG [https://seekingalpha.com/symbol/GOOG]) in the highly competitive cloud market, distinguishing it from leaders like AWS and Microsoft Azure.

MORE ON RELATED STORIES

* Alphabet Q2: Don't Miss Out On This Growth Powerhouse [https://seekingalpha.com/article/4815671-alphabet-q2-dont-miss-out-on-this-growth-powerhouse]
* Nvidia: Sell Before It's Too Late [https://seekingalpha.com/article/4815643-nvidia-sell-before-its-too-late]
* Alphabet: Market Acknowledging Moats, Stock Approaches Fair Value [https://seekingalpha.com/article/4815487-alphabet-market-acknowledging-moats-stock-approaches-fair-value]
* Nvidia chief praises TSMC, says buying its stock is 'very smart' [https://seekingalpha.com/news/4488203-nvidia-chief-praises-tsmc-says-buying-its-stock-is-very-smart]
* Nvidia to halt work on China-focused H20 AI chip - report [https://seekingalpha.com/news/4488207-nvidia-to-halt-work-on-china-focused-h20-ai-chip---report]