U.S. stock futures are trading higher Friday morning, setting up what could be an interesting session for several companies making headlines before the opening bell.

The Big Names

Apple Inc. (AAPL) is dealing with what you might call a reality check for its mixed-reality headset. The company has reportedly scaled back both production and promotion of its Vision Pro device after sales failed to meet expectations. The tech giant's struggle to transform its heavily hyped headset into something people actually want to buy en masse is becoming increasingly apparent. Apple shares slipped 0.5% to close at $271.86 on Wednesday.

Meanwhile, Taiwan Semiconductor Manufacturing Co. (TSM) got some good news from Washington. The chipmaking giant secured a one-year U.S. export license that allows it to import American chipmaking equipment into its China operations—a crucial win given the complex geopolitical dynamics around semiconductor technology. TSMC shares climbed 2.3% to close at $1,585.00 on Wednesday.

VS Media Holdings Ltd. (VSME) announced a 1-for-20 share combination, which is Wall Street speak for a reverse stock split. The stock jumped 17% to close at $0.10 on Wednesday, though at that price level it's still hovering in penny stock territory.

After-Hours Action

The real drama happened after the regular trading session wrapped up.

Outlook Therapeutics Inc. (OTLK) disclosed that the FDA issued a complete response letter to its ONS-5010/LYTENAVA biologics license application resubmission. Translation: the FDA cannot approve the application in its present form for treating wet age-related macular degeneration. That's essentially a rejection, and investors responded accordingly—shares plummeted 63.3% to $0.58 in after-hours trading.

On the flip side, Rubico Inc. (RUBI) reported entering into a purchase agreement to acquire a vessel-owning company from Top Ships. The company being acquired is party to a shipbuilding contract for a newbuilding mega yacht, which apparently got investors excited. Rubico shares surged 40.2% to $1.50 in after-hours trading.

As Friday's session approaches, these stocks offer a snapshot of the market's range—from tech giants grappling with product-market fit to biotech companies facing regulatory hurdles and smaller players making strategic acquisitions.