US stock futures were up on Thursday as investors await the economic data set to be released today. This includes the Challenger Job Cuts survey, data regarding jobless claims for the prior week as well as non-farm productivity data.
While the Dow futures were up 0.14%, S&P and Nasdaq futures rose 0.12% and 0.2%, respectively.
A host of pharma companies are set to report their earnings today.
Companies including Cardinal Health (CAH), Kellogg (K), Moderna (MRNA), Nielsen Holdings (NLSN), Papa John’s (PZZA), Provention Bio (PRVB), Regeneron (REGN) are expected to report before the opening bell.
AIG (AIG), AMC Entertainment (AMC), Expedia (EXPE), GoPro (GPRO), Groupon (GRPN), McKesson (MCK), Roku (ROKU), Square (SQ), and Yelp (YELP) are expected to report after the market close.
Stealth BioTherapeutics (MITO) was the most actively traded stock as well as the biggest gainer in pre-market trading as the stock popped 55.8% at the time of writing. The company involved in the development and commercialization of novel therapies for diseases resulting in mitochondrial dysfunction announced positive data for Elamipretide used in patients with dry age-related macular degeneration (AMD).
James River Group Holdings (JRVR), an insurance holding company based in Bermuda, was the biggest laggard as the stock tanked 20.4% in pre-market trading. The company reported disappointing 1Q results as losses widened to $103.5 million versus a net loss of $36.8 million in the same quarter last year. JRVR posted revenues of around $183 million in 1Q, up 65.9% year-on-year.
Apple (AAPL) has opened up its App Store to more advertisements, bringing ads to the store’s search tab which will show up above the suggested apps list. The company is looking at more service-related revenue to augment hardware sales.
“With Search tab ads, you can capture the attention of these customers before they search,” Apple wrote in a press release.
Meanwhile, Facebook (FB) has unveiled its new offering, Neighborhoods, that seeks to enhance connections and interactions between neighbors. The opt-in offering is integrated within the Facebook app.
With Neighborhoods, Facebook hopes to bring local experiences into one centralized place. The connection enabled by the offering will allow people to offer support, meet, and share common interests on local levels.
In M&A news, Camping World Holdings (CWH), an RV and related equipment and services provider, has snapped up Hilmerson RV in Little Falls, Minnesota, expanding its footprint across the region. Financial details of the acquisition were not disclosed. The acquisition is expected to close in early summer 2021.
Camping World CEO and Chairman Marcus Lemonis said, “With a history of top-notch customer service for over 37 years, Hilmerson RV is one of the best dealerships in America. I have been in this business for almost 20 years and this team simply runs one of the strongest operations I have ever seen.”
Wix (WIX), a global software-as-a-service (SaaS) platform, has acquired Israel-based startup Rise.ai for an undisclosed amount. With this acquisition, Wix will be able to offer its merchants tools they can use to drive customer value.
Arik Perez, Wix’s eCommerce Head said, “By providing merchants with more native tools, we can help them grow long-term customer value and revenues to build their businesses and keep optimizing and increasing profitability. Rise.ai is considered to be the best solution of its kind in the market, and the integration will enable merchants to easily manage and maintain customer engagement tools, ultimately leading to increased loyalty and revenue.”
In earning news, Fastly’s (FSLY) 1Q results disappointed investors as losses widened in the first quarter. Furthermore, 2Q and FY21 financial outlook disappointed analysts, and the company’s Chief Financial Officer (CFO) exited the company.
The cloud-based content delivery network (CDN) company reported a non-GAAP diluted net loss per share of $0.12 versus a diluted net loss of $0.06 per share in the same quarter last year. Analysts were expecting a loss of $0.11 per share.
Fastly’s CEO, Joshua Bixby said, “We had another outstanding quarter, delivering revenue of nearly $85 million, up 35% year-over-year. We are observing that many of the trends that emerged last year appear to have become permanent, even as the world begins to reopen. Fastly is uniquely positioned to serve companies as they adjust to this new reality, by seamlessly combining delivery, edge computing, and security.”
