Friday’s Pre-Market: Here’s What You Need to Know Before the Market Opens


This article was originally published on TipRanks.com

U.S. stock futures were trending higher on Friday, even though investors continued to assess the impact of the Omicron variant. Focus is also on the release of key U.S. inflation data later in the day, whereby a strong reading could strengthen the case for policy tightening next week.

Dow futures (DJIA) were up 0.14%, S&P futures (SPX) were up 0.27% and Nasdaq futures (NDX) were up 0.29% at the time of writing.

Upcoming Earnings

Laurentian Bank (LRCDF), Johnson Outdoors, Inc. (JOUT) and Academy Sports and Outdoors (ASO) are set to report their quarterly results before the market opens. Value Line (VALU), Surgutneftegas (SGTPY) and Golden Matrix Group (GMGI) are also scheduled to report after the market closes.

Pre-Market Movers

American Virtual Cloud Technologies (AVCT) was the most active stock in the premarket session, with 2.28M shares changing hands at the time of writing. The increased market activity came after the company announced significant projected revenue growth of cloud communication platform Kandy.

Energy Focus (EFOI) was one of the biggest gainer in the premarket session, jumping 30.88% at the time of writing. The spike was witnessed on the back of the company launching nuVo Virus Targeted UVC Air Disinfectors. According to the TipRanks’ IPO calendar, there are several companies in this industry that are going public soon. For example, AeroClean Technologies, Inc. (AERC) recently went public. This shows that the industry is strong.

Code Chain New Continent Ltd. (CCNC) was the biggest loser in the premarket session, falling 34.17% at the time of writing. The sell-off came after the company announced a proposed underwritten public offering of common stock and warrants.

Market news

FARFETCH Limited (FTCH) has acquired resale platform LUXCLUSIF. Financial terms of the deal remain under wraps. The acquisition should allow the online luxury fashion retail platform to become a foremost platform for customer’s and industry partners. The company also hopes to become the leading global platform for pre-owned luxury.

fuboTV, Inc. (FUBO) has inked a multi-year partnership with Professional Fighters League, formerly known as World Series of fighting. Under the terms of the agreement, the TV streaming service is to live stream PFL Challenger Series on Fubo Sports Network and fubo TV starting early next year.

Ford’s (F) chairman Bill Ford has acquired 2 million shares of the company. A report published on Bloomberg states that the great-grandson of the company’s founder paid $20.5 million in cash for the stock option. The acquisition comes a month after Ford stock powered to 20-year highs amid strengthened investor confidence about the company’s long-term prospects and its push into the electric vehicle space.

Costco Wholesale Corporation (COST) shares popped 2.1% after the big-box retailer delivered better-than-expected fiscal first-quarter results that topped consensus estimates. Quarterly earnings were up 13.7% year-over-year to $2.98 a share, beating consensus estimates of $2.59 a share. Costco earnings data shows that the company’s bottom line has been improving.

Lululemon Athletica (LULU) fell 1.2% in extended trading hours, even as the company delivered stronger-than-expected third-quarter results. Quarterly revenues were up 30% year-over-year to $1.5 billion, topping consensus estimates of $1.43 billion. Quarterly earnings per share landed at $1.62, reflecting 39.7% year-over-year growth. The figure also surpassed the consensus estimate of $1.41 a share.

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