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

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U.S. stock futures were relatively flat on Friday as investors remain encouraged by growing evidence that the Omicron variant causes less severe infection of COVID-19. Strong manufacturing data and impressive initial jobless claims also continue to affirm the health of the U.S. economy.

Dow futures (DJIA) were down 0.08%, S&P futures (SPX) were down 0.09%, and Nasdaq futures (NDX) were down 0.12% at the time of writing.

Pre-market movers

Medalist Diversified REIT Inc. (MDRR) was the most active stock in the pre-market session, with 1.08M shares changing hands at the time of writing. The stock was also up about 29.41%. The increased market activity follows the board of directors’ approval of a common stock repurchase program.

Altimar Corp II (FATH) was the biggest gainer in the pre-market session, jumping 68.21% at the time of writing. It is still unclear what is causing the stock to spike as no fundamental news has been released to justify the pop.

U.S. Xpress Enterprises (USX) was the biggest loser in the pre-market session, falling 25.42% at the time of writing.  The sell-off comes on the heels of the company announcing significant progress in key metrics.

Market news

In M&A news, Sonoco Products Company’s (SON) subsidiary Sonoco Recycling has acquired Western North Carolina-based paper recycler American Recycling. The financial terms of the deal remain under wraps. The acquisition should allow the company to strengthen its recycling capabilities and enhance its presence in the region.

Tesla, Inc. (TSLA) is recalling more than 475,000 Model 3 and Model S Electric cars after it was discovered they have issues with the rearview camera cable. The National Highway Traffic Safety Administration (NHTSA) discovered that the coaxial cable could be destroyed by the regular opening and closing of the trunk.

The Kroger Co.’s (KR) board of directors has approved a $1 billion stock repurchase program. The program replaces the previous program, which had about $157 million remaining as of December 29, 2021. In the second quarter, the company increased its stock dividend by 17%.

Shares of Beyondspring, Inc. (BYSI) popped 6.4% despite the global pharmaceutical company delivering a wider-than-expected loss for Q3 2021. Net loss landed at $0.47 a share, wider than the expected loss of $0.37 a share. The company posted revenues of $337,000 compared to zero revenue in the same quarter last year.

Micron (MU) shares fell 2.37% after the company announced its output levels out of China are at risk. The city of Xi’an, where the company operates an assembly plant, is under lockdown as authorities seek to combat the spread of COVID-19. The company has had to reduce its workforce at the Xi’an site, which is expected to affect the output levels of DRAM assembly.

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