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

U.S. stock futures were trending higher on Friday as investors continued to digest fairly positive corporate earnings. Investors also continue to shrug off surprisingly strong readings on U.S. inflation, which increases the possibility of the Federal Reserve hiking interest rates.

Dow futures (DJIA) were up 0.13%, S&P futures (SPX) rose 0.10% and Nasdaq futures (NDX) were up 0.19% at the time of writing.

Upcoming earnings

Aperam SA (APEMY), AstraZeneca Plc. (AZN), and F45 Training Holdings (FXLV) are set to report their quarterly earnings before the market opens. Boustead Singapore Limited (BSTGF), Cosan (CSAN), and Dundee Corp (DDEJF) will report after the market closes.

Pre-Market Movers

Sundial Growers (SNDL) was the most active stock in the pre-market session, with 13.46M shares changing hands at the time of writing. The increased market activity comes after the company announced a new share repurchase program worth C$100 million.

Everspin Technologies, Inc. (MRAM) was one of the biggest gainers in the pre-market session, jumping 15.81% at the time of writing. The spike comes hot on the heels of the company delivering solid third-quarter 2021 results, which were characterized by a 25% jump in revenue to $14.8 million.

Acutus Medical (AFIB) was the biggest loser in the pre-market session, down 24.77% at the time of writing. The sell-off comes following the company’s third-quarter results. Revenue during the quarter stood at $4.6 million, up from $3.2 million reported last year.

Market News

In M&A news, Spotify Technology S.A. (SPOT) has reached an agreement for the acquisition of digital audiobook distribution company Findaway. The financial terms of the deal, expected to close in the fourth quarter of 2021, remain under wraps. The acquisition is expected to strengthen the presence of the audio streaming and media services company in the audiobooks space.

General Mills, Inc. (GIS) plans to sell its ready-to-eat meals label Helper and soup brand Progresso. Citing people with knowledge of the matter, Bloomberg reports that the company plans to offload the unit for $3 billion. The company has already engaged the services of investment banking firm Goldman Sachs in the potential sale.

Shares of Lordstown Motors Corp. (RIDE) fell 10.3% in the extended trading session on Thurdsday after commercial production of the company’s full-size electric pickup truck was delayed once again. Additionally, the company delivered a net loss of $0.54 per share for the  third quarter of 2021, narrower than the consensus estimate of a loss of $0.59 per share.

Shares of Blink Charging Co. (BLNK) jumped 5.1% in the extended trading session after the electric vehicle charging Equipment Company delivered third-quarter 2021 results. Total revenue during the quarter was up 607% year-over-year to $6.4 million, surpassing consensus estimates of $4.52 million. Meanwhile, the company posted a net loss of $0.36 a share against a loss estimate of $0.29 a share.

Luminar Technologies’ (LAZR) shares gained 5.9% after the global automotive lidar hardware, and software technology provider delivered lower than expected revenue for the third quarter 2021. Revenue stood at $8 million, up 89% year-over-year against the consensus estimate of $8.89 million. Adjusted loss landed at $0.10 per share, narrower than the loss of $0.22 per share reported in the same quarter last year.

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