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

U.S. stock futures were mixed on Friday as strong earnings and retail sales reports continue to boost market sentiments. However, caution remains in the air as COVID-19 cases increase in the U.S. and Europe Dow futures (DJIA) were down 0.36%, S&P futures (SPX) were down 0.19% and Nasdaq futures (NDX) were up 0.32% at the time of writing.

Upcoming earnings

Foot Locker (FL), Piraeus Bank (BPIRY), Sompo Holdings (NHOLF), and Fangdd Network Group (DUO) are scheduled to report their quarterly results before the market opens. Buckle (BKE) and Abliva (NEVPF) are also scheduled to report their earnings.

Pre-market movers

Longeveron (LGVN) was the most active stock in the pre-market session, with 1.96M shares changing hands at the time of writing. The increased market activity comes after the U.S Food and Drug Administration granted the company Lomecel-B for rare pediatric disease designation. Mammoth Energy Services (TUSK) was the biggest gainer in the pre-market session, jumping 30.32% at the time of writing. The spike comes on the heels of the company announcing a multi-year vehicle charging station engineering contract. AquaBounty Technologies (AQB) was the biggest loser in the pre-market session, falling 26.60% at the time of writing. The sell-off follows the company announcing the pricing of a public secondary offering of 11.2 million shares priced at $2.10 a share.

Market News

PepsiCo, Inc. (PEP) has announced a 5.4% increase in its quarterly dividend to $1.075 per share. The dividend is to be paid to shareholders of record on December 3, 2021, on January 7, 2022. The company’s annual dividend of $4.3 per share now reflects a 2.6% dividend yield. NIKE, Inc. (NKE) has also hiked its cash dividend by 11% to $0.305 on Class A and Class B common stock, marking the 20th consecutive year of increase. The new dividend is to be paid on December 28, 2021, to shareholders of record as of December 6, 2021. The annual dividend of $1.22 a share reflects a 0.71% dividend yield. Shares of Macy’s, Inc. (M) jumped 21.2% after the omnichannel retailer delivered better-than-expected third-quarter results, characterized by earnings and sales topping estimates. The company also upped its full-year guidance as it bets on a strong holiday season. Adjusted earnings in the quarter landed at $1.23 a share, exceeding consensus estimates of $0.31. Sales rose 36.3% year-over-year to $5.44 billion, surpassing consensus estimates of $5.2 billion. Shares of Intuit Inc. (INTU) popped 9.1% during extended trading hours after the company delivered solid Fiscal Q1 2022 results and increased its full-year outlook. The company posted earnings of $1.53 a share up 63% year-over-year and higher than consensus estimates of $0.99 a share. Total revenue grew 51.5% in the quarter to $2 billion, beating consensus estimates of $1.81 billion. Palo Alto Networks, Inc. (PANW) posted solid Fiscal Q1 2021 results, resulting in the shares jumping 2.3% in extended trading hours. Quarterly revenue was up 32% year-over-year to $1.2 billion as quarterly earnings grew 1.2% year-over-year to $1.64 a share, beating consensus estimates of $1.57 a share. To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a tool that unites all of TipRanks’ equity insights.

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