Monday’s Pre-Market: Here’s What You Need To Know Before The Market Opens

U.S. stock futures were dipped on Monday as fear of contagion spooked investors following the $20 billion selling spree of Chinese tech companies and US media firms on Friday. All three major indices were trading around 0.6% lower at the time of writing. On the earnings calendar today, I Mab (IMAB), Cal-Maine (CALM) and Qudian Inc (QD) will report before the bell, while Guangshen Railway (GSHHY), Vaxcyte (PCVX) and Fortress Biotech (FBIO) will release their results after the market closes. China Pharma (CPHI) was both the most actively traded and strongest stock in the pre-market bouncing almost 90% from its close on Friday. Big Rock Partners (BRPA) and Universe Pharmaceuticals Inc (UPC) followed closely behind, rising 84% and 43%, respectively, at the time of writing. Pre-market’s top laggards were Nomura Holdings (NMR), down 15%, Toughbuilt Industries (TBLT), down 14%, and Wa Fu Education (WAFU), down 11%. In corporate earnings news, RLX Technology (RLX) was trading over 4.5% lower in the pre-market despite posting better-than-expected Q4 profits driven by strong revenues. Earnings came in at $0.05 per share versus the consensus estimate of $0.04 per share, while net revenues of $248 million more than tripled from the year-ago period. In M&A news, Madison Square Garden Entertainment (MSGE) fell 9.9% on Friday after announcing the acquisition of MSG Networks (MSGN). The combined entity’s media, digital and venue assets are likely to create a powerful platform for potential sports gaming partners, which according to MSGE, is anticipated to generate significant incremental revenue in the years ahead. Meanwhile, shares of Magnachip Semiconductor Corporation (MX) closed up 27.4% on Friday after being sold to private equity fund Wise Road Capital for $1.4 billion. Magnachip CEO, YJ Kim said, “This transaction is in the best interests of all of our stakeholders, including shareholders, customers and employees. It will provide an excellent opportunity to accelerate our MX 3.0 growth strategy.” Chipotle Mexican Grill (CMG) has invested in autonomous delivery company Nuro in its bid to transform its digital business. CMG’s digital sales grew more than 174% year-on-year with about 50% of sales coming from delivery. Nuro is a market leader in autonomous delivery and uses robotics and occupantless vehicles for the safe delivery of everyday consumer goods. In other news, LiveXLive (LIVX) dropped almost 7% before the bell after announcing plans to launch non-fungible tokens (NFTs) and a digital art content division with its sole focus on creating, producing, promoting and selling NFTs. CEO, Robert Ellin, said, “There is potentially significant value in building a dedicated business to support these new forms of digital assets from both a monetization and promotional perspective.” The company plans to launch 100 limited edition NFT festival posters for its annual virtual music festival, Music Lives.

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