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

US stock futures dipped on Monday after the Dow and S&P 500 indices closed at all-time highs in the sessions on Friday as earnings season began last week and was marked by strong corporate results.

Dow, S&P and Nasdaq futures had each fallen 0.3% at the time of writing.

Another round of corporate earnings are set to be reported today before the opening bell. These include Coca-Cola (KO), Harley-Davidson (HOG) and M&T Bank Corp (MTB). While companies including Crown Holdings (CCK) and United Airlines (UAL) are expected to report after the market close.

Clover Health Investments Corp (CLOV) was the most actively traded stock and while there is no fundamental news explaining the surge in volume, markets are abuzz on the news that it could be a prime target for a short squeeze similar to Gamestop (GME) stock.

InspireMD (NSPR) was the biggest gainer at the time of writing, up by 26.6%. The company provided a corporate update declaring that its shareholders have approved a 1:15 reverse stock split. As a result, the company’s outstanding shares will reduce from 118 million to 7.9 million, after closing of trade on April 26.

CyberOptics (CYBE) was the biggest laggard, falling 14.6% at the time of writing. There was no fundamental news explaining the price drop.

In M&A news, medical education group Afya (AFYAsnapped up health tech company Cliquefarma for R$19 million. The latter operates a free-of-charge website that follows the pricing of prescription drugs, cosmetics, and personal hygiene products in Brazil. Afya CEO Virgilio Gibbon said, “The acquisition of Cliquefarma will enhance our Digital Prescription pillar, creating the opportunity to leverage traffic and GMV with prescriptions generated from Afya’s Physician Ecosystem.”

Gibbon added, “We are also very pleased that Angelo Alves and Cezar Machado, Cliquefarma’s founders, will join Afya’s Digital team bringing more than 25 years of experience in the healthtech market.

Meanwhile, General Motors (GM) and LG Energy will invest more than $2.3 billion in constructing a second battery plant in Tennessee. The plant will be built by Ultium Cells LLC, a joint venture between the two companies and is expected to be up and running by late 2023.

Commenting on the proposed battery facility, GM’s Chairman and CEO Mary Barra stated, “The support of the state of Tennessee was an important factor in making this investment in Spring Hill possible and this type of support will be critical moving forward as we continue to take steps to transition our manufacturing footprint to support EV production.”

Morgan Stanley (MS) reported better-than-expected first-quarter results, driven by solid performance in all segments. The bank reported 1Q earnings of $2.19 per share that topped the Street’s estimates of $1.70 per share. Net revenues came in at $15.7 billion, up 60.2%, surpassing consensus estimates of $14.09 billion.

Amazon (AMZN) is experimenting with a premium furniture assembly service, Bloomberg said in a report on Friday. According to the report, the premium service would allow customers to opt for furniture assembly or appliance installation as soon as such items are delivered to their homes.

The move would enable Amazon to take on other furniture and home goods retailers like Wayfair (W), Bloomberg said.

Alaska Airlines (ALK) is planning additional flights to Orange County and San Diego to expand its services and presence in the region and increase non-stop flights to Santa Rosa, Sonoma County from Southern California to take advantage of the summer holidays.

According to Brett Catlin, Alaska’s vice president of network and alliances, Sonoma continues to offer a perfect mix of outdoor locales and a vibrant cultural scene. Catlin added,” We’re proud to better connect Southern California with Sonoma and look forward to welcoming guests with our award-winning service this summer.”

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