U.S. stock futures were trending higher on Monday as investor sentiment was bolstered by upbeat economic data from China that eased concerns of an economic slowdown.
Dow futures (DJIA) were up 0.25%, S&P futures (SPX) were up 0.21% and Nasdaq futures (NDX) were up 0.25% at the time of writing.
Ivanhoe Mines (IVPAF), Oatly Group (OTLY), and Stratus Properties (STRS) are set to report their quarterly earnings before the market opens. Sunlight Financial Holdings (SUNL), Talis Biomedical (TLIS), and Vintage Wine Estates (VWE) will report after the market closes.
Bit Brother (BTB) was the most active stock in the pre-market session, with 3.19 million shares changing hands at the time of writing. The stock was also up by 59.25%. It is still unclear what is causing the stock to spike as no fundamental news has been released to justify the pop.
Oxbridge Re Holdings (OXBR) was one of the biggest gainers in the pre-market session, jumping 75.8% at the time of writing. The spike comes just days after the company delivered improved results for three and nine months ended September 30, 2021.
EVgo (EVGO) was the biggest loser in the pre-market session, falling 15.12% at the time of writing. It is still unclear what is causing the stock to tank as no fundamental news has been released to justify the drop.
Booking Holdings, Inc. (BKNG) has reached an agreement to acquire Getaroom from Court Square Capital Partners for $1.2 billion. Once the deal closes, Getaroom will become part of the online travel and related service provider Priceline brand. The acquisition should also streamline the distribution of hotel partners.
Meanwhile, GoDaddy, Inc. (GDDY) has entered into an agreement to acquire premium managed WordPress hosting platform Pagely. Financial terms of the deal remain under wraps. The acquisition should allow GoDaddy to serve its customers with flexibility and reliability, while creating the next generation of managed commerce.
Flux Power Holdings, Inc. (FLUX) delivered weaker-than-expected fiscal first-quarter results. While quarterly revenue was up 39% year-over-year to $6.27 million, it failed to beat the consensus estimate of $6.31 million. The company also posted a loss per share of $0.30, wider than a loss of $0.28 a share that the Street expected.
Alibaba Group Holding Ltd. (BABA) recorded its slowest ever singles day shopping sales growth. Business Insider reports that the company recorded $84.54 billion worth of sales for the 11-day shopping festival, representing an 8.45% year-over-year increase, the slowest in recent history. The low growth rate is attributed to slow Chinese economic growth due to the ongoing government crackdown.
Microsoft Corporation (MSFT) has joined forces with Kyndryl to enhance hybrid cloud adoption and enable modern applications and processes. The two will combine their expertise to serve enterprise customers worldwide. The partnership seeks to focus on data modernization and governance as well as cyber security and AI-driven innovations.
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