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

U.S. stock futures were trending higher on Monday after ending last week near record highs. Sentiments in the equity markets have been bolstered by the easing of long term bond yields, a move that continues to boost risk sentiment.

Dow futures (DJIA) were up 0.38%, S&P futures (SPX) up 0.37%, and Nasdaq futures (NDX) up 0.40%, at the time of writing.

Upcoming Earnings

Avaya Holdings Corp (AVYA), Kamada (KMDA) and OBITX (OBTX) are set to report their quarterly earnings before the market opens. Zoom Video Communications (ZM), Venzee Technologies (VENZF), and Keysight Technologies (KEYS) will report after the market close.

Pre-Market Movers

Camber Energy, Inc. (CEI) was the most active stock in the pre-market, with 4.50 million shares changing hands at the time of writing. The increased market activity comes on the heels of the company being hit with class-action lawsuits for allegedly making false or misleading statements about its financial and business prospects.

Astra Space (ASTR) was the biggest gainer in the pre-market, jumping 39.03% at the time of writing. The spike follows the announcement that the company reached orbit for the first time with its rocket LV0007 over the weekend, joining a small group of privately funded companies that have achieved the milestone.

Aurinia Pharmaceuticals (AUPH) was the biggest loser in the pre-market, going down 15.38% at the time of writing. It is still unclear what is causing the stock to fall, as no fundamental news has been released to justify the drop.

Market News

In M&A news, Bruker Corporation (BRKR) has announced the acquisition of molecular imaging instrument manufacturer MOLECUBES NV. Financial terms of the deal remain under wraps. The acquisition is expected to enhance the company’s nuclear molecular imaging systems offerings.

Meanwhile, Verizon (VZ) has received a significant boost on its bid to acquire TracFone Wireless for $6 billion. The Federal Communications Commission chairperson, Jessica Rosenworcel, is circulating an order urging commissioners to approve the proposed acquisition. The push comes on the heels of the California Public utilities and the Justice Department having given the deal the green light.

Ford Motor Company (F) has canceled plans to develop an electric vehicle in partnership with Rivian Automotive, Inc. (RIVN). Reuters reports this is not the first time the company has canceled plans to develop an EV with the EV maker. Early this year, it ended plans to build a new Lincoln using Rivian’s EV chassis and hardware.

Gilead Sciences, Inc. (GILD) has filed a Biologics License Application with the U.S. Food and Drug Administration for bulevirtide. If approved, the investigational candidate will become the first-of-its-kind antiviral medicine for chronic hepatitis delta virus infection in adults. The application is supported by data from completed and ongoing Phase 2 studies and the ongoing Phase 3 MYR301 study.

Foot Locker (FL) shares fell 11.95% despite the company delivering stronger-than-expected Q3 2021 results, characterized by top-line and bottom-line growth. Total sales in the quarter were up 3.9% year over year to $2.19 billion, beating consensus estimates of $2.11 billion. On the other hand, adjusted diluted EPS landed at $1.93, exceeding consensus estimates of $1.34 a share.

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