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

U.S. stock futures rose on Monday as investors focus on reflation trades and the rotation from growth to value shares.

Dow, S&P and Nasdaq futures were each trading around 0.35% higher at the time of writing.

On the earnings calendar today, Accel Entertainment (ACEL), Desktop Metal (DM) and Agenus (AGEN) will report before the bell, while 360 Finance (QFIN), HealthEquity (HQY) and Shoals Technologies (SHLS) will release their results after the market closes.

Acer Therapeutics (ACER) was among the most actively traded stocks, with over 3 million shares having already changed hands at the time of writing.

ACER was also the biggest gainer in pre-market trading, up around 97%, followed by Luokung Tech (+45%) and AzurRx BioPharma (+40%).

Pre-market’s top laggards were Varonis Systems (-66%), Zanite (-15%) and Huttig Building (-12%).

In corporate earnings news, shares of U.S. Steel (X) rose 4.5% in pre-market trading as the company revised its Q1 2021 earnings outlook upward. Adjusted earnings expectations were raised from $0.61 per share to $1.02 and compared favorably to analysts’ estimates of $0.73 per share. Sectoral tailwinds, low steel supply chain inventories, and strong demand are expected to drive U.S. Steel’s adjusted EBITDA and earnings in the coming quarters.

Century Casinos (CNTY) rose 9.3% before the bell after reporting better-than-expected Q4 earnings on Friday. Earnings of $0.22 per share beat analysts’ expectations of $0.02 per share and came in much better than the $0.68 loss in the year-ago period. Revenues grew 26% year-over-year to $84.8 million but missed consensus estimates of $87.3 million.

International Seaways (INSW) reported a wider-than-expected loss in the fourth quarter as time charter equivalent (TCE) revenues declined. An adjusted loss of $0.52 per share in Q4 was worse than the $0.19 loss per share estimated by analysts and total shipping revenues of $56.7 million missed consensus estimates of $62.02 million. Furthermore, revenues decreased 54.3% year-over-year as TCE revenues plunged 54.9%.

Cinemark (CNK) continues to reopen many of its theatres across L.A., with the necessary health and safety protocols in place. CNK stock was trading almost 3% higher in the pre-market session as the company plans to have almost 90% of its theatres open by today. “With an extensive list of blockbusters set to release in the coming months and nearly 90 percent of our U.S. circuit open, there is no better time to get back to the theatre,” said CEO Mark Zoradi.

In M&A news, Motorsport Games (MSGM) has agreed to buy PlayFast’s stake in 704Games for an estimated $10.75 million in a cash and stock deal. The transaction is expected to close on April 1 and will increase Motorsport’s stake in 704Games from 82.2% to 89.9%. Motorsport is also offering the same consideration to minority stakeholder Ascend FS. Motorsport will own 100% of 704 Games if Ascend FS accepts the offer.

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