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


U.S. stock futures were trending higher on Thursday as investors continue to digest a slew of largely positive earnings. Focus also shifts towards the release of U.S. annualized GDP data for Q3, expected to show slow growth. Dow futures were up 0.10%, S&P futures were up 0.18%, and Nasdaq futures were up 0.38% at the time of writing. Valley National Bancorp (VLY), Stanley Black & Decker, Inc. (SWK), and Bridgewater Bancshares, Inc. (BWB) are set to report their quarterly results before the market opens. Amazon.com, Inc. (AMZN), Aspen Aerogels, Inc. (ASPN), and United Bancorporation of Alabama, Inc. (UBAB) will report after the market close. Meten EdtechX Education Group (METX) was the most active stock in the pre-market session, with 4.44 million shares changing hands at the time of writing. The increased market activity comes on the heels of AGM Group announcing a strategic partnership with the company for a blockchain and cryptocurrency mining business. InflaRx NV (IFRX) was the biggest gainer in the pre-market session, jumping 52.10% at the time of writing. The spike comes after the company announced positive data from the third cohort of its Phase IIa Open-Label study with vilobelimab in Pyoderma Gangraenosum. CohBar, Inc. (CWBR) was the biggest loser in the pre-market session, falling 31.23% at the time of writing. The sell-off comes after the company announced a proposed public offering of common stock and warrants. Marathon Oil Corporation (MRO) has raised its quarterly dividend for a third consecutive time. The company has increased its payout by 20% to $0.06 a share, which now represents a 100% increase since the end of last year. The increase is in line with the company’s commitment to pay a competitive and sustainable dividend to its shareholders. Bristol Myers Squibb (BMY) delivered mixed third-quarter results as earnings topped estimates and revenue missed. The company has also updated its full-year guidance. Adjusted earnings in the quarter landed at $2 a share, beating consensus estimates of $1.94 a share. Revenue was up 10% year-over-year to $11.62 billion but missed analyst estimates of $11.64 billion. Spotify (SPOT) shares jumped 8.3% after the streaming giant delivered better than expected third-quarter results, affirming growth across all major metrics. The audio streaming company delivered revenue of €2.5 billion, up 27% year over year. Gross margin landed at 26.7%, reflecting a 200 basis points year-over-year increase. General Motors Co. (GM) shares fell 5.4% despite the auto giant delivering better-than-expected third-quarter results, attributed to strong pricing. Adjusted earnings landed at $1.52 a share, down 46.3% year-over-year, but above consensus estimates of $0.96. Revenue came in at $26.78 billion, down 24.5% year-over-year and above consensus estimates of $26.51 billion. Coca-Cola (KO) delivered upbeat third-quarter results as the company continued to navigate a dynamic macro- environment. Revenue in the quarter was up 16% year-over-year to $10 billion, beating consensus estimates of $9.78 billion Non-GAAP EPS jumped 18% year-over-year to $0.65, easily beating consensus estimates of $0.58.

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