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

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U.S. stocks were trending up on Thursday, even as investors remained wary of growing inflation and the discovery of the first case of Omicron COVID-19 in California.

Dow futures (DJIA) were up 0.76%, S&P futures (SPX) were up 0.58% and Nasdaq futures (NDX) were up 0.29% at the time of writing.

Upcoming Earnings

Canadian Imperial Bank of Commerce (CM), Dollar General (DG), and Express (EXPR) are set to report their quarterly results before the market opens. Zumiez, Inc. (ZUMZ), Ulta Beauty (ULTA), and Smith & Wesson Brands, Inc. (SWBI) will report after the market close.

Pre-market Movers

Phunware, Inc. (PHUN) was the most active stock in the pre-market session, with 3.32 million shares changing hands at the time of writing. The stock was also up by about 29%. It is still unclear what is causing the increased market activity as no fundamental news has been released to justify the same.

Digital World Corp. (DWAC) was one of the biggest gainers in the pre-market session, jumping 24.76% at the time of writing. The spike follows reports that the Trump Media & Technology Group (TMTG), which is poised to go public via a SPAC involving Digital World, is looking to raise up to $1 billion by selling shares to hedge funds and family offices.

Tantech Holdings (TANH) was the biggest loser in the pre-market session, falling 40.00% at the time of writing. The sell-off follows the announcement that the company is poised to carry out a proposed underwritten public offering of common shares.

Market News

Sanofi S.A. (SNY) has reached an agreement for the acquisition of biotechnology company Origimm Biotechnology GmbH. The terms of the deal remain under wraps. The acquisition should strengthen the healthcare company’s expertise in the discovery of virulent skin microbiome components. It should also strengthen its prospects in the field of skin immunology.

Chevron Corporation (CVX) has confirmed a $15 billion capital spending plan at the low range of its $15 billion to $17 billion guidance range. The company has also confirmed plans to spend between $3 billion and $5 billion on stock buybacks from previous guidance of between $2 billion and $3 billion.

Qualcomm (QCOM) has unveiled Snapdragon G3x Gen 1 Gaming, a purpose-built platform for gamers. The platform will allow gamers to run Android games as well as play content from cloud gaming libraries. The platform leverages the company’s Snapdragon Elite Gaming technologies. The company has also partnered with Razer to build a handheld gaming developer kit.

Alphabet’s (GOOGL) Google has announced it will not run any political advertising on its platforms ahead of the Philippines election next year. From February 8, 2022, through May 9, 2022, the search giant will not share advertisements that endorse or oppose political parties or candidates in the country. The ban follows similar action taken ahead of Canada’s federal election in 2019 and the Singapore election in 2020.

Five Below, Inc. (FIVE) shares popped 9.4% during the extended trading session after the specialty discount chain delivered better-than-expected third-quarter results, with earnings and sales topping estimates. Earnings in the quarter rose 19% year-over-year to $0.43, beating consensus estimates of $0.29 a share. Net sales were up 27.5% year-over-year to $607.64 million, exceeding consensus estimates of $563.68 million.

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