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Thursday’s Pre-Market: Here’s What You Need To Know Before The Market Opens
Stock Analysis & Ideas

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

US stock futures were up on Thursday as President Biden proposed an additional stimulus package worth $1.8 trillion while the Federal Reserve left interest rates unchanged.

Dow and S&P futures were up 0.4% and 0.7%, respectively, while Nasdaq futures had gained 1% at the time of writing.

Farmmi Inc. (FAMI) was the most actively traded stock and also the biggest laggard in pre-market trading, crashing 60% at the time of writing. The Chinese supplier of agricultural products announced a $42 million capital raise of 140 million shares priced at $0.30 per share.

Galera Therapeutics (GRTX) was the biggest gainer in pre-market trading as the stock soared 44.2% at the time of writing. The biopharmaceutical company announced positive results from Phase 1 of its pilot trial for GC4419 in patients with locally advanced pancreatic cancer (LAPC).

Today, Altria Group (MO), Baxter (BAX), Caterpillar (CAT), Comcast (CMCSA), Dish Network (DISH), International Paper Company (IP), Mastercard (MA), McDonald’s (MCD) , Northrop Grumman (NOC), Royal Caribbean Group (RCL)  and Merck (MRK) are expected to report before the opening bell.

Amazon (AMZN), Gilead Sciences (GILD), Twitter (TWTR), United States Steel (X) and Western Digital (WDC) are expected to report after the market close.

In earnings news, Apple’s (AAPL) sales popped 54% year-on-year in 2Q to $89.6 billion, topping analysts’ expectations of $77.01 billion. The technology giant’s earnings more than doubled to $1.40 per share on a year-over-year basis and outpaced Street estimates of $0.98 per share.

Apple CEO Tim Cook said, “Apple is in a period of sweeping innovation across our product lineup, and we’re keeping focus on how we can help our teams and the communities where we work emerge from this pandemic into a better world. That certainly begins with products like the all-new iMac and iPad Pro, but it extends to efforts like the 8 gigawatts of new clean energy we’ll help bring onto the grid and our $430 billion investment in the United States over the next 5 years.

Facebook’s (FB) 1Q results surprised analysts as the social media company reported strong 1Q revenues of $26.2 billion, topping consensus estimates of $23.7 billion. The company reported earnings of $3.30 per share, up 93% on a year-over-year basis, that outpaced Street estimates of $2.37 per share.

Facebook’s CFO Dave Wehner commented, “We expect second quarter 2021 year-over-year total revenue growth to remain stable or modestly accelerate relative to the growth rate in the first quarter of 2021 as we lap slower growth related to the pandemic during the second quarter of 2020. In the third and fourth quarters of 2021, we expect year-over-year total revenue growth rates to significantly decelerate sequentially as we lap periods of increasingly strong growth. We continue to expect increased ad targeting headwinds in 2021 from regulatory and platform changes, notably the recently-launched iOS 14.5 update, which we expect to begin having an impact in the second quarter.

Teladoc Health (TDOC), the provider of virtual healthcare solutions, reported disappointing results in the first quarter as the company’s losses widened to $199.6 million compared to a loss of $29.6 million in the same quarter of last year.

A diluted net loss of $1.31 per share was larger than analysts’ expectations for a loss of $0.54 per share. However, revenues jumped 151% year-on-year to $453.7 million, beating consensus estimates of $451.9 million.

Teladoc Health’s CEO, Jason Gorevic said, “After a transformational year, Teladoc Health continues to show strong momentum by delivering record results across the business. Consumers are embracing our whole-person virtual care offerings, engaging with multiple products and coming to us for more of their health needs.”

In other news, Mastercard (MA) has partnered with Gemini to become the exclusive card network for Gemini’s cryptocurrency rewards credit card. According to Gemini CEO Tyler Winklevoss, the Gemini Credit Card will offer consumers an easy way of earning crypto rewards.

Winklevoss stated, “Mastercard continues to evolve and meet both industry and consumer demands and commit to the crypto space. We’re excited to partner with them on our first real-time crypto rewards card, further helping to bring crypto mainstream.

Portland General Electric (POR), an integrated energy company, has declared a quarterly dividend of $0.43 per share, increasing its annual dividend by 5.5%, or $0.09 per share. Additionally, last week, the company partnered with Daimler Trucks North America to unveil “Electric Island”, a charging site for heavy-duty electric trucks.

Maria Pope, President and CEO of Portland General Electric, commented, “Our partnership with Daimler Trucks North America shows how working together we can accelerate the clean energy transition.”

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