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

U.S. stock futures were trading slightly higher on Thursday, with Dow and S&P futures up around 0.1% and Nasdaq futures moving 0.4% higher at the time of writing.

Another full day of earnings is ahead of us, with MRKBMY and PM reporting before the bell, while TMUSGILD and F will release their results after the market closes.

Sundial Growers (SNDL) has been the most actively traded stock every day this week, with over four million shares having changed hands at the time of writing. SNDL was up around 8% in the pre-market session.

Top gainers in pre-market trading were ATA Inc (+88%), Anavex Life Sciences (+72%) and Profire Ene (+65%).

Biggest losers in Thursday’s pre-market session were Tyme Tech (-24%), Iterum Therapeutics (-16%) and Immunoprecise Antibodies (-14%).

In corporate news, Biogen (BIIB) fell 5.2% yesterday after reporting disappointing Q4 results. Diluted EPS of $4.58 missed analysts’ estimates of $4.87 and revenues declined 22% year-on-year to $2.9 million, beating consensus estimates of $2.8 million. Biogen expects to generate revenues of between $10.5 billion to $10.7 billion this year, with EPS expectations of $17 and $18.50, dependent on whether the FDA approves its experimental drug for Alzheimer’s disease.

Digital Turbine (APPS) was up 15% in pre-market trading after reporting better-than-expected Q3 results driven by strong demand for its application and content media service offerings. Q3 adjusted EPS increased over 400% year-on-year to $0.21 from $0.05 and surpassed analysts’ expectations of $0.17. Total revenue jumped 146% to $88.6 million, exceeding the consensus estimate of $75.9 million. The company expects 2021 revenues to be between $298 million and $300 million, with adjusted earnings of approximately $0.67 per share.

PayPal (PYPL) looked set to open around 5% higher on Thursday after reporting better-than-expected Q4 results. Sales rose 23% year-on-year to $6.12 billion, beating the consensus estimates of $6.09 billion. Earnings of $1.08 per share also came in higher than the $1 forecasts and rose 29% from a year earlier. 2021 forecasts look positive, with full year revenues expected to grow 19% to $25.5 billion. The company also guided for first quarter year-on year earnings growth of 50%.

Shares of MetLife (MET) gained 3.3% before the bell after Q4 2020 results came in ahead of analysts’ expectations, largely driven by higher variable income, underwriting, and improvement in margins. Adjusted revenues soared 13% year-on-year to $20.6 billion, beating the consensus forecast of $18.15 billion, while adjusted earnings increased 3% year-over-year to $2.03 per share compared to analysts’ estimates of $1.53.

And in COVID vaccine news, Vaxart (VXRT) sunk 58% yesterday after it announced that early preliminary trial data from a Phase 1 study showed its experimental oral COVID-19 vaccine did not produce neutralizing antibodies in “most subjects,” but no serious side effects were reported. The oral tablet vaccine candidate did however trigger multiple immune responses against SARS-CoV-2 antigens, but neutralizing antibodies were not detected.

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