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


US stock futures were up on Thursday as another earnings season gets underway with a host of banking stocks expected to report today.

Dow futures were 0.4% higher, S&P futures had gained 0.4%, and Nasdaq futures were up 0.6% at the time of writing.

Companies including Bank of America (BAC), BlackRock (BLK), Delta Airlines (DAL), Pepsico (PEP), US Bancorp (USB), and United Health Group (UNH) are expected to release earnings before the opening bell while Alcoa (AA) and JB Hunt Transport Services (JBHT) are expected to report after the market closes.

GEE Group (JOB) was the most actively traded stock as the staffing firm announced the pricing of 83.3 million shares of its common stock at a price of $0.60 per share resulting in gross proceeds of $50 million. GEE Group was also the biggest laggard falling 33.2% at the time of writing.

Assertio Therapeutics (ASRT) was the biggest gainer in pre-market trading, up by 21.5%. However, there was no fundamental news explaining the price rise.

In M&A news, Omnicom Health Group (OMChas acquired Archbow Consulting for an undisclosed amount. The acquisition will add an important consultative service layer to the healthcare marketing and communications company. Andrew Gottfried, CEO, Entrée Health network said, “We’ve admired Archbow Consulting and their team from a strategic and a cultural perspective, and I know that together we will create a stronger offering for our clients. [..]. I am thrilled to find a partner so aligned with our mission—that everyone deserves access to the healthcare they need,”

Bentley Systems Inc (BSY), an infrastructure engineering software company has snapped up INRO Software. The terms of the acquisition were not disclosed. Bentley Systems Senior Vice President, Digital Cities, Robert Mankowski said, “We are very pleased to welcome INRO to Bentley Systems. Professor Michael Florian and his team led the research of advanced multimodal network modeling methods which helped establish state-of-the-art mobility simulation, and in this next generation his son Dan is leading its software future in our mobility digital twin advancement.

Meanwhile, American Eagle Outfitters (AEO) provided a business update on April 14 for the first quarter and the company seems on track to achieving revenues over $1 billion in 1Q. American Eagle Outfitters’ Executive Chairman of the Board and CEO, Jay Schottenstein commented, “In light of the current environment, it’s truly gratifying to see consumer optimism, strong demand across channels and loyalty for our brands continue. I’m amazed by the incredible momentum of Aerie, which is consistently reaching new heights and exceeding our expectations.”

AT&T (T) is planning to invest $2 billion over the next three years to expand the company’s affordable broadband through inexpensive low-cost offers and emergency broadband. John Stankey, CEO of AT&T said, “AT&T is investing in and expanding the reach of our broadband networks while also advocating for effective and sustainable public policies that help close this country’s digital divide.

Bed Bath & Beyond (BBBYreported mixed 4Q earnings on Wednesday. The company reported net EPS of $0.40, which came in ahead of consensus estimates but revenues fell 16% year-on-year to $2.62 billion.

Bed Bath & Beyond’s President and CEO, Mark Tritton said, “Fiscal 2020 was a year of fast-paced transformation in which we reformed the past, overcame extraordinary circumstances of the present, and established a firm foundation for the future. Despite the challenges created by the COVID-19 pandemic, we relentlessly focused on taking purposeful and bold steps to transform our entire organization and remained true to our plans to rebuild our authority in Home and restore this iconic Company.

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