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

U.S. stock futures were stronger on Tuesday as technology stocks set up for a potential rebound after recent sector weakness.

Dow futures were 0.55% higher, S&P futures rose 1%, and Nasdaq futures were leading the pack, up over 2% at the time of writing.

On the earnings calendar today, investors are anticipating numbers from Thor (THO), Dick’s Sporting Goods (DKS) and Cantel Medical (CMD) before the bell, with MongoDB (MDB), Oak Street Health (OSH) and Curaleaft (CURLF) expected to report later in the day.

Second Sight Medical Products (EYES) was the most actively traded stock at the time of writing, with over 6 million shares having already changed hands. EYES has skyrocketed over 700% in the last two trading sessions after the FDA approved the company’s treatment of retinitis pigmentosa.

The prosthetic systems developer was also the biggest gainer in pre-market trading, with shares moving another 103% higher than yesterday’s close. GT Biopharma (GTBP) and INVO Bioscience (INVO) were also looking at a strong open, up 91% and 88%, respectively.

ACADIA (ACAD) lead the loser board, dropping 37% before the bell, followed by Stitch Fix (SFIX) and Entercom (ETM), which were trading 23% and 18% lower, respectively, at the time of writing.

In corporate earnings news, Synchronoss (SNCR) fell 6.1% after the bell on Monday despite reporting better-than-expected Q4 results. A non-GAAP net loss of $0.19 per share was significantly narrower than the Street’s estimate of a $0.53 loss per share, but wider than the $0.06 reported in the year-ago quarter. Revenues declined 23.4% year-over-year to $69.4 million, topping analysts’ expectations of $67.7 million. However, the company forecasted 2021 revenues that came in below consensus estimates.

Shift Technologies (SFT) rose 7% in pre-market trading on Tuesday after ending Monday’s trading session 4% lower. The end-to-end auto e-commerce platform reported a 4Q net loss of $0.07 per share compared to analysts’ expectations of a $0.42 loss per share. Revenues surged 168% year-over-year to $73.4 million and outpaced the consensus estimate of $73 million. The company projects 2021 revenues to exceed $450 million versus analysts’ forecasts of $392 million.

National Cinemedia (NCMI) bounced 2.5% before the bell, having dropped almost 10% in Monday’s extended trading session following the release of worse-than-expected Q4 results. Revenues declined 89.3% year-over-year due to pandemic-led theater closures. A loss of $0.62 per share in 4Q was worse than the $0.17 loss per share estimated by analysts. However, total sales in the quarter of $15.7 million topped analysts’ expectations of $14.55 million. Meanwhile, Q4 attendance fell 92% year-over-over. The cinema advertising company did not provide 2021 guidance, citing continued uncertainty related to the COVID-19 pandemic.

In M&A news, McAfee (MCFE) plans to divest its Enterprise business to a consortium led by Symphony Technology Group in an all-cash deal worth $4 billion. “This transaction will allow McAfee to singularly focus on our consumer business and to accelerate our strategy to be a leader in personal security for consumers,” according to CEO Peter Leav. A special dividend of $4.50 will be paid to shareholders once the deal has been finalized. MCFE rallied almost 13% on Monday.

DuPont (DD) has agreed to buy Laird Performance Materials for $2.3 billion in cash from private equity firm, Advent International. The deal is expected to close in the third quarter of this year and is forecast to be accretive to operating EBITDA margins, free cash flow, and adjusted EPS within the first 12 months. DuPont’s board of directors also approved a new $1.5 billion share buyback program that will expire on June 30, 2022.

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