U.S. stock futures were in the green on Tuesday for the start of a shortened week after markets were closed on Monday for Martin Luther King Day.
Dow futures were up 0.6%, S&P futures were 0.7% stronger and Nasdaq futures were almost 1% higher at the time of writing.
In earnings news, shares of Logitech (LOGI) were almost 5% higher in pre-market trading after reporting better-than-expected third quarter results. The computer peripherals and software manufacturer also raised its 2021 sales and operating income forecasts as demand for its products continue to rise amid the coronavirus pandemic. Year-on-year third quarter earnings and sales grew 192% and 85%, respectively.
Marriott International (MAR) plans to expand its global footprint by opening 100 properties across the Asia Pacific region. The multinational hotels group sees China as a particularly lucrative market and is positioning itself to take advantage of China’s growth in the luxury goods and services space, which is expected to be the largest in the world by 2025. Marriott’s expansion across Asia Pacific includes Australia, India and the Maldives.
Amazon (AMZN) is planning to invest €230 million to open two new logistic centers in Italy amid increasing demand for delivery and warehouse services during the coronavirus pandemic. The expansion of its facilities, which are expected to be operational by autumn 2021, will create 1,100 permanent jobs over the next three years. A total of €5.8 billion invested since 2010 has already provided employment to 8,500 Italian workers, with Italian merchandise exports through the Amazon Portal exceeding €500 million in 2019.
MasterCraft Boat Holdings (MCFT) has launched a digital platform called the MasterCraft Experience Digital Boat Show to engage with its customers and dealer partners during the coronavirus pandemic. The platform will provide a 360-degree experience showcasing new content, exclusive model walkthroughs, as well as innovations to facilitate the boat-buying process. The digital boat show will be free for its customers and can be accessed on any device on its website at any time.
In mining news, Canadian Mining company, Turquoise Hill Resources (TRQ), issued production guidance for its Oyu Tolgoi mine, saying that the gold production in 2021 would be higher than in 2020. The miner explained the increased production forecast as the result of “transitioning to the higher-grade ore lower in Phase 4B.” Forecasted Operating Cash Costs for 2021 are expected to be between $800 million – $850 million.
Meanwhile, Canadian oil and gas producer, Vermilion Energy (VET), approved an exploration and development (E&D) capital budget of $300 million for 2021, which is 17% lower than a year ago. Vermilion aims to utilize the 2021 capital budget to maximize returns, improve free cash flow, and facilitate debt reduction. It expects to deliver annual average production of 83,000 to 85,000 barrels of oil equivalent per day.
