Tuesday’s Pre-Market: Here’s What You Need to Know Before the Market Opens

This article was originally published on TipRanks.com

U.S. stock futures were trending higher on Tuesday ahead of Federal Reserve Chairman Jerome Powell’s testimony in front of the Senate Banking Committee. The meeting is expected to shed more light on monetary policy tightening and plans to tackle inflation.

Dow futures (DJIA) were up 0.17%, S&P futures (SPX) were up 0.32%, and Nasdaq futures (NDX) were up 0.53% at the time of writing.

Upcoming Earnings

Albertsons Companies, Inc. (ACI), OrganiGram Holdings (OGI), and Synnex Corporation (SNX) are scheduled to report their quarterly earnings before the market opens, while Loop Industries (LOOP) is expected to report after the market close.

Pre-Market Movers

Onesmart International Education Group (ONE) was the most active stock in the pre-market session, with 3.12M shares changing hands at the time of writing. The stock was up about 27.77% as investors reacted to the company receiving a notice from NYSE regarding a delayed form 20-F filing.

TSR (TSRI) was the biggest gainer in the pre-market session, jumping 27.02% at the time of writing. The spike comes on the company releasing its second-quarter financial results for the quarter ended November 30, 2021.

Zivo Biosciences, Inc. (ZIVO) was the biggest loser in the pre-market session, falling 17.74% at the time of writing. The sell-off comes on the company announcing Chairman of the Board John B. Payne as the Chief Executive Officer and President of the company.

Market News

Rivian Automotive (RIVN) has failed to meet its projected annual production target of 1,200 cars, with the EV company managing to produce only 1,015 vehicles in 2021. The Amazon-backed electric pickup truck maker felt the pressure of supply-chain restrictions, with the company delivering 920 vehicles in the past year. The company has also announced the retirement of COO Rod Copes.

Shares of TV streaming service fuboTV, Inc. (FUBOsank 2.9% despite releasing upbeat preliminary fourth-quarter results. The popular sports-focused live TV streaming service company expects total revenue of between $215 million and $220 million, representing 105% – 109% growth year-over-year. The company also expects year-end subscribers to surpass 1.1 million, double the previous year’s numbers.

T-Mobile U.S., Inc. (TMUS) is acquiring rideshare advertising network operator Octopus Interactive. The terms of the deal have been kept under wraps. The move will allow the telecommunications and wireless network major to connect with its marketing solutions group clients like Fox Entertainment, Philo, Audible, and others.

Take-Two Interactive (TTWO) has acquired Zynga (ZNGA) in a stock and cash deal worth around $12.7 billion. This acquisition is set to make Take-Two one of the powerhouses of mobile gaming, the fastest-growing segment in the interactive entertainment industry. The deal represents a 64% premium to Zynga’s closing price on January 7, 2022, and is expected to close in the first quarter of Fiscal 2022.

Lululemon Athletica, Inc. (LULU) released a revised outlook for its fourth-quarter earnings, scheduled for March 30, 2022. Shares of the Athletic apparel company tanked 8.9% in intraday trading and ended the day down 1.9% on Monday.

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