U.S. futures were looking to bounce on Wednesday as investors await further clues from Federal Reserve Chairman Jerome Powell about the state of the economic recovery.
Dow and S&P futures were up around 0.4% at the time of writing while Nasdaq futures tried to claw back some of Tuesday’s losses, climbing 0.71% in the pre-market.
Investors are waiting for earnings results from EON SE (EONGY
), Huazhu (HTHT
) and Api Group (APG
) before the bell, while RH (RH
), Signify Health (SGFY
) and KB Home (KBH
) are expected to report after the market closes.
Hall of Fame Resort & Entertainment (HOFV
) was both the most actively traded stock and the biggest pre-market gainer after announcing that it has signed a partnership agreement with Dolphin Entertainment (DLPN
) to offer non-fungible tokens (NFTs) allowing sports entertainment fans to trade exclusive content developed by HOFV and its partners.
HOFV was trading 77% at the time of writing with DLPN following close behind, up 73%.
Benitec Biopharma (BNTC
) was the weakest share in the premarket falling 22%, followed by Second Sight Medical (EYES
) and GameStop (GME
), who were down 17% and 14%, respectively.
In corporate earnings news, GameStop (GME
) fell 6.5% on Tuesday after reporting worse-than-expected Q4 results
. Adjusted earnings of $1.34 per share missed Street estimates by $0.01, while net sales of $2.12 billion came in lower than the consensus estimate of $2.21 billion. GameStop’s game-plan for 2021 will focus on transformation and navigating its way out of the pandemic.
IHS Markit (INFO
) reported better-than-expected Q1 results
primarily driven by a growth in revenues. Revenues grew 3.6% to $1.12 billion beating analysts’ expectations of $1.11 billion while adjusted earnings of $0.71 per share rose 8% year-over-year coming in ahead of Street estimates of $0.70 per share. The company anticipates total revenue of between $4.535 billion and $4.635 billion for 2021, with adjusted EPS forecasted to be in the $3.11 to $3.16 range.
At Home Group (HOME
) looked set to start the day over 2% stronger following a 7.3% decline on Tuesday. The home décor store chain operator reported better-than-expected Q4 results
with adjusted earnings of $1.08 per share coming in nearly three times higher than the year ago period. Analysts were expecting earnings of $0.70 per share. Net sales rose 41.3% year-on-year to $562 million and topped Street estimates of $525.8 million.
Postal Realty (PSTL
) bounced 2.4% in Tuesday’s extended trading session after reporting Q4 results that exceeded analysts’ expectations
. Adjusted funds from operations (AFFO) increased 64.7% year-on-year to $0.28 per share while revenues of $7.58 million grew by 96.4% year-on-year and beat consensus estimates of $6.21 million.
) was trading over 4% higher at the time of writing after announcing a $20 billion expansion project
to set up two new factories in Arizona. “We are grateful for our partnerships with the State of Arizona and the Biden administration for creating a business environment that encourages investment in semiconductor innovation and helps make this new expansion possible
,” said Dr. Randhir Thakur, President of Intel Foundry Services.