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

U.S. futures were trading relatively flat on Wednesday as investors wait for further details regarding the US stimulus program. Dow and S&P futures were up around 0.1% while the Nasdaq futures were trading around 0.3% higher at the time of writing. Investors are waiting for earnings results from Walgreens Boots (WBA), Acuity Brands (AYI) and Unifirst (UNF) before the bell, while Micron (MU), Ncino (NCNO) and Verint (VRNT) are expected to report after the market closes. Arcadia Biosciences (RKDA) was both the most actively traded stock and the biggest pre-market gainer after reporting record revenues that increased six-fold compared to the prior year. RKDA was trading 46% higher at the time of writing with ClearOne (CLRO) and ProPhase Labs (PRPH) climbing 36% and 22%, respectively. VirTra (VTSI) was the weakest share in the pre-market falling 25%, followed by 9 Meters Biopharma (NMTR) and Asia Pac Wire &Cable (APWC), which were down 22% and 18%, respectively. In corporate earnings news, Shares of Chewy (CHWY)  were up almost 10% in pre-market trading after the company reported better-than-expected Q4 results. Revenues of $2.04 billion grew 51% year-over-year and beat consensus estimates of $1.96 billion while gross margins expanded 190 basis points to 25.5% and the adjusted EBITDA margin improved 290 basis points to 1.2%. Meanwhile, BlackBerry (BB) fell 5.5% before the bell after reporting Q4 results that missed analysts’ expectations. Earnings of $0.03 per share declined 66.7% year-over-year and were in-line with the Street’s estimates. However, lower top-line revenues and a contraction in gross and operating margins led to the earnings decline. Adjusted revenues of $215 million fell 26.1% year-over-year while adjusted software and services revenue declined 13.7% year-over-year. Equilium (EQ) rose 7% before the open after announcing positive data from its Phase 1 EQUALISE study evaluating Itolizumab in patients with systemic lupus erythematosus (SLE). “These initial data from the EQUALISE study demonstrate a favourable safety and tolerability profile for subcutaneous delivery of itolizumab in SLE patients, with the most frequent adverse events being mild to moderate injection site reactions,” said Equillium’s Chief Medical Officer, Dolca Thomas. In M&A news, DraftKings (DKNG) announced the acquisition of Vegas Sports Information Network, Inc. (VSiN) for an undisclosed fee. VSiN has an established infrastructure that DraftKings can immediately help expand to grow its audience alongside the expansion of legal sports betting in the US. DraftKings is live with mobile and/or retail sports betting in 14 states and VSiN has delivered trusted sports betting news, analysis, and data to US sports bettors since 2017. Bioventus (BVS) has acquired Bioness Inc. for a total consideration of $110 million. CEO, Ken Reali, said, “We aim to accelerate Bioness’ revenue growth by leveraging our existing global network of approximately 300 sales representatives calling on orthopaedic, pain and podiatric physicians as well as expanding market access and reimbursement processing capabilities.” Bioventus expects this acquisition to be revenue accretive and boost its multi-year revenue growth.

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