Wednesday’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 mixed on Wednesday, with sentiments having been bolstered by easing Omicron COVID-19 variant fears. However, caution is increasingly gripping the market ahead of next week’s Federal Reserve meeting.

Dow futures (DJIA) were down 0.08%%, S&P futures (SPX) were up 0.05% and Nasdaq futures (NDX) were up 0.26% at the time of writing.

Upcoming Earnings

AstroNova (ALOT), Stealthgas (GASS), and Vera Bradley (VRA) are set to report their quarterly results before the market opens. Innovative Solutions and Support (ISSC), Rent the Runway (RENT), and GameStop (GME) will report after the market close.

Pre-market Movers

Daré Bioscience, Inc. (DARE) was the most active stock in the pre-market session, with 4.70M shares changing hands at the time of writing. The increased market activity comes on the company confirming FDA (Food and Drug Administration) approval of XACIATO™ (clindamycin phosphate) Vaginal Gel as a treatment for bacterial vaginosis.

CooTek (Cayman), Inc. Class A (CTK) was one of the biggest gainers in the pre-market session, jumping 29.13% at the time of writing. The spike comes ahead of the release of the company’s fiscal Q2 2021 results, before the market opens.

Stitch Fix (SFIX) was the biggest loser in the pre-market session, falling 24.03% at the time of writing. The sell-off comes on the company reporting fiscal Q1 2022, which was characterized by a quarterly loss and revenue that topped estimates.

Market News

In M&A news, ExxonMobil Corporation (XOM) subsidiary ExxonMobil Chemical Company has completed the acquisition of Materia, Inc., a high-performance structural materials company. Financial terms of the deal remain under wraps. While the two units have been working together, the acquisition should pave the way for the development of longer and more durable wind turbine blades, enabling efficient energy generation.

Broadcom, Inc. (AVGO) has confirmed the acquisition of SaaS-based network performance monitoring solutions provider AppNeta. The terms of the deal remain under wraps. The acquisition will result in the merger of AppNeta’s end-to-end visibility with Broadcom’s infrastructure and AIOPs capabilities. It should also allow the company to address the operational needs of large enterprise customers.

Cognizant (CTSH) has announced plans to acquire private software consultancy and product development company Devbridge. The company has yet to disclose how much it will pay, with the deal expected to close before year-end. The acquisition should allow the company to strengthen its software product engineering capabilities and deepen its global presence with the addition of 600 engineers, product managers and designers.

Raytheon Technologies (RTX) shares popped 1.5% in extended trading hours after the company announced the approval of a $6 billion stock repurchase program. The new buyback program will replace the previous $5 billion authorization approved late last year.

ChargePoint Holdings, Inc. (CHPT) shares fell 2.7% in the extended trading session after the American electric vehicle infrastructure company delivered wider than expected fiscal Q3 2022 losses. The company incurred a loss of $0.14 a share, wider than a loss estimate of $0.13 a share but lower than a loss of $2.17 a share delivered the same quarter last year. Revenues in the quarter were up 79% year over year to $65 million, exceeding consensus estimates of $63.17 million.

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