U.S. stock futures look set to open mixed on Wednesday as investors digest the prospect of the Democrats gaining control of the Senate if they win both seats in the run-off election in Georgia.
Dow futures were trading 0.2% higher, with S&P futures looking to open around 0.3% softer. The tech-heavy Nasdaq futures were trading almost 2% weaker at the time of writing.
In corporate earnings news, Smart Global Holdings (SGH) reported better-than-expected first quarter results on Tuesday. Adjusted earnings were $0.78 per share, which represents a 42% year-on-year increase and exceeded analysts’ expectations of $0.70. First quarter revenue also beat analyst expectations by 7.2%, and came in at $291.7 million.
General Motors (GM) closed almost 3% higher on Tuesday after reporting that its US auto sales rose 5% in the fourth quarter, compared to the same period last year. GM sold 771,323 vehicles during Q4 making it “its best fourth quarter retail sales since 2007,” and restoring it to pre-pandemic levels.
Meanwhile, in other news, Range Resources (RRC) ended the day up 4% yesterday after increasing the size of its debt offering, due in 2029, by $100 million to $600 million. The notes carry an interest rate of 8.25% and net proceeds from the offering will be used for general corporate purposes, including the repayment of borrowings under its bank credit facility.
Salem Media Group (SALM) shares were trading up almost 7% pre-market following yesterday’s announcement of the launch of the Salem Podcast Network. The Network will focus on bringing traditional content to more listeners and viewers through the Salem podcast platform. Noble Analyst Michael Kupinski believes that SALM’s share price could almost double over the next 12 months.
In M&A news, Associated Banc-Corp (ASB) rose almost 3% on Tuesday after entering into an agreement with Rockefeller Capital Management to sell its wealth management subsidiary, Whitnell & Co. Rockefeller’s recent expansion into the Midwest after recently breaking into the Chicago market is expected to be significantly boosted by the acquisition of Whitnell.
TAT Technologies (TATT) shares were trading 33% higher on Wednesday after signing a 10-year rental agreement for Auxiliary Power Unit (APU) for its GTCP331-500 engine, which is installed in all Boeing 777 aircraft around the world. TAT’s subsidiary, TAT-Piedmont, also acquired Honeywell’s GTCP331-500 APU rental bank for about $6.5 million as part of this agreement and will provide maintenance, repair and operations (MRO) services for GTCP331-500 APU engines.