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

U.S. stock futures were trending lower on Friday, weighed heavily by disappointing results from tech giants Apple and Amazon. Concerns that supply chain woes could be worse in the holiday quarter continue to rattle the markets. Dow futures were down 0.19%, S&P futures were down 0.54%, and Nasdaq futures were down 1.00% at the time of writing. Odonate Therapeutics, Inc. (ODT), Inflarx NV (IFRX), and UWM Holdings Corp. (UWMC) are set to report their quarterly earnings before the market opens. California BanCorp. (CALB), Calvin B Taylor Bankshares, Inc. (TYCB), and KemPharm, Inc. (KMPH) will report after the market close. Meten EdtechX Education Group (METX) was the most active stock in the pre-market session, with 2.28 million shares changing hands at the time of writing. The increased market activity comes on the company confirming a strategic partnership with AGM Group to pursue opportunities in blockchain and cryptocurrency mining. Arca Biopharma (ABIO) was the biggest gainer in the pre-market session, jumping 17.56% at the time of writing. The spike comes after ASPEN-COVID-19 data and the Safety Monitoring Committee recommended the continuation of the Phase 2b Clinical Trial to completion based on an interim analysis of efficacy and safety data. Retail Value, Inc. (RVI) was the biggest loser in the pre-market session, falling 73.90% at the time of writing. It is still unclear what is causing the stock to tank as no fundamental news has been released to justify the drop. Apple, Inc. (AAPL) shares fell by 3.5% after the iPhone maker delivered fiscal fourth-quarter revenue that fell short of expectations, hurt by supply chain issues and chip shortages. Revenue landed at $83.4 billion, up 29% year-over-year but below consensus estimates of $84.85 billion. Earnings per share came in at $1.24 a share, in line with consensus estimates. Mastercard, Inc. (MA) posted upbeat Q3 2021 results driven by strong growth in net revenues. Quarterly revenue jumped 30% year-over-year to $5 billion, topping consensus estimates of $4.95 billion. Quarterly earnings, on the other hand, landed at $2.37 per share, surpassing consensus estimates of $2.19 per share. Amazon (AMZN) shares fell by as much as 4% in extended trading on Thursday after the e-commerce giant delivered disappointing third-quarter results and provided Q4 guidance below analyst expectations. Adjusted earnings in Q3 were down 51% year-over-year to $6.12 per share, below consensus estimates of $8.92 per share. Revenue was up 15% year-over-year to $110.8 billion but failed to meet consensus estimates of $111.6 billion. Western Digital Corp. (WDC) shares tumbled by as much as 10.3% in extended trading despite the company delivering better-than-expected fiscal first-quarter results. Earnings landed at $2.49 per share, up 283% year-over-year and better than the $2.11 per share expected by analysts. Revenue rose 29% year-over-year to $5.05 billion, exceeding consensus estimates of $4.36 billion. Shares of Caterpillar, Inc. (CAT) jumped 4.1% after the heavy equipment company delivered better-than-expected Q3 2021 results. The company posted adjusted earnings of $2.66 per share, up 75% year-over-year and above consensus estimates of $2.20. Revenue was up 25% year-over-year to $12.4 billion, slightly below consensus estimates of $12.48 billion.

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