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

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U.S. stock futures were trending higher on Monday after closing at record highs last week. Market participants have turned their attention to the Federal Reserve’s two-day policy meeting while paying close to geopolitical tensions over Russia’s activities around Ukraine.

Dow futures (DJIA) were up 0.19%, S&P futures (SPX) were up 0.26% and Nasdaq futures (NDX) were up 0.33% at the time of writing.

Upcoming Earnings

Qudian, Inc. (QD) is set to report its quarterly results before the market opens, while Riley Exploration Permian (REPX), PHX Minerals (PHX), ImmunoPrecise Antibodies (IPA), Claros Mortgage Trust, Inc. (CMTG), and Backblaze (BLZE) will report after the market close.

Pre-market Movers

Petros Pharmaceuticals (PTPI) was the most active stock in the pre-market session, with 2.70M shares changing hands at the time of writing. It is still unclear what is causing the stock to spike, as no fundamental news has been released to justify the pop.

Bluebird Bio (BLUE) was one of the biggest gainers in the pre-market session, jumping 14.51% at the time of writing. The spike comes on the company providing updated data demonstrating sustained response in patients treated with its gene therapy program for sickle cell disease.

Blonder Tongue Laboratories (BDR) was the biggest loser in the pre-market session, falling 24.01% at the time of writing. The sell-off comes on the New York Stock Exchange announcing it is poised to start delisting proceedings of the stock.

Market News

Iron Mountain Incorporated (IRM) has entered into an agreement to acquire data center life cycle management solutions provider ITRenew for $925 million. The deal is likely to close in the first quarter of next year. The acquisition should allow the information management company to gain a strong foothold in the growing IT Asset disposition space.

Meanwhile, Kraft Heinz Company (KHC) has inked a deal to acquire an 85% stake in Germany-based Just Spices GmbH. The financial terms of the deal remain under wraps. The company is acquiring a majority stake in a company with annual sales of about €60 million and backed by over 170 products.

Pfizer, Inc. (PFE) has announced a 2.6% increase of its quarterly dividend offering to $0.40 a share. The dividend is to be paid on March 4, 2022, to shareholders of record as of January 28, 2022.

General Motors (GM) could spend more than $4 billion to enhance its electric vehicle production capabilities. Reuter’s reports, citing sources and documents, made public that the company plans to invest in two Michigan plants. It will spend $2.5 billion for the construction of a battery plant and $2 billion to refurbish its Orion Township assembly plant.

Microsoft (MSFT) is closing in on regulatory approval for its proposed $16 billion takeover of Nuance Communication. Reuter reports that the company could secure unconditional European Union antitrust approval. The company has already secured regulatory approval in the U.S. and Australia.

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