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 lower on Monday as investors reacted to a spike in Omicron COVID-19 cases triggering a new wave of restrictions in Europe.

Dow futures (DJIA) were down 1.28%, S&P futures (SPX) were down 1.34%, and Nasdaq futures (NDX) were down 1.49% at the time of writing.

Upcoming earnings

Blade Air Mobility (BLDE) is scheduled to report its quarterly results before the market opens, while Braze (BRZE), Calavo Growers (CVGW), Nike (NKE), and Red Cat Holdings, Inc. (RCAT) will report after the market close.

Pre-market movers

SeaChange International (SEAC) was the most active stock in the pre-market session, with 1.41M shares changing hands at the time of writing. It is still unclear what is causing the increased trading activity as no fundamental news has been released.

Society Pass (SOPA) was the biggest gainer in the pre-market session, jumping 28.10% at the time of writing. The spike follows the announcement that the leading Southeast Asian data-driven loyalty platform has been added to the Russell 2000 index. SOPA stock scores a 1 out of 10 on TipRanks’ Smart Score rating system, suggesting that the stock is likely to underperform market averages.

Immix Biopharma, Inc. (IMMX) was the biggest loser in the pre-market session, falling 18.25% at the time of writing. The sell-off comes just days after listing on the Nasdaq Capital Market.

Market News

In M&A news, KKR & Co. Inc. (KKR) has reached an agreement for the acquisition of Yayoi Co. Ltd., a Japan-based software developer for small and medium-sized enterprises. The deal is likely to close in the first quarter of next year. Financial terms of the deal remain under wraps. The average KKR price target of $89.40 implies 24.90% upside potential to current levels.

JPMorgan Chase & Co.’s (JPM) wholly-owned subsidiary J.P. Morgan Securities LLC is to pay a $200 million fine to the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission. The fine is to settle claims that the unit failed to keep certain communications under the respective record-keeping rules.

Darden Restaurants, Inc. (DRI) shares fell 5% despite the multi-brand restaurant operator delivering solid Fiscal second-quarter results. Quarterly earnings more than doubled to $1.48 a share, exceeding consensus estimates of $1.43 a share. Sales were up 37% year-over-year to $2.27 billion, outpacing analysts’ estimates of $2.23 billion. DRI’s earnings report for Fiscal Q3 2021 is scheduled for March 24, 2021.

The Mosaic Company’s (MOS) board of directors has approved a 50% dividend hike to $0.1125 a share. The new dividend is to be paid on March 17, 2022, to shareholders of record as of March 3, 2022. The Mosaic Company’s dividend yield stands at 0.75%, having increased consistently over the past three years.

Amgen, Inc. (AMGN) has secured the approval of the Food and Drug Administration for Tezspire for severe asthma in adults and pediatric patients aged 12 years and above. Tezspire is proving to be the first and only biologic known to reduce asthma exacerbations across Phase 2 and 3 clinical trials.

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