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

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U.S. stock futures were mixed on Thursday after falling sharply overnight as investors reacted to a hawkish release of the minutes from the U.S. Federal Reserve. December FED minutes indicate that the central bank has already started discussions on the reduction of its balance sheet to dial back accommodative monetary policy.

Dow futures (DJIA) were up 0.10%, S&P futures (SPX) were up 0.02%, and Nasdaq futures (NDX) were down 0.13% at the time of writing.

Upcoming Earnings

AngioDynamics (ANGO), Constellation Brands (STZ), and Lamb Weston Holdings (LW) are scheduled to report their quarterly results before the market opens. Duck Creek Technologies (DCT), Pricesmart (PSMT), and Simulations Plus (SLP) will report after the market close.

Pre-Market Movers

Alterity Therapeutics Ltd. (ATHE) was the most active stock in the pre-market session, with 3.42M shares changing hands at the time of writing. The stock was also up by about 56.76% after the company was granted a U.S. patent for compounds for neurodegenerative diseases such as Parkinson’s and Alzheimer’s.

AppTech Corp. (APCX) was one of the biggest gainers in the pre-market session, jumping 36.52% at the time of writing. The spike comes a day after the company announced the pricing of a $15 million public offering and a Nasdaq listing.

Berkeley Lights (BLI) was the biggest loser in the pre-market, falling 28.09% at the time of writing. The sell-off comes on the company announcing its CEO Eric D. Hobbs will become the president of the Antibody Therapeutics business line. The company has since initiated the search for a new CEO.

Market news

Eaton Corporation (ETN) has confirmed the acquisition of electrical connectivity components manufacturer Royal Powers Solutions. The power management company paid $600 million, representing 13.6 times the 2022 EBITDA forecast. The acquisition should complement its operations in offering high precision electrical connectivity components to electric vehicles, energy management, industrial and mobility markets.

Meanwhile, Corsair Gaming, Inc. (CRSR) has acquired a 51% stake in iDisplay Technology. With the acquisition, it gains access to a company that develops and provides high-performance gear for gamers and content creators.

Alphabet (GOOGL) and its subsidiary Google are under the watchful eye of German competitive authority, the Bundeskartellamt, over abuse control. The agency has invoked a law that allows it to scrutinize any tech giants that wield too much power and control in an industry. The U.S. tech giant meets the threshold to be subject to extended supervisory power.

Amazon (AMZN) is partnering with Stellantis NV as it seeks to strengthen its foothold in the transportation industry. Reuters reports that the partnership will result in cars and trucks using the tech giant’s technology. Additionally, it will result in the deployment of Stellantis’ electric vans to the Amazon delivery network.

Sony Group Corp. (SONY) plans to expand its footprint into the electric vehicle market. Reuters reports that the Japanese conglomerate will unveil a new company dubbed Sony Mobility, Inc. The new company hopes to redefine mobility by leveraging Sony’s imaging and sensing, cloud, 5G, and entertainment technologies.

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