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


This article was originally published on TipRanks.com

U.S. stock futures were trending higher on Tuesday as demand for riskier assets increased. Investors are still digesting the potential long-term impact of the Omicron coronavirus variant.

Dow futures (DJIA) were up 0.66%, S&P futures (SPX) were up 0.66% and Nasdaq futures (NDX) were up 0.83% at the time of writing.

Upcoming earnings

Apogee Enterprises (APOG), Enerpac Tool Group (EPAC), and Factset Research (FDS) are set to report their quarterly earnings before the market opens. AAR Corp. (AIR), Bright Scholar Education Holdings Ltd. (BEDU), and Calamp (CAMP) will report after the market close.

Pre-market movers

Society Pass (SOPA) was the most active stock in the pre-market session, with 1.34M shares changing hands at the time of writing. The increased market activity comes on the company being added to the Russell 2000 index.

Reliance Global Group (RELI) was the biggest gainer in the pre-market session, jumping 75.74% at the time of writing. It is still unclear what is causing RELI stock to spike as no fundamental news has been released to justify the pop.

Aldeyra Therapeutics (ALDX) was the biggest loser in the pre-market session, falling 38.85% at the time of writing. The sell-off comes on the company announcing topline results from the Phase 3 TRANQUILITY trial for dry eye disease. ALDX’s earnings report for Q4 2021 is scheduled for March 31, 2022.

Market News

In M&A news Oracle Corp. (ORCL) has reached an agreement to acquire healthcare IT firm Cerner Corp. (CERN) for $28.3 billion. Under the terms of the agreement, the software company is to acquire all shares of Cerner for $95 a share. The transaction should close next year.

Shares of Bluerock Residential Growth REIT, Inc. (BRG) popped 76.2% after the company confirmed an agreement to be acquired by Blackstone Estate Advisors LP for $3.6 billion. Under the terms of the agreement, Blackstone affiliates are to buy Bluerock for $24.25 a share in cash. The transaction is expected to close in the second quarter of next year.

Meanwhile, McKesson Corporation (MCK) has agreed to sell its Austrian Business to Quadrifolia Management GmbH. The divestment is part of the company’s push to exit the European region. It has already inked deals to sell businesses in the U.K, France, Italy, Ireland, and Portugal. In Austria it is selling Herba Chemosan Apotheker-AG and Sanova Pharma GesmbH.

After delivering upbeat Fiscal first-quarter results, Micron Technology, Inc. (MU) shares jumped 6.8% in the extended trading session on Monday. The company benefited from strong demand for its product offerings during the quarter. Adjusted earnings jumped 177% to $2.16 a share, exceeding analysts’ estimates of $2.11 a share.

Carnival Corporation & plc. (CCL) shares jumped 3.4% despite the company delivering a wider-than-expected loss for its fiscal fourth quarter of 2021. The company delivered a loss of $2.31 per share, higher than the loss of $1.28 a share expected. Revenues landed at $1.29 billion, missing consensus estimates of $1.34 billion. Carnival’s earnings report for Fiscal Q1 2022 is scheduled for March 29, 2022.

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