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

U.S. stock futures were mixed on Wednesday in the face of U.S. retail data showing consumer resilience amid rising inflation. Strong retail sales data suggests that Americans are not discouraged from spending, affirming strong recovery from the pandemic.

Dow futures (DJIA) were down 0.03%, S&P futures were (SPX) down 0.03% and Nasdaq futures were (NDX) up 0.03% at the time of writing.

Upcoming earnings

Baidu (BIDU), TJX Companies (TJX), and Williams Industrial Services Group (WLMS) are set to report their quarterly results before the market opens. Cisco Systems (CSCO), Helmerich & Payne (HP), and Pennantpark Investment (PNNT) will report after the markets closes.

Pre-market movers

Progenity, Inc. (PROG) was the most active stock in the pre-market session, with 4.99 million shares changing hands at the time of writing. The increased market activity comes against the backdrop of increased short squeeze fuelled frenzy.

17 Education & Technology Group (YQ) was the biggest gainer in the pre-market session, jumping 324.71% at the time of writing. It is still unclear what caused the stock to rise as no fundamental news has been released to justify the spike.

PAVmed, Inc. (PAVM) was the biggest loser in the pre-market session, down 12.80% at the time of writing. The sell-off comes on the heels of the company delivering preliminary Q3 results that show the company generated a non-GAAP adjusted loss of $8.2 million and revenue of $0.2 million.

Market news

Uber Technologies (UBER) has re-launched share rides under a new brand name UberX Share. Reuters reports that the service will be operational in Miami at the start as the company seeks to bring down previous losses in its pooled rides segment. However, the company is yet to confirm whether it plans to make service available in other cities.

In M&A news, U.S. Bancorp (USB) has reached an agreement to acquire fintech company TravelBank for an undisclosed amount. The acquisition, which is expected to close before year-end, should help enhance the integration of digital payments into the commercial segment. Additionally, it should allow the bank to expand its client base.

Enphase Energy, Inc. (ENPH) has also inked a deal to acquire ClipperCreek. Financial terms of the deal remain undisclosed. With the acquisition, the global energy technology company will gain access to valuable electric vehicle charging solutions for residential and commercial customers. The transaction is likely to close before the end of the year.

Meanwhile, Accenture Plc. (ACN) has acquired London-based innovation strategy consulting firm Founders Intelligence. The acquisition should strengthen the company’s offerings, making it easy for senior management to come up with sustainable techniques and value through innovation.

Shares of Sea Limited (SE) fell 3.8% after the consumer internet company delivered mixed Q3 2021 results. The company delivered a net loss of $0.84 a share, wider than an expected loss of $0.68 per share. Quarterly revenue, on the other hand, was up 121.8% year-over-year to $2.69 billion, exceeding consensus estimates of $2.39 billion.

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