Wednesday’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 mixed on Wednesday as rotation from growth-sensitive stocks gathered pace amid growing concerns that the Federal Reserve will begin hiking interest rates as early as March. Higher treasury yields continue to hurt sentiment on technology stocks.

Dow futures (DJIA) were up 0.13%, S&P futures (SPX) were up 0.03%, and Nasdaq futures (NDX) were down 0.20% at the time of writing.

Upcoming Earnings

Simply Good Foods (SMPL) and UniFirst (UNF) are set to report their quarterly results before the market opens. Saratoga Investment Corp. (SAR), Richardson Electronics (RELL), and Resources Connection (RGP) will report after the market close.

Pre-Market Movers

Farmmi, Inc. (FAMI) was the most active stock in the pre-market session, with 4.83M shares changing hands at the time of writing. The stock was also up about 18.33%, however, it is unclear what is causing the increased market activity.

Wejo (WEJO) was the biggest gainer in the pre-market session, jumping 31.90% at the time of writing. The spike follows the unveiling of the Wejo Neural Edge processing platform.

ATA Creativity Global (AACG) was the biggest loser in the pre-market session, falling 20.78% at the time of writing. It is still unclear what is causing the stock to fall as no fundamental news has been released to justify the drop.

Market news

In M&A news, Genpact Ltd. (G) has acquired the digital experience consultancy firm Hoodoo Digital. The acquisition aligns with the company’s strategy to combine experience and process innovation. It should enhance the company’s capabilities of achieving end-to-end digital transformation.

Toyota Motor (TM) is working on automotive software that it plans to launch in 2025. According to Nikkei, the new operating software will host advanced operations such as autonomous driving and will play a key role in managing electric motors and batteries. It will also support entertainment and navigation.

Deere & Company (DE) has unveiled a fully autonomous tractor for large-scale production. The tractor, which will be made available later in the year, is designed to make the production process much more efficient. The tractor comes with six pairs of stereo cameras with a deep neural network and the ability to check its position relative to a geofence.

Renewable Energy Group, Inc. (REGI) has confirmed the acquisition of Southern California-based fuel distributor Amber Resources LLC. The terms of the deal remain under wraps. The acquisition should strengthen the biodiesel production company’s presence in the world’s fastest-growing renewables-focused regions.

General Motors Co. (GM) shares popped 7.5% after the global automaker delivered fourth-quarter and full-year vehicle delivery details. The company says it delivered 440,745 cars in Q4, a 43% year-over-year decline. For the full year, the company delivered 2.2 million vehicles. Additionally, the company unveiled a new Electric Silverado pickup truck at the Consumer Electric Show.

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