3.5 C
London
Wednesday, December 7, 2022

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

Must read

U.S. stock futures were trending lower on Friday amid growing concerns about the rise in coronavirus cases around the world. The sell-off also comes on the back of increasing concerns about Chinese growth and the outlook of U.S. stimulus.

Dow futures were down 0.42%, S&P futures were down 0.38%, and Nasdaq futures were down 0.25% at the time of writing.

TAL Education Group (TAL), Ubiquiti Inc. (UI), and Document Security Systems Inc. (DSS) are set to report their quarterly earnings before the market opens. Australis Capital Inc. (AUSAF), Vizsla Silver Corp. (VIZSF), and Cabral Gold Inc. (CBGZF) are scheduled to report after the market close.

GeoVax Labs (GOVX) was the most active stock in the pre-market session, with more than 3.35 million shares changing hands at the time of writing. The increased market activity comes a day after the company presented COVID-19 vaccine data to the European Society of Medicine.

Metromile (MILE) was one of the biggest gainers in pre-market trading, jumping 70.04% at the time of writing. Given the lack of news or fundamental developments, it is still unclear what is causing the stock to pop.

Progenity Inc. (PROG) was the biggest pre-market loser, falling 44.19% at the time of writing. The sell-off comes a day after the company announced the pricing of a $40 million offering of common stock. The offering is expected to close on or about August 24, 2021.

In M&A news, Adobe (ADBE) has entered into an agreement to acquire Frame.io for $1.27 billion. The computer software company is acquiring the cloud-based video collaboration platform to access its diverse user base and leverage its cloud-first workflows. The deal is expected to close in the fourth quarter of Fiscal 2021.

Amazon (AMZN) plans to open large brick and mortar stores in the U.S., reports the Wall Street Journal. The e-commerce giant is reportedly planning to open its first department stores in California and Ohio. The brick and mortar stores will stock items from well-known consumer brands as part of the company’s expansion drive beyond e-commerce.

Estée Lauder (EL) shares popped 2.61% after the company reported better than expected fiscal fourth-quarter and full-year results. Net sales were up 62% year-over-year to $3.94 billion, surpassing consensus estimates of $3.73 billion. The company also bounced back to profitability, posting diluted net earnings per common share of $0.78 compared to a net loss of $0.53 a share delivered the same quarter last year.

Petco Health & Wellness Company, Inc. (WOOF) shares popped 3.6% after the pet retailer delivered better-than-expected second-quarter results. Adjusted earnings landed at $0.25 a share, up 127% year-over-year, surpassing consensus estimates of $0.20 a share. Revenue was up 19% year-over-year to $1.43 billion, above analyst estimates of $1.36 billion.

Applied Materials, Inc.’s (AMAT) fiscal third-quarter results came in above consensus estimates as growth in net sales paved the way for solid results. Net sales were up 41% year-over-year to $6.2 billion, beating consensus estimates of $5.94 billion. The company delivered net earnings of $1.90 a share, up 79% year-over-year, and above consensus estimates of $1.77 a share.

The post Friday’s Pre-Market: Here’s What You Need to Know Before the Market Opens appeared first on TipRanks Financial Blog.

Source link

More articles

Latest article