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Sunday, October 1, 2023

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 as growing worries about the monetary policy outlook continued to dent investor sentiment. Investors remain on edge ahead of the annual Federal Reserve Jackson Hole summit, where Chairman Jerome Powell is expected to offer hints on the central bank’s tapering plans.

Dow futures were up 0.03%, S&P futures were down 0.09%, and Nasdaq futures were down 0.23% at the time of writing.

Abercrombie & Fitch Co. (ANF), 1-800-Flowers.Com, Inc. (FLWS), and Nordic American Tanker Ltd. (NAT) are set to report their quarterly earnings before the market opens. Ollie’s Bargain Outlet Holdings Inc. (OLLI), Sequential Brands Group Inc. (SQBG), and Pro-Dex (PDEX) will report after the market close.

JOYY (YY) was the most active stock in the pre-market session, with more than 1.67 million shares changing hands at the time of writing. It is still unclear what’s behind the increased market activity as no fundamental news has been released.

Advaxis (ADXS) was the biggest gainer in the pre-market session, jumping 27.97% at the time of writing. The clinical-stage biotechnology company is engaged in the development and commercialization of proprietary Lm-based antigen delivery products.

SelectQuote Inc. (SLQT) was the biggest loser in the pre-market session, dropping 25.37% at the time of writing. The sell-off comes on the company delivering disappointing fiscal fourth-quarter results. Quarterly earnings landed at $0.02 a share, missing consensus estimates of $0.05 a share.

Mercado Livre (MELI) has moved to strengthen its logistics network with the acquisition of Brazilian logistics company Kangu. Financial terms of the deal remain under wraps. With the acquisition, the company gains access to over 5,000 collection and delivery points, as well as a diverse range of clients that Kangu currently serves.

International Business Machines Corporation (IBM) has launched a new service dubbed Secure Access Service Edge, which it hopes will accelerate the adoption of cloud-delivered security. The new program combines software-defined networking and network security technologies to help organizations transform their network security while protecting their needs.

Moderna (MRNA) has suspended the supply of as many as 1.63 million doses of its COVID-19 vaccine in Japan. Reuters reports that the pharmaceutical and biotechnology company suspended the supply following a report that showed the vaccines might be contaminated.

Salesforce.com, Inc. (CRM) shares popped 1.8% after the cloud-based software company delivered better-than-expected second-quarter results. Quarterly revenues were up 23% year-over-year to $6.34 billion, surpassing consensus estimates of $6.24 billion. Earnings per share landed at $1.48, up 2.8% from the same quarter last year and above consensus estimates of $0.92 a share.

Splunk’s (SPLK) upbeat second-quarter results for Fiscal 2022 are characterized by earnings and revenue topping consensus estimates. Quarterly revenues grew 23% year-over-year to $606 million, topping consensus estimates of $562.82 million. Average recurring revenue was up 37% from the same quarter last year to $2.63 billion.

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

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