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Sunday, June 4, 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 trending higher on Thursdays after Federal Reserve Chair Jerome Powell reiterated the need for more progress in the job market before tapering begins. The dovish remarks have calmed the markets following fears of the FED dialing down on the current monetary policy stimulus.

Dow futures (DJIA) were up 0.43%, S&P futures (SPX) were up 0.21%, and Nasdaq futures (NDX) were up 0.02% at the time of writing.

Altria Group Inc. (MO), Alliance Data Systems Corp. (ADS), and Yum! Brands Inc. (YUM) are set to report their quarterly earnings before the market opens. Amazon.com Inc. (AMZN), Concord Medical Services Holdings Ltd. (CCM), and Kinsale Capital Group Inc. (KNSL) will report after the market close.

New Oriental Education & Technology (EDU) was the most actively traded stock in pre-market, with 2.89 million shares changing hands at the time of writing. The stock was up about 3.37% as Chinese education companies try to adjust to new regulations imposed by the government.

Lendingclub Corp. (LC) was the biggest gainer in the pre-market session, jumping 38.77% at the time of writing. The rally comes on the back of the company delivering impressive second-quarter results that topped analysts’ expectations. Earnings came in at $0.09 per share against an expected net loss of $0.41 a share.

Annovis Bio (ANVS) was the biggest loser in pre-market trading, dropping 28.34% at the time of writing. The sell-off comes a day after the company made a presentation on new clinical efficacy and biomarker data for its drug ANVS401.

3D Systems Corp. (DDD) shares jumped 7.2% after the company announced plans to sell its medical simulation business Simbionix. The 3D printing company has inked a deal to sell the unit to Surgical Sciences Sweden AB for $305 million. The sell-off is part of the company’s push to divest all non-core businesses.

GrowGeneration Corp. (GRWG) has inked an asset purchase agreement to acquire HGS Hydro, one of the largest chains of hydroponic gardens. The terms of the deal remain under wraps. The acquisition is expected to strengthen the company’s edge as a leading operator of hydroponic and organic gardening centers. Once the deal closes, HGS Hydro’s six stores in Michigan will become part of GrowGeneration.

Uber Technologies, Inc. (UBER) has inked a strategic partnership with FTD LLC to deliver flowers to Uber and Uber Eats customers. The company will initially offer the service to customers within New York, Philadelphia, Chicago, Los Angeles, Dallas, and Miami. Plans are underway to make the service available across the country by 2022.

McDonald’s (MCD) delivered impressive second-quarter results, with earnings and revenues topping estimates. Earnings came in at $2.37 per share, above the $2.08 per share expected by analysts. Revenues came in at $5.89 billion, above projections of $5.53 billion.

Automatic Data Processing (ADP) posted impressive fourth-quarter financial results on the back of increased digital and sales product technology investments. Revenues were up 11% year-over-year to $3.7 billion, beating consensus estimates of $3.68 billion. Adjusted diluted earnings per share came in at $1.20, above the forecast $1.14 per share.

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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