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

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

U.S. stock futures were mixed on Friday amid concerns that persistent inflation could force central banks to tighten monetary policy. Investors also continue to digest a slew of corporate earnings reports, with initial jobless claims aiding sentiments.

Dow futures were up 0.03%, S&P futures were down 0.06%, and Nasdaq futures were down 0.32% at the time of writing.

Altra Industrial Motion Corp. (AIMC), CPI Aerostructures, Inc. (CVU), and Honeywell International, Inc. (HON) are set to report their quarterly earnings before the market opens. Aqua Metals, Inc. (AQMS), United Bancorporation of Alabama, Inc. (UBAB), and FVCBankcorp, Inc. (FVCB) will report after the market close.

Phunware, Inc. (PHUN) was the most active stock in the pre-market session, with 35.75 million shares changing hands at the time of writing. The increased market activity comes after the company completed the acquisition of high-performance computer provider Lyte Technology.

Digital World Corp. (DWAC) was one of the biggest gainers in the pre-market session, jumping 80.44% at the time of writing. The spike comes amid reports the company will be the special purpose acquisition company to take a newly created media venture backed by Donald Trump public.

Metacrine (MTCR) was the biggest loser in the pre-market session, falling 50.91% at the time of writing. The sell-off came after the company reported interim results for the MET642 Phase 2a Trial in patients with NASH and announced a strategic re-prioritization of its clinical development programs.

Intel Corporation (INTC) shares fell by as much as 8.8% in extended trading on Thursday after the company delivered weaker-than-expected Q3 revenue, hurt by chip shortages. Adjusted revenue landed at $18.1 billion, an increase of 5% compared to the same period last year, but below consensus estimates of $18.24 billion. Earnings stood at $1.71 a share, topping consensus estimates of $1.11 a share.

Moderna, Inc. (MRNA) has secured regulatory approval from the U.S. Centers for Disease Control and Prevention’s advisory committee on immunization practices for a booster dose of its COVID-19 vaccine. The vaccine can be administered at the 50 µg level to people aged 65 and above, high-risk adults aged 18 to 64, and 18 to 64-year-olds with frequent occupational exposure to SARS-CoV-2. The booster dose has also been authorized for people who previously received a different vaccine.

Danaher (DHR) posted Q3 2021 results that topped consensus estimates. Revenue in the quarter was up 23% year-over-year to $7.2 billion, beating analysts’ estimates of $7 billion. Adjusted diluted earnings landed at $2.39, up 39% year-over-year, exceeding consensus estimates of $2.15. During the quarter, the company expanded its production capacity and innovation initiatives.

Snap, Inc. (SNAP) shares fell by as much as 22% in extended trading hours on Thursday after the company delivered weaker-than-expected revenue and lowered its Q4 guidance. The company was hard hit by changes to the iOS platform. Revenue in the quarter landed at $1.07 billion, up 57% year-over-year but below consensus estimates of $1.1 billion. Earnings landed at $0.17 a share, beating consensus estimates of $0.08 a share.

Alaska Air Group (ALK) delivered upbeat Q3 2021 results as the airline continued to recover from the COVID-19 triggered slowdown. The airline bounced back to profitability, posting adjusted EPS of $1.47 compared to a net loss of $3.23 delivered last year same quarter. Revenue climbed 179% year-over-year to $1.95 billion compared to consensus estimates of $1.93 billion.

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