U.S. stock futures were trending higher on Friday after more Federal Reserve policymakers indicated that they will likely begin raising interest rates in March. Inflation data released earlier this week showed inflation surged 7% year-over-year.
Dow futures (DJIA) were up 0.23%, S&P futures (SPX) were up 0.18%, and Nasdaq futures (NDX) were up 0.10% at the time of writing.
Upcoming Earnings
Blackrock (BLK), Citigroup (C), Wells Fargo (WFC), JPMorgan Chase & Co. (JPM), and First Republic Bank (FRC) are scheduled to report their quarterly results before the opening bell.
Pre-Market Movers
NextPlay Technologies (NXTP) was the most active stock in the pre-market session, with 2.17 million shares changing hands at the time of writing. The increased market activity comes on the company delivering solid Fiscal Q3 2022 results characterized by record revenues.
Skylight Health Group (SLHG) was the biggest gainer in the pre-market session, jumping 22.12% at the time of writing. It is still unclear what is causing the stock to spike as no fundamental news has been released to justify the pop.
Boston Beer (SAM) was the biggest loser in the pre-market session, falling 8.99% at the time of writing. The sell-off comes after the company slashed its earnings forecasts in light of higher than expected supply-chain costs and reduced wholesale inventories
Market News
In M&A news, Monster Beverage (MNST) plans to complete the acquisition of craft beer and hard seltzer company CANarchy Craft Brewery Collective. The company has struck a $330 million deal, expected to close in the first quarter. The acquisition is poised to expand the company’s operations into the alcoholic beverage sector.
Meanwhile, Sirius XM Holdings, Inc. (SIRI) subsidiary Sirius XM Radio has acquired Cloud Cover Media Inc., a company specializing in offering music for business enterprises. Its merger with SiriusXM Music for Business and Pandora for Business should lead to comprehensive and complementary business offerings.
Meta Platforms’ (FB) Facebook is staring at a $3.2 billion class-action lawsuit in the United Kingdom. The company is being sued for allegedly using its market position to exploit the personal data of about 44 million users. It is alleged that the company made billions of pounds by getting users to provide valuable personal data for the use of its service.
Taiwan Semiconductor (TSM) shares popped 5.3% after the semiconductor company delivered better-than-expected fourth-quarter results and provided Q1 guidance that was higher than analyst expectations. Adjusted earnings per American Depositary Receipt landed at $1.15, up 16.4% year-over-year and above consensus estimates of $1.12 per ADR. Revenues were up 24.1% to $15.74 billion, exceeding consensus estimates of $15.67 billion.
Visa Inc. (V) has unveiled the Visa Acceptance Cloud VAC platform, a new cloud-based point of sale platform. The service will allow merchants and small businesses that support them to enjoy smooth and affordable point of sale opportunities.
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