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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 as investors remained cautious amid a batch of weaker than-expected earnings. Growing concerns about the pace of monetary policy tightening in the U.S. also continue to knock on investor confidence.

At the time of writing, Dow futures (DJIA) were up 0.19%, S&P futures (SPX) were up 0.04%, and Nasdaq futures (NDX) were down 0.17%.

Upcoming earnings

Huntington Bancshares (HBAN), Schlumberger Limited (SLB), Ally Financial (ALLY), First Hawaiian Inc. (FHB), and Topdanmark (TPDKY) are scheduled to report their quarterly results before the bell.

Pre-market movers

OceanPal Inc. (OP) was the most active stock during the pre-market session, with 2.97M shares changing hands, at the time of writing. The stock was also down by 36.44% as investors reacted to the pricing of an approximately $12.5M underwritten public offering.

Blue Star Foods (BSFC) was the biggest gainer in the pre-market session, jumping 542.11% 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.

Market News

MercadoLibre (MELI) has bolstered its cryptocurrency portfolio with an investment in 2TM Group, and a leading Brazilian blockchain infrastructure platform, Paxos. The financial terms of the investment remain under wraps. The investment affirms the e-commerce and digital financial services company’s commitment to developing and using crypto assets and blockchain technology.

Amazon (AMZN) is venturing into the brick-and-mortar business with the opening of a first-of-its-kind in-person clothing retail store. The Los Angeles-based store will house men’s and women’s clothes as well as shoes and other accessories. The store will come equipped with innovative technology such as machine learning to provide real-time recommendations based on customers’ needs.

Mastercard Inc. (MA) has unveiled a next-generation virtual card solution that leverages machine learning and straight-through processing to enable instant payment of supplier invoices. Track Instant Pay is the new card solution designed to automate business payments and make them more efficient for buyers and suppliers.

Luminar Technologies (LAZR) has won big after luxury car maker Mercedes settled on its Iris Lidar technology. The technology is to be integrated into the Mercedes-Benz production vehicle platform to enhance the development of fully automated driving on highways. In addition, the German automaker is to purchase 1.5 million LAZR shares of the equity stake of about $20.2 million.

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