U.S. stock futures were trading higher on Monday, with all three of the major indices up around 0.3%. Additionally, bond yields reached their highest levels since last March.
The Dow, S&P 500 and Nasdaq performed well last week, each gaining around 3% as the majority of companies that reported their earnings results beat analysts’ expectations.
Shares of Castor Maritime were most actively traded before the bell, with almost 7 million shares having already changed hands at the time of writing. The stock gained around 11% in the pre-market session.
Nemaura Medical was the top gainer in pre-market trading and looked set to open 99% higher than its close on Friday, followed by Ocugen (+70%) and Westport Fuel (+47%).
Meanwhile, pre-market’s top losers were Wheeler REIT (-9.5%) and Accelerate Diagnostics (-8%).
In corporate news, CNBC reported last week that Apple was close to finalizing a deal with Hyundai-Kia to produce a self-driving electric Apple Car beginning in 2024, but over the weekend, Hyundai and Kia put a halt to preliminary discussions. The iPhone maker has ambitions of building autonomous self-driving vehicles for the mass consumer market.
Dialog Semiconductor (DLGNF), a major chip supplier to Apple, was trading 17% higher after announcing that it is in discussions with Renesas to sell its 72 million outstanding shares for around $6 billion. Dialog was awarded a range of new contracts in 2019 by Apple to develop and supply mixed-signal integrated circuits.
Linde (LIN) closed 3.3% higher on Friday after reporting better-than-expected Q4 results and providing Q1 earnings guidance that came in above analysts’ estimates. Earnings increased 22% year-on-year to $2.30 per share, beating analysts’ expectations of $2.14, while Q4 sales grew 3% to $7.3 billion compared to analysts’ forecasts of $7.1 billion. The company anticipates Q1 earnings of between $2.20 and $2.25 per share and full-year 2021 earnings in the range of $9.10 to $9.30. Analysts previously called for Q1 and full-year 2021 earnings of $2.12 and $9.18, respectively.
Trane Technologies (TT) reported a 12% year-on-year increase in adjusted earnings, with the figure reaching $1.03 per share and beating consensus estimates of $0.93. Adjusted EBITDA and operating margins expanded by 140 and 150 basis points, respectively, while top-line figures remained flat at $3.18 billion but surpassed analysts’ estimates of $3.08 billion. The climate control product manufacturer expects adjusted EPS to grow between 19% and 23% in 2021 to between $5.30 and $5.50 per share.
AT&T (T) has settled its dispute with Cox Media Group (CMG), and agreed on a multi-year retransmission consent deal to provide CMG-owned broadcast stations to AT&T’s video customers. It was reported on Friday that AT&T had offered to pay an undisclosed amount to CMG and its owner Apollo Global Management to settle the dispute.