Monday’s Pre-Market: Here’s What You Need To Know Before The Market Opens

US stock futures were up on the first trading day of May as investors await manufacturing data set to be released later today that could provide further signals of an economic recovery.

Dow futures were up 0.6%, S&P futures rose 0.5%, and Nasdaq futures were up 0.3% at the time of writing.

Today, companies including Ceragon Networks (CRNT), Estee Lauder (EL), ON Semiconductor (ON), and PetMed Express (PETS) are expected to report before the opening bell while Trivago (TRVG), ZoomInfo Technologies (ZI), Qiagen (QGEN) and Chegg (CHGG) will report after the market close.

Farmmi Inc. (FAMI) was the most actively traded stock in pre-market trading with almost 12 million shares having already changed hands at the time of writing. The Chinese supplier of agricultural products announced a $42 million capital raise last week.

Brooklyn ImmunoTherapeutics (BTX) was the biggest gainer in pre-market rising 40.6%. Last week, the company announced the acquisition of an exclusive license for the development of cell therapies and mRNA gene editing from Factor Bioscience and Novellus Therapeutics. 

Allied Motion (AMOT) was the biggest laggard in pre-market trading as the stock tumbled 30.8% at the time of writing. The precision and motion control components producer is expected to announce its first-quarter results on Wednesday and the Street expects a year-on-year decline in earnings.

In M&A news, Digital Turbine (APPS) completed the acquisition of AdColony, a mobile advertising platform. The acquisition is expected to aid Digital Turbine’s goal of offering complete media and advertising solutions to its operator and OEM partners.

Digital Turbine CEO Bill Stone said, “We believe that this strategic transaction, along with the previously completed acquisition of Appreciate and pending completion of the Fyber acquisition, will synergistically accelerate our growth and is a real positive for our partners, advertisers, employees, and shareholders.” 

Slack (WORK), a workplace communication software company will acquire Woven, a calendar app, for an undisclosed amount. The acquisition could help Woven strengthen its position as the most powerful calendar technology on the market. Slack had previously invested in Woven through its Slack Fund.

Woven CEO, Tim Campos stated, “Our team has always been our greatest strength.  We have a fantastic and diverse group of professionals who have loved working together.  Today, that team is becoming part of something even bigger – a company that is transforming the workplace: Slack.

Meanwhile, General Motors (GM) is planning to invest $1 billion to build electric cars in Mexico. The investment will go towards upgrading the company’s Ramos Arizpe Manufacturing Complex and plans are underway to inaugurate a new Painting Plant with the innovative technology.

GM, Mexico’s CEO, Francisco Garza said, “We are very proud to contribute to the realization of GM’s Vision of Zero Collisions, Zero Emissions, Zero Congestion, contributing to the manufacture of electric vehicles. We trust that the necessary economic conditions will be met so that eventually the Complex can grow the workforce one more shift in some operations.”

In earnings news, Cirrus Logic (CRUS) delivered disappointing results in the fourth quarter as the fabless semiconductor supplier reported revenues of $293.5 million, up 5% year-on-year but missing consensus estimates of $302.5 million. Non-GAAP diluted EPS of $0.66 per share came in below analysts’ estimates of $0.71 per share.

Cirrus Logic’s CEO, John Forsyth said, “In FY21 the company delivered solid revenue, operating profit and EPS growth, driven by both content gains and higher unit volumes. In the past year we increased the penetration of our audio solutions in smartphones, expanded the range of end products containing our audio and haptic components and made significant progress diversifying our mixed-signal product portfolio with key product launches in new areas.”

Skyworks Solutions (SWKS), the analog semiconductor company, reported earnings that were modestly above Street estimates. The company posted fiscal 2Q revenues of $1.172 billion, a jump of 53% year-on-year that came in ahead of analysts’ estimate of $1.15 billion. SWKS reported non-GAAP diluted EPS of $2.37 per share versus consensus estimate of $2.35.

President and CEO of Skyworks Solutions, Liam K. Griffin said, “Skyworks’ record second quarter results reflect sustained leadership across a rapidly expanding set of end markets and customers, supported by our cutting-edge technologies and world-class manufacturing facilities. Importantly, our broad markets portfolio continues to gain momentum, with strong sequential and year-over-year growth.”