US stock futures were mixed on Monday as investors remained optimistic that the US Government and the Federal Reserve may continue with fiscal policies that could lend support to further economic recovery. The employment data on Friday indicated that hiring slowed and employers in the US added 266,000 jobs in the month of April.
While the Dow futures were up 0.3%, S&P Futures inched up 0.09% and Nasdaq futures fell 0.3%.
Today, companies that are expected to report before the opening bell include Marriott International (MAR), Tyson Foods (TSN), and Workhorse Group (WKHS) while Wynn Resorts (WYNN), Velodyne Lidar (VLDR), and Simon Property Group (SPG) are expected to report after the market close.
Alfi Inc. (ALF) was both the most actively traded and the biggest gainer in the pre-market. The stock had gained 27.8% at the time of writing. While there was no fundamental news explaining the price surge, the artificial intelligence (AI) enterprise software-as-a-service (SaaS) company listed on NASDAQ last week.
Soligenix Inc. (SNGX) was the biggest laggard in pre-market trading falling 22% at the time of writing. There was no fundamental news explaining the price drop. However, last week, the biopharma company presented positive data for HyBryte (SGX301), a treatment of both patch and plaque disease that resulted in fewer adverse events compared to other therapies used for cutaneous T-cell lymphoma (CTCL).
In earnings news, electric truck maker Nikola (NKLA) reported disappointing 1Q results as losses widened from the same quarter a year ago. However, management is still upbeat about the company’s future. NKLA reported a loss of $120 million or an adjusted loss of $0.14 per share. That widened from an adjusted loss of $0.12 per share in the same period last year.
Nikola’s CEO Mark Russell said, “During the first quarter Nikola continued to deliver on our previously communicated milestones and execute on our business plan.”
Meanwhile, healthcare company Cigna (CI) reported earnings that beat Street estimates despite pandemic challenges. The company also updated its financial outlook for FY21.
Cigna reported adjusted EPS of $4.73 on adjusted revenues of $41 billion. The consensus EPS estimate was $4.37.
“Cigna remains dedicated to supporting our customers, clients, and communities through the disruption of the COVID-19 pandemic, while also delivering strong financial results,” said President and CEO, David Cordani.
American Axle & Manufacturing Holdings (AXL) has been awarded $5 million by the U.S. Department of Energy. This is part of the U.S. Department of Energy’s initiative to fund research projects that result in advancing transportation.
Electric Drive by American Axle (AAM) is a combination of electric propulsion solutions that can be scaled for use in all types of hybrid and battery electric vehicles.
AAM’s CEO David C. Dauch said, “We are honored that the Department of Energy recognized the potential of AAM’s electric drive technology to power a wide range of low and zero emission vehicle applications and look forward to advancing these developments with their support.”
Meanwhile, reinsurance and insurance solutions company RenaissanceRe Holdings (RNR) has renewed its stock buyback program that will result in the buyback of shares worth $500 million. The company has also declared a dividend of $0.36 per share which will be payable on June 30 to investors of record on June 15.
