U.S. stock futures were mixed on Monday as investors prepared for an event-packed week. With U.S. markets being hypersensitive to any talk of monetary easing, the focus will be on inflation data on Tuesday, ahead of Federal Reserve Chair Jerome Powell’s testimony on Wednesday and Thursday.
Dow futures were 0.40% weaker, S&P futures had slipped 0.25%, and Nasdaq futures were up 0.16% at the time of writing.
Sequential Brands Group Inc. (SQBG) and Fang Holdings Ltd. (SFUN) are set to report their quarterly earnings before the market opens, while Champions Oncology Inc. (CSBR) and VOXX International Corp. (VOXX) are scheduled to report after the market closes. Focus will also be on Abraxas Petroleum Corp. (AXAS) and Century Bancorp Inc. (CNBKA), expected to report later today.
ToughBuilt Industries (TBLT) was the most actively traded stock in the pre-market session, with 3.95 million shares having changed hands at the time of writing. The stock was down about 22% after announcing that it has entered into securities and purchase agreements for the issuance and sale of more than 46 million shares of common stock. The company expects to raise about $40 million in gross proceeds from the offering.
Sgoco Group Ltd (SGOC) was the biggest gainer in the pre-market session, jumping 58.22% at the time of writing, on volume of approximately 1.36 million shares. The rally comes after the stock jumped around 246% on Friday. The company specializes in the development of phase change storage systems, among other items.
Euro Tech Holdings Company (CLWT) was one of the biggest losers in pre-market trading, falling around 9% at the time of writing. No fundamental news has been released to justify the drop in price.
Altria Group, Inc. (MO) is in the process of offloading its Ste. Michelle Wine Estates Business for $1.2 billion to private equity firm Sycamore. The sale is expected to close in the second half of the year, and therefore, will not have any effect on the company’s EPS.
Altria intends to use net proceeds from the sale to finance additional share repurchases. CEO Billy Gifford has also reiterated that the sale will allow the company to focus on transitioning adult smokers to a non-combustible future.
Stamps.com (STMP) has reached an agreement to be acquired by Thamo Bravo for $6.6 billion. Under the terms of the deal, the ecommerce shipping solutions provider’s shareholders will receive $330 per share, representing a 67% premium over the stock’s closing price on July 8. The transaction should close in the third quarter.
Meanwhile, Apple (AAPL) plans to acquire streaming rights for the U.S. National Football League (NFL). Reuters reports that the iPhone maker is looking for streaming rights to bolster its Apple TV+ streaming service, citing The Information. However, the company may have to pay more considering that AT&T’s (T) DirecTV is the exclusive rights holder and pays $1.5 billion annually to broadcast the NFL games.
Amazon (AMZN) has received the green light from the Federal Communications Commission (FCC) to develop a radar-based sleep tracking device. By using radar sensors, the device will monitor peoples’ sleep motions in a three-dimensional space.
In 2018 the FCC approved the development of a similar device by Alphabet’s (GOOGL) Google. By allowing Amazon to develop the radar-based sleep tracking device, the FCC hopes to increase competition in the segment.
Nio (NIO) is in the process of expanding its battery swap station network. The Chinese manufacturer plans to install over 700 battery swap stations in 2021, up from an initial target of 500 stations. By 2021 the company hopes to have over 4,000 such stations, with about a quarter of these stations outside China. The expansion is part of the company’s efforts to offer its growing user base a better service experience.
