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Monday’s Pre-Market: Here’s What You Need to Know before the Market Opens
Stock Analysis & Ideas

Monday’s Pre-Market: Here’s What You Need to Know before the Market Opens

U.S. stock futures were trending lower on Monday as a surge in coronavirus cases worldwide has taken a significant toll on investor sentiment sending indices lower. The sell-off comes amid growing concerns that lockdowns might be needed to curtail the spread of the coronavirus, a development likely to hurt the global economic recovery.

Dow futures were 0.92% weaker, S&P futures had slipped 0.69%, and NASDAQ futures were down 0.38% at the time of writing.

Arrow Financial (AROW) and Bank of Marin (BMRC) are scheduled to report their quarterly earnings before the market opens, while International Business Machines (IBM) and FNB (FNB) will report after the market closes. Meridian Bancorp (MARYLAND) (EBSB) and Calvin B Taylor Bankshares Inc. (TYCB) are also scheduled to report during the day.

Exela Technologies Inc. (XELA) was the most actively traded stock in the pre-market session, with more than 1.14 million shares changing hands at the time of writing. The stock was up by about 8.86%. The increased trading activity and rally come just days after the company confirmed that NYSE Arca has launched options trading in XELA.

Creatd (CRTD) was the biggest gainer in pre-market rallying 39.50% at the time of writing. No fundamental news has been released to justify the spike in price.

Red Cat Holdings Inc. (RCAT) was the biggest loser in the pre-market session, falling 35.92% at the time of writing. The sell-off comes just days after the technology provider to the drone industry announced plans to sell shares of its common stock.

In M&A news, Kinder Morgan, Inc. (KMI) has reached an agreement to acquire Kinetrex Energy from an affiliate of Parallel49 Equity. The energy infrastructure company is to pay $310 million for the liquefied natural gas supplier. The deal is slated to close in the third quarter. With the acquisition, Kinder Energy will gain access to two small-scale production and fuelling facilities.

Meanwhile, Zoom Video Communications (ZM) has announced plans to acquire Five9, an intelligent cloud contact center services provider. The video teleconferencing company has struck a $14.7 billion all-stock deal scheduled to close in the first half of 2022. The acquisition will allow Zoom to gain a strong foothold in the cloud-based contact center software market.

MoneyGram International, Inc. (MGI) shares jumped 2.91% on reports that private equity firm Advent is planning to acquire it. The Financial Times reports that the payment company has opened talks with the private equity firm, although no formal bids have been made. The acquisition chatter comes on the heels of MoneyGram reporting 44% year-over-year growth in the MoneyGram Online business in June.

Charles Schwab Corporation (SCHW) shares fell 2.2% after the company reported mixed second-quarter financial results. Quarterly revenues were up 85% to $4.53 billion, surpassing consensus estimates of $4.46 billion. The increase can be attributed to growth in net interest revenue, trading revenue, and fees. While adjusted EPS was up 30% to $0.70, it missed consensus estimates of $0.73 a share.

Additionally, Ford Motor Company (F) shares also fell 2.9% after the automaker confirmed a recall of about 850,000 cars due to faulty parts. The recall seeks to address vibrations felt at high speeds or shuddering on acceleration. The recall will target some 34,939 Ford F-350 Super Duty Vehicles built from 2020-2021 and some 774,696 Ford Explorer vehicles made between 2013 and 2017.

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