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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 following the lead from their Asian and European counterparts. The broader equity market sell-off comes on a Chinese government regulatory crackdown targeting the $100 billion education sector.

Dow futures were 0.42% weaker, S&P futures had slipped 0.29%, and Nasdaq futures were down 0.10% at the time of writing.

In the week ahead, the focus will be on the Federal Reserve, which is expected to complete a two-day policy meeting. The meeting could result in the FED unleashing plans to scale back on asset purchasing.

Lockheed Martin (LMT) and First Merchants (FRME) are set to report their quarterly earnings before the market opens. Bloom Energy (BE), CPS Technologies (CPSH), Hexcel (HXL), and Range Resources (RRC) will report after the market close.

New Oriental Education & Technology (EDU) was the most actively traded stock in the pre-market session, with more than 11.21 million shares exchanging hands at the time of writing. The stock was down 23.55%, following reports that China has taken drastic steps to restrain the booming after-school tutoring industry.

IMV Inc. (IMV) was the biggest gainer in pre-market trading jumping 53.45% at the time of writing. The rally comes just days after Wells Fargo initiated coverage of the stock with an overweight rating.

Iterum Therapeutics Plc. (ITRM) was the biggest loser in the pre-market falling 41.87% at the time of writing. The rally comes on the heels of the Food and Drug Administration  issuing a Complete Response Letter (CRL) for sulopenem etzadroxil/probenecid (oral sulopenem). Among the requirements is one additional clinical trial.

Meridian Bioscience, Inc. (VIVO) has reached an agreement to acquire North American BreathTek business from Otsuka America Pharmaceutical for $20 million. The deal should close in the fiscal fourth quarter. With the acquisition, the company will gain access to a urea breath test used in the detection of Helicobacter pylori. The acquisition will also expand the company’s footprint into the gastrointestinal diagnostics solution space.

Lumen Technologies (LUMN) has expanded its fiber network infrastructure in Europe as it looks to strengthen its service capabilities in France, Switzerland, and Spain. With the expansion, the company should be able to deliver faster connections, lower latency, and enhanced security.

Alphabet (GOOGL) is launching a new company focused on the development of software for powering robots used for industrial purposes. According to Reuters, Intrinsic is the new company out of Google’s moonshot division X and will specialize in artificial intelligence solutions. The new company is part of the tech giant’s push to expand its business empire beyond search and advertising.

NextEra Energy (NEE) delivered impressive second-quarter results characterized by robust performance across all segments. Earnings per share topped estimates, coming in at $0.71 versus $0.68 that analysts expected. However, revenues lagged estimates, coming in at $3.93 billion versus $4.97 billion expected. Management has since confirmed a 15% dividend increase.

American Express Company (AXP) also reported better than expected second-quarter results. Earnings per share came in at $2.80, compared to the $1.52 that the Street expected. Net revenues came in at $10.24 billion, up 33% year over year. Analysts were projecting revenues of $9.41 billion.

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