U.S. stock futures were trending lower on Monday as investors reacted to disappointing economic data from China, indicating a slowdown in retail sales, industrial production, and urban investment. The slowdown has once again triggered economic growth concerns amid the spread of the COVID-19 Delta Variant.
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Dow futures were down 0.52%, S&P futures were down 0.46%, and Nasdaq futures were down 0.43% at the time of writing.
Nordic American Tanker Ltd (NAT), Americas Gold and Silver Corporation (USAS), and Toughbuilt Industries Inc. (TBLT) are set to report their quarterly earnings before the market opens. STRATA Skin Sciences Inc. (SSKN), Ideanomics Inc. (IDEX), and Navigator Holdings Ltd. (NVGS) will report after the market close.
Surgalign Holdings (SRGA) was the most active stock in the pre-market session, with 1.19 million shares changing hands at the time of writing. It is still unclear what’s behind the increased market activity as no fundamental news has been released.
Enlivex Therapeutics Ltd. (ENLV) was the biggest gainer in pre-market trading, jumping 24.12% at the time of writing. The spike comes on the Israeli Ministry of Health authorizing the initiation of a multi-center randomized Phase IIB Clinical Trial Evaluating the company’s Allocetra in severe and critical COVID-19 patients.
China Finance Online Co. Limited (JRJC) was one of the biggest losers in the pre-market session, dropping 41.04% at the time of writing. The sell-off comes on the company confirming a notice from Nasdaq Stock Market LLC in response to the company failing to provide a definitive plan on how it intends to regain compliance with the $10 million minimum stockholders’ equity requirement for continued listing.
In M&A news, Hyatt Hotels Corp. (H) has reached an agreement to acquire Apple Leisure Group, a travel and hospitality conglomerate, for $2.7 billion in cash. The transaction is expected to close in the fourth quarter. The acquisition is expected to double Hyatt’s global resorts footprint and extend its reach into existing and new markets, including Europe.
Meanwhile, booking and solutions firm Willis Towers Watson (WLTW) has agreed to sell its reinsurance broking business Willis Re to Arthur J. Gallagher & Co. (AJG). The company is to receive $3.25 billion from the sale and milestone payments of up to $750 million in cash in 2025.
XpresSpa Group, Inc.’s (XSPA) subsidiary XpresCheck has secured approval to proceed with biosurveillance monitoring in partnership with Concentric by Ginkgo. The trials are to be carried out at three major U.S international airports and will span over eight weeks. The program seeks to identify existing and new SARS-CoV-2 variants.
Pfizer (PFE) has also secured regulatory approval from the Food and Drug Administration for its tick-borne encephalitis (TBE) vaccine, TICOVAC. The vaccine is to be used to protect people older than one against TBE. The CDC is expected to provide guidance on the use of TICOVAC.
CareMax (CMAX) delivered mixed second-quarter results as revenues nearly doubled, but earnings fell. Revenue landed at $44.9 million, up from $25.8 million in the same quarter last year. The company reported a net loss of $0.26 a share compared to earnings of $0.31 delivered in the same quarter last year.