U.S. stock futures were trending higher on Monday despite investors’ concerns that the COVID-19 Delta variant will hamper economic growth. Risk appetite also edged higher despite the ongoing uncertainty over when the Federal Reserve will start tapering stimulus.
Dow futures were up 0.38%, S&P futures were up 0.29%, and Nasdaq futures were up 0.24% at the time of writing.
Ituran Location and Control Ltd. (ITRN), iClick Interactive Asia Group Ltd. (ICLK), and BlueCity Holdings Ltd. (BLCT) are set to report their quarterly earnings before the market opens. Global Cord Blood Corp. (CO), Dada Nexus Ltd. (DADA), and Remark Holdings Inc. (MARK) are expected to announce their results after the market closes.
Greenpro Capital Corp. (GRNQ) was the most active stock in the pre-market session, with 4.02 million shares changing hands at the time of writing. The increased market activity comes on the heels of the company confirming the signing of an MOU for the development of the world’s first GE-LEO integrated satellite network and services platform.
Orphazyme (ORPH) was one of the biggest gainers in the pre-market session, jumping 22.75% at the time of writing. The spike comes on the company posting positive results from its Phase 2/3 trial of arimoclomol in Niemann-Pick disease type C in the Journal of Inherited Metabolic Disease. The trial demonstrated a significant and meaningful treatment effect.
Regencell Bioscience (RGC) was the biggest loser in the pre-market session, dropping 12.53% at the time of writing. The sell-off comes on the company confirming that the underwriter of the company’s initial public offering had exercised an option to purchase 325,000 additional ordinary shares in a public offering for $9.50 a share.
Nexstar Media Inc. has reached an agreement to acquire political digital media platform Hill for $130 million through its unit Nexstar Media Group (NXST). The acquisition strengthens the company’s push to enhance its content first strategy that focuses on news.
Meanwhile, Paysafe Limited (PSFE) has also reached an agreement to acquire German Fintech company viafintech. Terms of the deal remain under wraps. With the acquisition, the payment company will gain access to the German market focusing on alternative banking and payment solutions. Viafintech comes into the deal as one of the largest independent banks in the DACH region.
Nvidia’s (NVDA) bid to acquire Arm Holdings for $40 billion has hit yet another hurdle. The Competition and Markets Authority has confirmed plans to carry out a detailed investigation of the deal citing competition concerns. There are fears that if the deal is allowed to go through, it could affect rivals that are currently using Arm’s intellectual property.
Deere & Company (DE) shares fell 2.1% despite the company reporting better-than-expected fiscal third-quarter financial results. Net sales jumped 29% year-over-year to $11.53 billion, beating consensus estimates of $10.3 billion. Quarterly earnings grew 107% to $5.32 a share, surpassing consensus estimates of $4.57 a share.
Foot Locker (FL) shares popped 7.26% after the Sportswear and footwear retailer delivered better-than-expected second-quarter results. Earnings per share were up 200% year-over-year to $2.21, surpassing consensus estimates of $1.00 a share. Total sales were up 9.5% year over year to $2.28 billion, above consensus estimates of $2.08 billion.
