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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. stocks were trending higher on Monday after their worst run since February. Growing fears of a market correction are gathering pace as fears of rising inflation are fuelling concerns that the Federal Reserve will be forced to raise interest rates.

Dow futures were up 0.51%, S&P futures were up 0.50%, and Nasdaq futures were up 0.45% at the time of writing.

China Online Education Group (COE), Coda Octopus Group Inc. (CODA), and Virco Mfg. Corp. (VIRC) are set to report their quarterly earnings before the market opens. 4 Less Group Inc. (FLES), Ambow Education Holding Ltd. (AMBO), and Adamis Pharmaceuticals Corp. (ADMP) will report after the market close.

Farmmi Inc. (FAMI) was the most active stock in the pre-market session, with 11.30 million shares exchanging hands at the time of writing. The increased market activity comes after the company announced a proposed underwritten public offering of its ordinary shares.

Itamar Medical Ltd (ITMMF) was the biggest gainer in the pre-market session, jumping 43.41% at the time of writing. The spike comes on the confirmation that ZOLL Medical Corporation has reached a definitive agreement to acquire the company for $538 million.

Valneva (VLAN) was one of the biggest pre-market losers, falling 35.47% at the time of writing. The sell-off comes on the company confirming that the U.K. government has terminated the supply deal for its COVID-19 vaccine candidate VLA2001.

KeyCorp (KEY) has sold its indirect retail auto loan portfolio to a wholly-owned subsidiary of Waterfall Asset Management. The unit was valued at $3.2 billion, however, the financial services company is yet to confirm how much it received from the sale. Additionally, the company has confirmed that it has entered into an accelerated share repurchase program.

Meanwhile, Pebblebrook Hotel Trust (PEB) has confirmed the sale of its Villa Florence San Francisco property for $87.5 million. Details of the sale to a third party remain under wraps. The company intends to use the net proceeds from the sale for general corporate purposes and for the acquisition of new hotel properties.

Apple (AAPL) intends to spend more than $500 million to strengthen its content streaming business. Citing The Information, Reuters reports that a good chunk of the money will go towards marketing and bolstering the Apple TV+ library.

Amazon (AMZN) is the front runner to receive the rights for the National Football league’s “Sunday Ticket.” Citing people familiar with the ongoing talks, CNBC reports that the company holds the upper hand as the league hopes to ink a deal worth between $2 billion and $2.5 billion with a streaming network. The push comes after Amazon agreed to a $1 billion a year deal in May to become the exclusive broadcaster of Thursday Night Football games.

Wells Fargo (WFC) has been hit with a $250 million fine by the Office of the Comptroller of the Currency. The fine results from claims that the company failed to return money to previously wronged customers. The financial service company was fined $1 billion three years ago after it accepted liability for opening 3.5 million fake accounts between 2002 and 2017.

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