U.S. stock futures were trending lower on Monday as investors remain wary about the health of property giant China Evergrande Group. Markets are also on edge ahead of a crucial Federal Reserve meeting this week that could provide actual clues on monetary policy tapering.
Dow futures were down 1.59%, S&P futures were down 1.35%, and Nasdaq futures were down 1.07% at the time of writing.
Cognyte Software Ltd. (CGNT) and Ennis Inc. (EBF), are set to report their quarterly earnings before the market opens. Adamis Pharmaceuticals Corp (ADMP), Angus Gold Inc. (ANGVF), Applied Genetic Technologies Corp (AGTC), and Lennar Corp (LEN) will report after the market close.
SmileDirectClub Inc. (SDC) was the most active stock in the pre-market session, with 2.46 million shares exchanging hands at the time of writing. The stock was up around 15% despite there being no fundamental news to justify the spike.
Verastem (VSTM) was the biggest gainer in the pre-market session, jumping 31.88% at the time of writing. The spike comes on the company’s phase 1/2 FRAME Study Data of VS-6766, with Defactinib showing encouraging response rates and progression-free survival in patients who have already received MEK inhibitors.
Helbiz (HLBZ) was the biggest pre-market loser, falling 12.15% at the time of writing. The sell-off comes just days after the company announced a partnership deal between Helbiz Media and FOX Networks Group to Broadcast Serie B Championship games.
In M&A news, Peoples Bancorp Inc. (PEBO) has completed the acquisition of Premier Financial Bancorp Inc. Under the terms of the agreement, the company’s shareholders are to receive 0.58 shares of Peoples common stock for each Premier share held. Additionally, the acquisition is poised to expand the financial services company’s presence in Kentucky and West Virginia.
Meanwhile, Ares Management Corporation (ARES) has made a $150 million preferred equity investment in U.S. American soccer club Inter Miami. The investment was made through funds managed by the company’s Credit Group. Additionally, it should allow the company to participate in the long-term growth of the franchise.
JPMorgan Chase & Co. (JPM) is poised to launch its first-ever retail bank overseas. The Financial Times reports that the financial institution will set up a digital bank under the Chase brand in the U.K. The launch should strengthen competition in the U.K.’s digital banking space, currently dominated by startups. It should also pave the way for JPMorgan to set a base across other European nations and Latin America.
Amazon (AMZN) says over 1 million people from over 170 countries applied for jobs at its virtual Career Day 2021. Additionally, the company was able to provide 30,000 free individual career coaching sessions to participants. Participants who get hired will receive a range of comprehensive benefits irrespective of their role.
PRA Group, Inc. (PRAA) has confirmed the pricing of a $350 million principal amount of 5% senior notes due in 2029. The offering has been upsized by $50 million from a previous $300 million offering. The acquirer and collector of nonperforming loans intend to use the net proceeds from the offering to repay about $345.5 million of outstanding borrowings.
