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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 as concerns about China’s property sector continue to rattle investor sentiment. Additionally, upbeat U.S. data and positive news on new drugs to fight the coronavirus continue to offset inflation worries.

Dow futures were down 0.17%, S&P futures were down 0.21%, and NASDAQ futures were down 0.33% at the time of writing.

Navios Maritime Acquisition Corp. (NNA), CPI Aerostructures, Inc. (CVU), and Tsakos Energy Navigation Ltd. (TNP) are set to report their quarterly results before the market opens. United Bancorporation of Alabama, Inc. (UBAB), Comtech Telecommunications Corp. (CMTL), and Duckhorn Portfolio, Inc. (NAPA) will report after the market closes.

Farmmi, Inc. (FAMI) was the most active stock in the pre-market session, with 6.89 million shares changing hands at the time of writing. It is still unclear what is causing the increased market activity. However, last week a CEO update letter confirmed that the company is seeking to expand its addressable market through acquisitions.

OpGen, Inc. (OPGN) was the biggest gainer in the pre-market session, jumping 22.10% at the time of writing. It is still unclear what is causing the stock to spike as no fundamental news has been released to justify the pop.

Amplify Energy Corp. (AMPY) was the biggest loser in the pre-market session, falling 31.65% at the time of writing. The sell-off comes after the company’s subsidiary Beta Offshore notified the U.S. Coast Guard of an oil spill off the coast of Southern California.

Avalara, Inc. (AVLR) has acquired software and service provider Track1099 LLC. The terms of the deal remain under wraps. The acquisition should allow the tax compliance and automation company to gain access to valuable expertise in the e-filling of IRS forms and ease the process of federal and state electronic filing compliance for businesses.

Meanwhile, The Allstate Corporation (ALL) has completed the sale of Allstate Life Insurance Company of New York for $400 million to Wilton Re. The deal is likely to close before the end of the year. Terms of the deal remain under wraps. The deal comes on the heels of the insurance company agreeing to sell Allstate Life Insurance Company to Everlake US Holdings Company earlier in the year.

Shares of International Paper Company (IP) fell 4.9% after the pulp and Paper Corporation announced the spin-off of Sylvamo Corporation. According to CEO Mark Sutton, the sale should enhance the company’s strategic flexibility and focus for long-term success and value creation.

Lordstown Motors (RIDE) has inked a strategic agreement with Hon Hai Technology Group (“Foxconn”) to work on electric vehicle programs. The two are to work together at the company’s assembly plant in Lordstown, Ohio. Additionally, Lordstown has updated its financial plan and production outlook.

Tesla (TSLA) has posted vehicle production and delivery numbers showing that the company produced 238,000 vehicles and delivered over 240,000 in Q3. The company produced 8,941 Model S/X and delivered 9,275. Additionally, it produced 228, 882 Model 3/Y and delivered 232,025.

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