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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 ahead of a big week of earnings. Strong gains last week came on the back of market participants cheering solid quarterly earnings releases. Better-than-expected retail sales reports also bolstered market risk sentiment.

Dow futures were down 0.35%, S&P futures were down 0.41%, and Nasdaq futures were down 0.50% at the time of writing.

Sierra Bancorp (BSRR), Bimi International Medical, Inc. (BIMI), and State Street Corp. (STT) are set to report their quarterly earnings before the market opens. Sequential Brands Group, Inc. (SQBGQ), Hexcel Corp. (HXL), and Steel Connect, Inc. (STCN) will report after the market close.

Camber Energy, Inc. (CEI) was the most active stock in the pre-market session, with 2.16 million shares changing hands at the time of writing. The company has been hit with a string of class-action lawsuits following a scathing report by Kerrisdale Capital that alleges it is a defunct oil producer.

Valneva (VALN) was the biggest gainer in the pre-market session, jumping 42.14% at the time of writing. The spike comes after the company reported positive phase 3 Results for its inactivated, adjuvanted COVID-19 vaccine candidate VLA2001.

Communications Systems (JCS) was the biggest loser in the pre-market session, falling 41.94% at the time of writing. It is still unclear what is causing the stock to tank as no fundamental news has been released to justify the drop.

In M&A news, Steel Dynamics, Inc. (STLD) has entered into an agreement to acquire a 45% minority stake in New Process Steel. The financial terms of the deal remain under wraps. The minority stake should allow the steel producer to expand its exposure to value-added manufacturing opportunities.

Apple (AAPL) is on the cusp of being hit with a regulatory probe in South Korea. Reuters reports that the company could be investigated in response to new legislation that bars it from forcing developers to use its payment systems. The enactment of the Telecommunication Business Act is South Korea’s way of trying to curtail tech giants’ dominance and block commission charging on in-app purchases.

Square (SQ) CEO Jack Dorsey has confirmed they are exploring the possibility of creating a Bitcoin mining system based on “custom silicon and open source for individuals and businesses worldwide.” Dorsey hopes to make mining more distributed.

J.B. Hunt Transport Services, Inc. (JBHT) shares popped 8.7% after the company delivered better-than-expected third-quarter results. The provider of innovative logistics solutions delivered double-digit revenue growth across all segments. Q3 earnings landed at $1.88 a share, up 59.3% year-over-year and above consensus estimates of $1.79 a share. Quarterly sales were up 27% to $3.14 billion, exceeding consensus estimates of $3.01 billion.

Shares of Goldman Sachs Group, Inc. (GS) jumped 3.8% after the company delivered impressive third-quarter results. Earnings and revenue topped estimates as the financial powerhouse benefited from increased M&A activity and IPOs. Earnings landed at $14.93 per share, up 66% year-over-year and above consensus estimates of $10.11. Revenue climbed 26% year over year to $13.61 billion, beating the consensus estimate of $11.67 billion.

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