U.S. stock futures were slightly higher on Monday as better-than-expected quarterly results from major companies continued to boost sentiment. However, investors remain cautious amid supply-chain bottlenecks and labor shortages.
Dow futures were up 0.04%, S&P futures were up 0.12%, and Nasdaq futures were up 0.25% at the time of writing.
Dorman Products, Inc. (DORM), Eneti, Inc. (NETI), and Franklin Resources, Inc. (BEN) are set to report their quarterly earnings before the market opens. Zynex, Inc. (ZYXI), Universal Health Services, Inc. (UHS), and GreenTree Hospitality Group Ltd. (GHG) will report after the market close.
Remark Holdings (MARK) was the most active stock in the pre-market session, with 25.77 million shares changing hands at the time of writing. It is unclear what is triggering the increased market activity as no fundamental news has been released. The stock was also one of the biggest pre-market gainers, rising more than 200% at the time of writing.
Erytech Pharma SA (ERYP) was the biggest loser in the pre-market session, falling 31.93% at the time of writing. The sell-off comes after the company announced the results of its phase 3 TRYbeCA-1 study evaluating eryaspase as a second-line treatment in patients with advanced pancreatic cancer.
In M&A news 23andMe Holding Co. (ME) has reached an agreement for the acquisition of medical care and pharmacy services on-demand platform Lemonaid Health for $400 million. The transaction is likely to close before the end of the year. With the acquisition, the consumer genetics and research company gains access to efficient and affordable platforms for seamless online access to licensed doctors or nurses.
L3Harris Technologies (LHX) has been awarded a $120.7 million contract by the U.S. Space Force. The contract is to upgrade a communications jammer used to block satellite transmissions of adversaries.
Honeywell (HON) shares fell 3.17% despite the company delivering mixed Q3 2021 results. Sales were up 9% year-over-year to $8.47 billion, missing consensus estimates of $8.65 billion. Adjusted EPS, on the other hand, climbed 29% year-over-year to $2.02, exceeding consensus estimates of $1.99 a share.
Shares of VF Corporation (VFC) fell 4.7% after the apparel, footwear, and accessory retailer delivered disappointing Fiscal second-quarter results, hurt by supply chain problems and logistic difficulties. Adjusted earnings of $1.11 per share were up 66% year-over-year but fell short of consensus estimates of $1.15 a share. Net revenue climbed 23% year-over-year to $3.2 billion but missed consensus estimates of $3.52 billion.
American Express (AXP) shares jumped 5.4% after the provider of charge and credit card products delivered better-than-expected third-quarter results driven by consumer and small business spending. The company delivered EPS of $2.27, up 75% year-over-year, and above consensus estimates of $1.73 per share. Revenue climbed 25% to $10.93 billion, exceeding consensus estimates of $10.56 billion.
