U.S. stock futures were trending higher on Monday, even as caution gripped the market. Investors are waiting to see whether the Omicron coronavirus variant will affect economic recovery and tightening plans by central banks.
Dow futures (DJIA) were up 0.39%, S&P futures (SPX) were up 0.64% and Nasdaq futures (NDX) were up 0.87% at the time of writing.
Upcoming Earnings
Amigo Holdings PLC (AMHLF), Flowr Corporation (FLWPF), and L’Occitane International SA (LCCTF) are set to report their quarterly results before the market opens. XS Financial (XSHLF), StoneX Group (SNEX), and Navigator Holdings (NVGS) will report after the market close.
Pre-market Movers
Palatin Technologies, Inc. (PTN) was the most active stock in the pre-market session, with 2.71M shares changing hands at the time of writing. The increased market activity comes on the heels of H.C. Wainwright analyst Joseph Pantginis reiterating a Buy rating on the stock and raising the price target to $5 from $2.
Petros Pharmaceuticals (PTPI) was the biggest gainer in the pre-market session, jumping 89.00% 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.
TuanChe (TC) was the biggest loser in the pre-market session, falling 17.65% at the time of writing. It is still unclear what is causing the stock to fall, as no fundamental news has been released to justify the drop.
SEE: PRE-MARKET BIGGEST LOSERS TODAY
Market News
Cresco Labs, Inc. (CRLBF) has completed the acquisition of Cure Pennsylvania, along with three other operational dispensaries. The acquisitions are poised to strengthen the branded cannabis wholesaler’s presence in Pennsylvania. The addition of Cure dispensaries should boost the company’s portfolio.
Tesla, Inc. (TSLA) has confirmed it will build its gigafactory in Berlin without any government funding. Consequently, the company has withdrawn its application for a $1.28 billion government subsidy. The withdrawal comes on the heels of the European Union approving subsidies for electric vehicles early in the year. The EV giant has decided to go against the subsidy, without providing a formal reason.
Amazon (AMZN) is poised to develop a fulfillment center in Abu Dhabi. Reuters reports that the e-commerce giant has inked a strategic partnership with the Abu Dhabi Investment Office, which paves the way for the center’s development. The new center will meet carbon reduction strategies. The facility is expected to be completed in 2024.
Blackstone (BX) will auction off its Britain resort chain, Butlin’s. Citing Sky News, Reuters reports that the sell-off could happen as early as next year. The disposal comes as Butlin’s business has been hurt significantly, due to people opting to remain at home amid the pandemic. The fact that people are not looking to spending time in resorts has significantly affected business.
Cabot Corporation (CBT) has entered into an agreement for the sell-off of its Purification Solutions business to middle-market private firm One Equity Partners. The specialty chemicals and performance material company will fetch $111 million from the sale, with the deal expected to close in the second quarter of fiscal 2022.
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