U.S. stock futures were mixed on Monday following declines last week in the aftermath of the hawkish stance by the Federal Reserve. Looking ahead, the focus is on the FED chairman Jerome Powell, who is expected to testify in front of the Senate Banking Committee.
Dow futures (DJIA) were up 0.09%, S&P futures (SPX) were up 0.05% and Nasdaq futures (NDX) were down 0.06% at the time of writing.
Upcoming earnings
Azz Inc. (AZZ) and Tilray (TLRY) are scheduled to report their earnings before the market opens, while VOXX International Corporation Class A (VOXX), Accolade (ACCD), and Limoneira Co. (LMNR) will report after the market closes. Q&K International Group (QK) is also scheduled to report its earnings.
Pre-Market Movers
Pluristem Therapeutics (PSTI) was the most active stock in the pre-market session with 2.98M shares changing hands at the time of writing. The increased market activity comes after the Biotechnology Company and an Israeli food creation and marketing company, Tnuva, inked a landmark collaboration to establish a cultured food platform.
Bone Biologics Corp. (BBLG) was the biggest gainer in the pre-market session, jumping 38.78% 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.
China Natural Resources (CHNR) was the biggest loser in the pre-market session, falling 16.89% 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.
Market News
Sanofi S.A. (SNY) has entered into a strategic research collaboration and license agreement with AI-focused pharmatech company Exscientia. The two are joining forces to develop 15 novel small molecule candidates across oncology and immunology. Under the terms of the agreement, Sanofi is to invest $100 million in upfront cash payment, which can rise to $5.2 billion upon achieving certain milestones.
Citigroup Inc. (C) plans to redeem its 3.142% Fixed/Floating Rate Notes amounting to $2 billion and due on January 24, 2022. The cash redemption price payable on the notes will be equal par plus all accrued and unpaid interest. The move to repay the notes is in line with the investment banking company’s liability management strategy to streamline capital structure.
Blackstone Inc. (BX) has confirmed that funds managed by Blackstone Infrastructure Partners have reached an agreement to acquire an equity stake worth $3 billion in Invenergy Renewables Holdings. The investment is in line with the company’s strategy of betting big on clean energy companies. Invenergy is in the process of building the largest wind and solar projects in the U.S.
Paypal Holdings (PYPL) is considering launching a stablecoin as it moves to strengthen its hold in the burgeoning sector. A Bloomberg report alleges the existence of hidden code and images in the company’s iPhone app, affirming a push for a stablecoin backed by the US dollar. PayPal has also confirmed that it is working with relevant authorities as part of the stablecoin push.
Tesla, Inc. (TSLA) is hiking the price of its Full Self Driving feature to $12,000, starting January 17, 2022. The hike comes from releasing the FSD Beta Button in September on select drivers. While the company did implement a $2,000 price increase in October, the reason for the increase is still unclear.
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