U.S. stock futures were trending lower on Monday as investors await a pivotal Federal Reserve meeting that could plot the path of monetary policy easing and interest rate hikes. Caution also remains amid a possible Russian attack on Ukraine.
Dow futures (DJIA) were down 0.19%, S&P futures (SPX) were down 0.28%, and Nasdaq futures (NDX) were down 0.39% at the time of writing.
Upcoming Earnings
Bank Of Marin Bancorp (BMRC), Community Bank System (CBU), and Koninklijke Philips (PHG) are scheduled to report their quarterly results before the bell. International Business Machines (IBM), Petmed Express (PETS), and Steel Dynamics (STLD) will report after the market close.
Pre-Market Movers
Blue Star Foods (BSFC) was the most active stock in the pre-market session, with 1.64M shares changing hands at the time of writing. It is still unclear what is causing the increased market activity as no fundamental news has been released to justify the same.
BT Brands (BTBD) was the biggest gainer in the pre-market session, jumping 264.67% 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. BTBD shares fell 13.4% on Friday to close at $2.47.
Pintec Technology Holdings (PT) was the biggest loser in the pre-market session, falling 19.42% at the time of writing. PT stock rose 55.31% on Friday to close at $1.39.
Market News
Kohl’s Corp. (KSS) is an acquisition target for a Starboard Value-backed consortium. Citing people familiar with the matter, The Wall Street Journal reports that the company has received a $9 billion buyout offer valuing the company at $64 a share. The acquisition bid comes at a time when the company is under immense pressure from activist investors who are pushing it to explore strategic initiatives.
General Motors (GM) is embarking on an investment spree as it looks to enhance electric vehicle production. The company intends to spend $154 million to bolster operations at its Western New York Lockport Components plant. The investment will help purchase new equipment and machinery needed to accelerate the production of electric motor components.
Shopify (SHOP) has terminated contracts with several warehouse and fulfillment partners. The terminations come as the company tries to reduce its dependence on third parties and build its fulfillment services to compete with Amazon (AMZN).
Ally Financial, Inc. (ALLY) shares fell 5% in extended trading hours despite the company delivering better-than-expected results for the quarter ended December 31, 2021. Revenues were up 17% year-over-year to $2.2 billion, outpacing consensus estimates of $2.05 billion. The company delivered adjusted earnings per share of $2.02, exceeding consensus estimates of $1.95 a share.
Huntington Bancshares Incorporated (HBAN) delivered upbeat fourth-quarter results driven by growth in total revenues. Revenue was up 33.4% year-over-year to $1.65 billion as net income increased 37% year-over-year to $1.138 billion. Earnings per share landed at $0.36, better than the $0.33 expected by analysts.
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