U.S. Stock futures were trading higher on Thursday following the announcement of President Joe Biden’s $2 trillion infrastructure plan for the US.
Nasdaq futures were leading the way rising around 0.9%, followed by S&P futures which were up 0.28% and Dow futures which had gained around 0.1% at the time of writing.
Companies reporting earnings today include CarMax (KMX), Milestone Scientific (MLSS) and On Track (OTIVF) before the bell, while Franklin Covey (FC), Akumin (AKU) and SWK Holdings (SWKH) will release their figures after the market closes.
In corporate earnings news, Micron (MU) climbed almost 6% before the bell after reporting better-than-expected Q2 results. The chip maker also provided guidance for the current quarter that exceeded analysts’ expectations. Adjusted earnings jumped to $0.98 per share from $0.45 reported in the year-ago quarter and topped Street estimates of $0.95 per share. Revenues jumped 30% to $6.24 billion and came in ahead of consensus estimates of $6.21 billion.
Walgreens Boots Alliance (WBA) ended Wednesday’s session 3.6% higher after reporting better-than-expected Q2 profits and raising its earnings guidance for fiscal 2021. Adjusted earnings of $1.40 per share declined 7.5% year-over-year but topped the Street’s estimates of $1.11 per share, while sales increased 4.6% year-over-year to $32.8 billion.
Shares of Acuity Brands (AYI) closed 13.3% higher on Wednesday after the industrial technology company reported better-than-expected Q2 earnings. Adjusted earnings increased 15.2% year-over-year to $2.12 per share and beat Street estimates of $1.73 per share. However, net sales declined 5.8% to $776.6 million, falling short of analysts’ expectations of $776.99 million. CEO Neil Ashe said, “We continue to see signs of a modest recovery in the wider market, while our margin expansion reflects the hard work of our associates who continue to control costs in a more consistent and predictable way.”
Verint Systems (VRNT) fell 2.4% in the pre-market despite reporting stronger-than-expected Q4 results. Earnings of $0.98 per share declined 11.7% year-over-year but topped consensus estimates of $0.79 per share. Revenues of $349.1 million grew 2.9% year-over-year and beat the Street’s estimates of $344.7 million. Verint expects EPS of $2.20 for 2022, which is in-line with consensus estimates.
In M&A news, Campbell Soup Company’s (CPB) is selling its organic baby food and kids snacks brand, Plum Organics, to Sun-Maid Growers of California for an undisclosed fee. Plum Organics was acquired by Campbell Soup in 2013 and its products cater to the nutritional requirements of babies, toddlers and kids. The transaction is expected to close in spring 2021.