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Thursday’s Pre-Market: Here’s What You Need to Know Before the Market Opens

U.S. futures were pointing to a strong start on Thursday as fears that the Delta variant would cripple the economic recovery eased. Solid second-quarter earnings reports have also revitalized investors’ confidence in the stock market.

Dow futures were up 0.23%, S&P futures were up 0.25%, and NASDAQ futures were up 0.19% at the time of writing.

Atlantic Union Bankshares Corp. (AUB), Allegion PLC (ALLE), and American Airlines Group, Inc. (AAL) are scheduled to report their quarterly earnings before the market opens. Seacoast Banking Corporation of Florida (SBCF), ARMOUR Residential REIT, Inc. (ARR), and Alpine Income Property Trust, Inc. (PINE) will report after the market closes.

Chembio Diagnostics, Inc. (CEMI) was the most actively traded stock in the pre-market session, with more than 3.33 million shares exchanging hands at the time of writing. The increased trading activity comes on the heels of the company announcing a $28.3 million purchase order for its DPP SARS-CoV-2 Antigen tests from Bio-Manguinhos of Brazil.

PainReform (PRFX) was the biggest gainer in pre-market trading, jumping 119.78% at the time of writing. The specialty pharmaceutical company is engaged in the revision of existing therapeutics. There is no fundamental news to justify the massive price jump.

TRACON Pharmaceuticals, Inc. (TCON) was the biggest pre-market loser, falling 22.31% at the time of writing. The sell-off comes after the clinical-stage biopharmaceutical company announced that it has increased the size of its previously announced public offering.

In M&A news State Street Corporation (STT) has reached an agreement to acquire Mercatus, a front and middle office solutions and data management provider. Terms of the deal remain under wraps, with the transaction expected to close in September. Following the acquisition, the financial service provider also plans to launch its State Street Alpha for Private Market’s solution.

 Meanwhile, Global Investment firm KKR & Co. Inc. (KKR) has reached an agreement to acquire Teaching Strategies from Summit Partners. The acquisition is expected to strengthen the global investment firm’s education portfolio. The financial terms of the deal remain under wraps.  

Intel Corporation (INTC) has inked a strategic partnership with Indian communications provider Bharti Airtel. The partnership is aimed at enhancing the development of 4G and 5G technology. Bharti Airtel will use Intel® Xeon® Scalable processors and FlexRAN to scale its infrastructure.

Verizon (VZ) has raised its 2021 guidance after reporting solid second-quarter financial results. Adjusted earnings came in at $1.37 per share, up from $1.18 reported last year and topping consensus estimates of $1.29.

Intuitive Surgical, Inc. (ISRG) delivered impressive second-quarter results, with earnings and revenues topping analysts’ expectations. Adjusted earnings came in at $3.92 per share, topping consensus estimates of $3.06. Revenues came in at $1.46 billion, above the $1.26 billion expected by analysts.