U.S. stock futures were trending higher on Thursday in the aftermath of U.S. inflation data cooling talk of the Federal Reserve accelerating to ease stimulus. A slowdown in the pace of price increases has eased talk that the central bank will taper its massive bond-buying program. U.S. stocks remain near record levels amid growing expectations of more stimulus and the cooling-off of inflationary pressures.
Dow, S&P, and Nasdaq futures were all relatively flat at the time of writing.
eMagin Corp. (EMAN), Meredith Corp. (MDP), and Capital Senior Living Corp. (CSU) are set to report their quarterly earnings before the market opens. Cymabay Therapeutics Inc. (CBAY), Emerson Radio Corp. (MSN), and Flowers Foods Inc. (FLO) will report after the market close.
Xeris Pharmaceuticals Inc. (XERS) was the most active stock in the pre-market session, with 1.36 million shares changing hands at the time of writing. The increased market activity follows a confirmation that the Food and Drug Administration has accepted the company’s IND Application for XeriSol™ Levothyroxine (XP-8121), a novel treatment for hypothyroidism.
Conifer Holdings (CNFR) was the biggest gainer in pre-market trading, jumping 40.49% at the time of writing. The spike comes on the heels of the company delivering second-quarter results that showed gross written premiums increased 27% year-over-year to $35 million.
MedAvail Holdings (MDVL) was the biggest loser in pre-market trading, falling 31.03% at the time of writing. The sell-off comes after the company delivered a wider-than-expected net loss of $10.5 million for the second quarter versus $6.5 million in the same quarter last year.
In M&A news, Toll Brothers, Inc. (TOL) has reached an agreement to acquire Las Vegas-based homebuilder StoryBook Homes. The terms of the deal remain under wraps. The acquisition will allow the company to strengthen its footprint in the growing Las Vegas housing market.
eBay Inc. (EBAY) delivered mixed second-quarter results, with revenues missing estimates and earnings topping expectations. Revenue was up 14% year-over-year to $2.7 billion but fell short of consensus estimates of $3 billion. Earnings per share, on the other hand, were unchanged year-over-year at $0.99, surpassing consensus estimates of $0.95 a share.
Wix (WIX) shares fell 16.96% after reporting mixed second-quarter results that came in at the lower end of expectations. The company also lowered its full-year revenue outlook. Revenues were up 34% year-over-year to $316.41 million, beating consensus estimates of $311.66 million. The company delivered a non-GAAP net loss of $15.8 million, or $0.28 a share.
Wendy’s (WEN) delivered better than expected second-quarter results and raised its 2021 financial outlook. Revenue increased 22.6% year-over-year to $493.3 million, beating consensus estimates of $461.63. Adjusted EPS was $0.27, up 125% year-over-year and above analysts’ estimates of $0.18 a share.
Ireland-based Jazz Pharmaceuticals (JAZZ) posted better than expected second-quarter results characterized by revenue and earnings increases. Revenue was up 34% year-over-year to $751.8 million, above consensus estimates of $735.62, and adjusted EPS landed at $3.90, above consensus estimates of $3.42 a share.
