U.S. stock futures were trending higher on Thursday as investors monitor ongoing debates around the looming debt ceiling. However, the major indices are poised to register monthly declines in response to the slowing global economy and rising inflation.
Dow futures were up 0.48%, S&P futures were up 0.50%, and Nasdaq futures were up 0.53% at the time of writing.
AngioDynamics, Inc. (ANGO), Bed Bath & Beyond, Inc. (BBBY), McCormick & Company, Inc. (MKC), Carmax, Inc. (KMX), and Paychex, Inc. (PAYX) are set to report their quarterly earnings before the market opens, while Jefferies Financial Group, Inc. (JEF) will report after the market close.
Farmmi, Inc. (FAMI) was the most active stock in the pre-market session, with 19.81 million shares changing hands at the time of writing. The stock was also up 25.21% as investors reacted to the CEO update letter that affirms the company’s plans to increase its addressable market through acquisitions. The letter also addresses increased growth and expanded opportunities.
Superior Drilling Products (SDPI) was the biggest gainer in the pre-market session, jumping 33.03% 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.
Kaival Brands Innovations Group (KAVL) was the biggest pre-market loser, dropping 23.56% at the time of writing. The sell-off comes after the company confirmed the pricing of its $8 Million underwritten public offering of common stock and warrants. The company intends to use net proceeds from the offering for working capital and general corporate purposes.
Visa, Inc. (V) plans to expand its footprint into Atlanta by opening a new office at 1,200 Peachtree Street in midtown Atlanta. The new office will house a wide range of the company’s operations, including technology and client services teams.
Microsoft (MSFT) has inked a strategic partnership deal with At-Bay as part of its initiative to help the insurance industry create data-driven cyber insurance products backed by security solutions. Additionally, the two will work together to explore new ways to improve digital risk exposure.
Starbucks Corporation (SBUX) has hiked its quarterly dividend to $0.49 a share, up 9% from the previous dividend of $0.45 a share. The new dividend offering is to be paid on November 26, 2021, to shareholders of record as of November 12, 2021. The company’s annual dividend of $1.96 a share implies a 1.7% dividend yield.
Jabil, Inc. (JBL) delivered fiscal fourth-quarter results that topped consensus estimates. Fiscal Q4 adjusted earnings landed at $1.44 a share, up 47% year-over-year, and above consensus estimates of $1.38 a share. Net revenues grew 1.5% year-over-year to $7.4 billion. For the fiscal first quarter, management is projecting earnings of between $1.70 and $1.90 a share with revenues of between $8 and $8.6 billion.
Shares of Cintas Corporation (CTAS) popped 3.4% after the company delivered solid fiscal first-quarter results. Earnings were up 11.9% year-over-year to $3.11 a share, exceeding consensus estimates of $2.74 a share. Revenue climbed 8.6% to $1.90 billion, beating consensus estimates of $1.87 billion. The company also raised its Fiscal 2022 guidance.
