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

U.S. stock futures were trending higher on Thursday as earnings season gets underway. The spike comes after economic data on Wednesday showed that the Federal Reserve could begin asset tapering in mid-November or mid-December to curtail runaway inflation.

Dow futures were up 0.58%, S&P futures were up 0.65%, and Nasdaq futures were up 0.76% at the time of writing.

Bank of America Corp. (BAC), U.S. Bancorp (USB), and Citigroup, Inc. (C) are set to report their quarterly earnings before the market opens. Alcoa Corp. (AA), Duck Creek Technologies, Inc. (DCT), and Del Taco Restaurants, Inc. (TACO) will report after the market close.

Cemtrex, Inc. (CETX) was the most active stock in the pre-market session, with 2.77 million shares changing hands at the time of writing. The increased market activity comes on the company saying it is investing in sales and marketing staff to address strong demand as the economy improves.

TSR, Inc. (TSRI) was the biggest gainer in the pre-market session, jumping 37.82% at the time of writing. The spike comes after the company delivered record revenue for its fiscal first quarter. Revenue was up 57.5% to $22.9 million due to new business development acquisition and organic growth.

Ibio, Inc. (IBIO) was the biggest loser in the pre-market session, falling 11.88% at the time of writing. It is still unclear what is causing the stock to tank as no fundamental news has been released to justify the dip.

In M&A news, FactSet Research Systems, Inc. (FDS) has acquired portfolio monitoring solutions provider Cobalt Software. The deal closed on October 12, 2021, with financial terms being kept under wraps. With the acquisition, the financial data and software company gains access to an advanced portfolio monitoring platform for collecting, analyzing, and reporting on fund and portfolio company performance.

Xponential Fitness, Inc. (XPOF) has reached an agreement to acquire Australian Fitness franchiser Body Fit Training for $44 million. With the acquisition, the Boutique fitness brand gains access to the valuable intellectual property of Body Fit Training. The acquisition should be accretive to EBITDA margin immediately.

Shares of BlackRock (BLK) jumped 3.78% after the investment manager delivered better-than-expected Q3 2021 results. Revenue was up 16% year-over-year to $5.05 billion, beating consensus estimates of $4.88 billion, affirming strong organic growth. Diluted EPS landed at $10.95, a 19% increase compared to the same quarter last year and above consensus estimates of $9.78.

Delta Air Lines (DAL) shares fell 5.8% despite the company delivering third-quarter results that show the first quarterly profit since the pandemic disrupted the air travel industry. Adjusted earnings landed at $0.30 a share, beating consensus estimates of $0.17 a share. However, the company warned that a spike in fuel prices reduces the prospect of it generating a profit in the fourth quarter.

Meanwhile, Infosys (INFY) delivered solid Fiscal 2022 Q2 results on the back of broad-based growth across geographies and segments. Revenue was up 19.4% year-over-year to $3.998 billion, beating consensus estimates of $3.91 billion. Basic earnings per ADR climbed 13% year-over-year to $0.17, in line with consensus estimates.