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

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

U.S. stock futures were trending lower on Thursday as optimism that triggered a rally earlier in the week cooled off. Investor confidence has also waned in response to the slowing Chinese economy and concerns over the potential fallout from Evergrande’s troubles.

Dow futures were down 0.27%, S&P futures down 0.22%, and Nasdaq futures down 0.13% at the time of writing.

American Airlines Group, Inc. (AAL), Alaska Air Group, Inc. (ALK), Home BancShares, Inc. (HOMB) are set to report their quarterly earnings before the market opens. Richmond Mutual Bancorporation, Inc. (RMBI), Steel Connect, Inc. (STCN), Chipotle Mexican Grill, Inc. (CMG) will report after the market close.

Sesen Bio, Inc. (SESN) was the most active stock in the pre-market session, with 1.52 million shares changing hands at the time of writing. It is still unclear what is causing the increased activity as no fundamental news has been released to justify the pop.

Digital World Corp. (DWAC) was the biggest gainer in the pre-market session, jumping 30.19% at the time of writing. The spike comes after Donald Trump announced a new social media platform that will go public through a special purpose acquisition company involving Digital World Corp.

Vicinity Motor (VEV) was the biggest loser in the pre-market session, falling 9.58% at the time of writing. It is unclear what is causing the stock to tank as no fundamental news has been released to justify the drop.

Raymond James Financial, Inc. (RJF) has reached an agreement for the acquisition of bank holding company TriState Capital Holdings for about $1.1 billion. The acquisition affirms the investment bank’s ability to utilize excess capital to pursue acquisitions that have the potential to drive strong shareholder returns. The transaction should close next year.

Audacy, Inc. (AUD) has acquired an exclusive and perpetual license to access WideOrbit’s digital audio streaming technology. The financial terms of the deal remain under wraps. The acquisition should allow the company to maintain better control of its product portfolio and offer enhanced streaming features.

PayPal (PYPL) is planning to acquire a digital pinboard site Pinterest. Citing people familiar with the transaction, Reuters reports that a deal worth $45 billion could be announced on November 8 when its quarterly earnings are reported. The acquisition should allow the company to strengthen its e-commerce footprint at a time when people are buying items showcased on the social network.

Micron Technology, Inc. (MU) is exploring the possibility of investing more than $150 billion in memory manufacturing and R&D over the next 10 years. Japanese newspaper Nikkan Kogyo reports that the company plans to invest $7 billion in a new production facility in Hiroshima, Japan.

Verizon Communications, Inc. (VZ) shares popped 2.4% after the company delivered better-than-expected third-quarter results driven by accelerated adoption of its 5G capable devices. Adjusted earnings landed at $1.41 per share, better than the $1.36 per share expected by analysts. Operating revenues increased 5.5% year-over-year to $32.9 billion, missing consensus estimates of $33.2 billion.

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