U.S. stock futures were trending higher on Thursday as investors continued to shrug off concerns that the Federal Reserve will be forced to hike interest rates to tame rising prices sooner than later. Impressive quarterly results also support the upward momentum.
Dow futures (DJIA) were up 0.14%, S&P futures (SPX) up 0.28% and Nasdaq futures (NDX) up 0.48% at the time of writing.
Upcoming Earnings
JD.com, Inc. (JD), Full Truck Alliance (YMM), and Alibaba (BABA) are set to report their quarterly results before the market opens. Intuit (INTU), Delta Apparel (DLA), and Geospace Technologies (GEOS) will report after the market closes.
Pre-market Movers
Lucid Group (LCID) was the most active stock in the pre-market session, with 1.27M shares changing hands at the time of writing. The increased market activity comes on the heels of the company reporting third-quarter results and announcing plans to start production next year.
Sono Group NV (SEV) was the biggest gainer in the pre-market session, jumping 30.42% at the time of writing. The spike comes a day after the company announced the pricing of an initial public offering of 10 million shares at $15 a share.
Amtech Systems (ASYS) was the biggest loser in the pre-market session, falling 21.36% at the time of writing. The sell-off comes on the heels of the company delivering fiscal fourth-quarter results that show a net revenue of $24.3 million.
Market News
In M&A news, Lithium Americas (LAC) has reached a deal to acquire Lithium Corp. (TSE:ML) in a stock and cash deal worth $400 million. The deal implies a 27.4% premium to Lithium Corp.’s closing price on October 29, 2021. The transaction is expected to close in January 2022, upon securing of regulatory approvals.
Square, Inc. (SQ) has unveiled a new app that it says will help businesses in their sales processes. Square Photo Studio is the new app that will make it easier to take high-quality pictures of products from mobile devices. The app is designed to make it easy to take the best possible image by isolating the product from the background.
Baidu, Inc. (BIDU) shares fell 5.5% after the Chinese technology company delivered disappointing third-quarter results, characterized by revenue miss. Adjusted earnings were down 28% year-over-year to $2.28 a share, beating consensus estimates of $2.07 a share. While revenue was up 13% year-over-year to $4.95 billion, it fell short of Wall Street expectations of $4.99 billion.
Cisco Systems (CSCO) shares dropped 6.1% in extended trading hours after the company delivered disappointing fiscal Q2 2022 results. Adjusted earnings in the quarter landed at $0.82 per share, up 8% year-over-year and in line with estimates. Revenue was up 8% year-over-year to $12.9 billion but missed consensus estimates of $13.03 billion.
Shares of Bath & Body Works, Inc. (BBWI) jumped 2.9% after the specialty retailer delivered stronger than expected Q3 2021 results. Quarterly sales in the quarter were down 1.3% year-over-year to $1.68 billion, but topped consensus estimates of $1.41 billion. Quarterly net earnings landed at $0.92 a share, up 10.8% year-over-year and exceeding consensus estimates of $0.52 a share.
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