U.S. stock futures were relatively flat on Thursday as investors continue to digest the release of U.S. inflation data showing the biggest annual increase since 1982. The spike in inflation has cemented expectations of interest rate hikes by the Federal Reserve in the coming 12 mo
Dow futures (DJIA) were down 0.01%, S&P futures (SPX) were up 0.03%, and Nasdaq futures (NDX) were up 0.07% at the time of writing.
Upcoming Earnings
Corus Entertainment (CJREF), Delta Airlines, Inc. (DAL), and TuanChe (TC) are scheduled to report their quarterly results before the bell, while Engine Media Holdings (GAME) and Cogeco Communications (CGEAF) will report after the market close.
Pre-Market Movers
Puma Biotechnology (PBYI) was the most active stock in the pre-market session, with 588.92K shares changing hands at the time of writing. The stock was also up by about 11.45% following the inclusion of the company’s NERLYNX in NCCN Clinical practice guidelines for breast cancer treatment.
BTCS (BTCS) was the biggest gainer in the pre-market session, jumping 41.30% at the time of writing. There is no fundamental news to support the significant price move.
ElectroCore, Inc. (ECOR) was one of the biggest losers in the pre-market session, falling 9.66% at the time of writing. The sell-off comes a day after the stock jumped 64% after securing FDA breakthrough designation for gammaCore nVNS.
Market news
In M&A news, Coinbase Global (COIN) has acquired U.S.-based derivatives platform FairX. The acquisition will allow the cryptocurrency exchange platform to offer customers a well-regulated crypto derivatives platform. The financial terms of the deal remain under wraps.
Zendesk’s (ZEN) bid to acquire SurveyMonkey parent Momentive Global (MNTV) is experiencing strong resistance. Bloomberg reports that Janus Henderson has questioned the $4 billion deal’s strategic, tactical, and financial rationale. Activist investor Legion Partners, which owns a 1.3% stake, has also opposed the deal, as well as Jana Partners.
Nucor Corporation (NUE) plans to open a new mill in Mason County, West Virginia. The mill should be up and running in the next two years and will have a capacity to produce 3 million tons of steel annually. It is expected to cost the company $2.7 billion in construction costs.
Abbott Laboratories (ABT) has secured clearance from the U.S. Food and Drug Administration for its new cardiac mapping platform, the EnSite™ X EP System. The platform is designed to make it easier for doctors to better treat abnormal heart rhythms. It includes the company’s proprietary EnSite OT, which leverages the Advisor HD Grid Catheter to provide true electrograms.
Aritzia (ATZ) delivered solid Fiscal Q3 2022 results, supported by a surge in its e-commerce business. Net revenue was up 62.9% year-over-year to C$453.3 million, with revenues in the U.S. increasing 115.1% to C$198.7 million. Adjusted net income landed at C$0.61 per diluted share, more than double the C$0.29 delivered the same quarter last year.
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