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Tuesday’s Pre-Market: Here’s What You Need To Know Before The Market Opens
Stock Analysis & Ideas

Tuesday’s Pre-Market: Here’s What You Need To Know Before The Market Opens

US stock futures edged slightly higher on Tuesday as the Federal Reserve meeting kicks off and investors look forward to a barrage of earnings set to be reported today.

Dow, S&P and Nasdaq futures were each up around 0.1% at the time of writing.

Companies including 3M Co. (MMM), Archer Daniels Midland (ADM), BP plc (BP), Corning (GLW), Eli Lilly & Co. (LLY), General Electric (GE), Hasbro (HAS), PulteGroup (PHM) and UPS (UPS) are expected to report before the opening bell.

Amgen (AMGN), F5 Networks (FFIV), Capital One Financial (COF), Juniper Networks (JNPR), Microsoft (MSFT), Starbucks (SBUX), Texas Instruments (TXN) and Visa (V) are expected to report after the market closes.

Castor Maritime (CTRM) was the most actively traded stock in pre-market trading as speculation grows over the possibility that the company could raise even more capital following its $125 million capital raise earlier this month.

RiceBran Technologies (RIBT) was the biggest gainer in pre-market trading rising 21.5% at the time of writing. However, there was no fundamental news explaining the rise in price.

Reviva Pharmaceuticals (RVPH) was the biggest laggard falling 17.6% despite the company announcing positive results for its Phase-2 clinical trial of RP5063 (brilaroxazine) for acute schizophrenia.

In M&A news, Sun Life Financial (SLF) has snapped up Pinnacle Care International for $85 million. The acquisition is expected to expand Sun Life’s Stop-Loss & Health unit beyond the traditional model and help improve the spectrum of care experience and outcomes.

Jen Collier, Senior Vice President of Sun Life’s Stop-Loss & Health said, “Bringing in PinnacleCare’s innovative approach to help people at each step of the health-care process will help us improve the experience of our members so they feel supported and cared for when they need it most.”

In earnings news, Tesla (TSLA) reported record net income of of more than $1 billion for the first time in its history in 1Q. The electric car maker posted sales of $10.4 billion, up 74% year-on-year, but slightly missing analysts’ expectations of $10.48 billion, while non-GAAP adjusted diluted EPS of $0.93 per share came in ahead of consensus estimates of $0.75 per share.

CEO Elon Musk said at the company’s earnings call, “So Q1 2021 was a record quarter on many levels. Tesla achieved record production, deliveries and surpassed $1 billion in non-GAAP net income for the first time.

Musk added, “We’re used to seeing a reduction in demand in the first quarter and we saw an increase in demand that exceeded the normal seasonal reduction in demand in Q1. So Model 3 became the best-selling midsized premier sedan in the world.

Meanwhile, Dell Technologies (DELL) has partnered with Secureworks (SCWX) to unveil a new subscription-based service for protecting and securing Information Technology (IT) environments against cybersecurity threats.

Doug Schmitt, Dell Technologies Services’ President said, “With Dell Technologies Managed Detection and Response, Dell helps businesses shift from a reactive to proactive security stance through our services, cybersecurity expertise, global reach and Secureworks technology.”

Biopharmaceutical company Gilead Sciences (GILD) will expand the availability of its drug Remdesivir in India amid the country’s spike in COVID-19 cases. The company will provide technical assistance and support for setting up new local manufacturing plants and will also donate the active pharmaceutical ingredient (API) to local facilities to help increase production of the drug.

Gilead Sciences’ Chief Commercial Officer, Johanna Mercier, said, “Our immediate focus is to help address the needs of patients in India who may benefit from Remdesivir as quickly as we can by working together with the government, health authorities, and our voluntary licensees.”

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