U.S. stock futures were slightly higher on Tuesday ahead of the release of U.S. consumer price index (CPI) data for June later in the day. Investors are also anticipating testimony by Federal Reserve Chair Jerome Powell on Wednesday and Thursday.
Dow futures rose 0.02%, S&P futures climbed 0.03%, and NASDAQ futures were up 0.37% at the time of writing.
JPMorgan Chase & Co. (JPM), PepsiCo Inc. (PEP), AngioDynamics Inc. (ANGO), and First Republic Bank (FRC) are set to report their quarterly earnings before the market opens, while Liquid Media Group Ltd. (YVR) and Kura Sushi USA Inc. (KRUS) will report after the market closes.
SCWorx Corp (WORX) was the most actively traded stock in the pre-market session, with 8.28 million shares changing hands at the time of writing. The stock was up 42.86%. The company provides software solutions for the management of health care providers’ foundational business applications in the U.S.
Creatd (CRTD) was the biggest gainer in the pre-market session, jumping 58.24% at the time of writing on the volume of approximately 5 million shares. There is no fundamental news to explain the spike in price.
Mediaco Holding (MDIA) was the biggest loser in pre-market trading, falling 23% at the time of writing. Shares of the New York radio station operator climbed over 300% yesterday to close at $17 per share.
In M&A news Broadcom (AVGO) plans to strengthen its enterprise software offerings with the acquisition of SAS Institute. The Wall Street Journal, citing people familiar with the matter, reported that the company plans to acquire SAS Institute in a deal that values the software firm at between $15 billion and $20 billion.
The two could reach an agreement in the coming weeks. Additionally, the acquisition would accord Broadcom access to valuable analytics business intelligence and data management software.
Meanwhile, Biogen (BIIB) has inked a licensing and partnership agreement with InnoCare Pharma Limited. Consequently, the company has secured exclusive rights to Orelabrutinib, a novel treatment for multiple sclerosis and other autoimmune diseases.
Under the terms of the agreement, InnoCare is to retain exclusive rights for the use of the drug in China. In addition, it will receive a $125 million upfront payment with the prospects of receiving $812.5 million on achieving certain development milestones.
Tencent Music (TME) stock fell 4.19% after it emerged that Chinese regulators are pushing the company to end some of its exclusive deals with music labels. A Reuters report citing confidential sources indicates that the move could hurt the company’s competitiveness in the music streaming industry. Tencent currently has exclusive arrangements with music labels such as Warner Music Group (WMG) and Sony Music Group (SONY).
Virgin Galactic Holdings (SPCE) shares fell 17.3% after the company confirmed its plans to raise $500 million from the sale of its common stock. The company plans to use the proceeds for working capital and administrative purposes. The additional capital will also go towards financing the development of the company’s spaceship fleet, as well as other infrastructure.
Verizon (VZ) and Huawei have reached a settlement agreement over a long-running patent infringement standoff. While the two are yet to detail the terms of the deal, they have confirmed they will no longer pursue any further litigation.
