U.S. stock futures were trending higher on Tuesday after sharp losses on Monday. The Dow posted its worst day in nine months, losing over 2%, as investors reacted to a spike in COVID-19 deaths in the U.S. Investors remain concerned that a fresh outbreak could hinder the pace of the economic recovery.
Dow futures were up 0.68%, S&P futures rose 0.53%, and Nasdaq futures had bounced 0.49% at the time of writing.
Amphenol Corp. (APH), Metropolitan Bank Holding Corp. (MCB), and Capital City Bank Group, Inc. (CCBG) are set to report their quarterly earnings before the market opens. United Airlines Holdings, Inc. (UAL) and Chipotle Mexican Grill, Inc. (CMG) will report after market close. Netflix Inc. (NFLX) is also scheduled to report later in the day.
Ardelyx (ARDX) was the most actively traded stock in the pre-market session, with about 2.15 million shares changing hands at the time of writing. The stock was down by 67% as investors reacted to the flagging down of the company’s New Drug Application for the control of serum phosphorous in adult patients by the Food and Drug Administration.
NeuroBo Pharmaceuticals (NRBO) was the biggest gainer in pre-market trading, jumping 38% at the time of writing. The is currently no recent news or significant developments to justify the massive price gain.
SolarWinds Corporation (SWI) was one of the biggest losers in the pre-market session, falling around 40% at the time of writing.
In M&A news, Blackstone (BX) has reached an agreement to acquire a majority stake in online learning company, Simplilearn Solutions. The acquisition should strengthen the global investment firm’s prospects in the educational space, as Simplilearn has expertise in providing new-age digital skills to professionals.
Meanwhile, Accenture Plc. (ACN) has completed the acquisition of Toronto-based Oracle Cloud‘s implementation service provider Cloudworks. The two are yet to confirm the terms of the deal. With the acquisition, the global professional service company gains access to valuable cloud capabilities and offerings. Oracle Cloud also joins with a diverse portfolio of clients spanning various industries.
Dish Network (DISH) has inked a network services agreement with AT&T (T). Under the terms of the agreement, the wireless carrier is to provide network services to DISH MVNO customers. In return, Dish will allow its current and existing customers access to its coverage and connectivity on AT&T’s wireless network. The strategic partnership will allow Dish to leverage AT&T’s reliable and fast network.
International Business Machines (IBM) stock gained more than 3% in extended trading hours on Monday after the company reported better than expected second-quarter results. Adjusted earnings per share were up 7% to $2.33, topping Street estimates of $2.29 a share. Quarterly revenue was up 3% to $18.7 billion, beating analyst estimates of $18.29 billion.
Shares of SPX Flow, Inc. (FLOW) soared 22.3% after the company said it rejected an all-cash buyout of $85 per share from Ingersoll Rand (IR). The takeover bid represented a 20% premium to FLOWs all-time high closing price. FLOW rejected the takeover advances with the board, insisting it was not in the best interest of its shareholders and did not value the business’s potential growth prospects.