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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

U.S. stock futures were trending higher on Tuesday as impressive second-quarter results continue to dispel fears of an economic slowdown. Investors continue to shrug off concerns of rising COVID-19 cases and higher inflation, opting to rotate into economy-linked cyclical sectors, sending equities higher.

Dow futures were up 0.41%, S&P futures were up 0.33%, and NASDAQ futures were up 0.11% at the time of writing.

Arvinas Inc. (ARVN), Bright Health Group Inc. (BHG), and Welbilt Inc. (WBT) are set to report their quarterly earnings before the market opens. Skillz Inc. (SKLZ), Coursera Inc. (COUR), and OneConnect Financial Technology Co. Ltd. (OCFT) will report after the market close.

Wilhelmina International, Inc. (WHLM) was the most actively traded stock in the pre-market session, with 1.41 million shares exchanging hands at the time of writing. There is no fundamental news or developments to justify the uptick in market activity.

Translate Bio Inc. (TBIO) was one of the biggest gainers in pre-market trading, jumping 29.16% at the time of writing. The bounce comes amid reports that French drugmaker Sanofi has tabled a $3.2 billion deal to acquire the company as it looks to gain access to its next-generation mRNA technology.

Shenandoah Telecommunications Co. (SHEN) was the biggest pre-market loser, falling 34.16% at the time of writing. The sell-off comes on the heels of the company reporting disappointing second-quarter financial results. Quarterly earnings of $0.04 missed estimates of $0.67 a share.

Parker Hannifin Corporation (PH) shares popped 3.5% after the motion and control technologies company announced it has inked a cash deal to acquire UK-based Meggitt Plc. (MEGGF). The deal, valued at $8.8 billion, represents a 70.5% premium to Meggitt’s July 30 closing price. It has already been approved by the board of directors of both companies

Meanwhile, Gibson Technical Services (GTS), an Orbital Energy Group (OEG) company, has inked a deal to acquire privately-held IMMCO Inc. The acquisition comes at a time when Orbital Energy Group is looking to transition into a full-service electrical telecommunications and renewable infrastructure services platform.

Take-Two Interactive (TTWO) delivered second-quarter results that topped estimates. While revenue was down 29% year-over-year to $711.4 million, it was still better than $688.97 million expected by the Street. Earnings per share came in at $1.01, beating consensus estimates of $0.89 a share.

Square (SQ) shares popped 10.16% despite the financial service company reporting mixed second-quarter financial results. Net revenue was up 143% year over year to $4.68 billion, lower than the $4.99 billion expected. Earnings per share came in at $0.66 a share against $0.30 expected.

Micron Technology’s (MU) board of directors has approved a $0.10 quarterly dividend to be paid on October 18, 2021, to shareholders of record as of October 1, 2021. The board has also approved a $10 billion repurchase plan. The repurchases are to be carried out in the open market, block trades, or privately negotiated transactions.

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