U.S. stock futures were trending lower on Tuesday as fears about Chinese regulators issuing new regulations in the internet sector gripped the market. The new rules restrict the use of customer data and ban unfair competition.
Dow futures were down 0.58%, S&P futures were down 0.44%, and Nasdaq futures were down 0.31% at the time of writing.
A spike in COVID-19 infections triggered by the Delta variant also continues to rattle the markets. Signs of a slowdown in the economic recovery have emerged, consequently shaking market confidence.
Applied Industrial Technologies Inc. (AIT), Applied UV Inc. (AUVI), and Monday.Com Ltd. (MNDY) are set to report their quarterly earnings before the market opens. StoneCo. Ltd. (STNE), ImageWare Systems Inc. (IWSY), and Cree Inc. (CREE) will report after the market close.
NanoVibronix Inc. (NAOV) was the most active stock in the pre-market session, with 1.19 million shares changing hands at the time of writing. The stock was up about 5.64% a day after the company delivered second-quarter results that showed an 18% increase in revenue.
Cardiol Therapeutics (CRDL) was the biggest gainer in pre-market trading, jumping 26.92% at the time of writing. It is still unclear what is causing the stock to spike as no substantial news or fundamental developments have been announced.
Kubient (KBNT) was one of the biggest pre-market losers, falling 16.31% at the time of writing. The sell-off comes a day after the company delivered its second-quarter financial results that showed a year-over-year increase in revenues and a narrowing of its net loss.
Keysight Technologies, Inc. (KEYS) has launched a cloud-based 5G Radio Access Network Performance Analytics Solution, Keysight Nemo 5G RAN Analytics. The new solution seeks to enhance data processing analytics and reporting. The software solution also connects with Keysight Nemo solutions, thus making it easy for people to upload data reliably and quickly.
Roblox Corporation (RBLX) delivered weaker-than-expected second-quarter results that resulted in the stock tanking 5.1%. While revenue was up 127% year-over-year to $454.1 million, it fell short as Wall Street was expecting revenue of $689.85 million. The loss per share narrowed year-over-year to $0.25 but fell short of the $0.23 a share that the Street expected.
Shares of Arcimoto, Inc. (FUV) fell 11.5% after the company delivered disappointing second-quarter results. Revenue was up 167% to $717,379 but below the consensus estimate of $2.09 million. The electric vehicle manufacturer delivered a quarterly loss of $0.23 a share, wider than the loss of $0.16 a share expected.
Orbital Energy Group’s (OEG) second-quarter results came in below Wall Street expectations. The company delivered a net loss of $0.16 a share compared to $0.12 a share expected by the Street. Revenue in the quarter was up 110% year-over-year to $16.3 million, missing consensus estimates of $22.03 million.
UWM Holding’s (UWMC) second-quarter results came in below consensus estimates. Revenue was down 42% year-over-year to $484.7 million, lagging consensus estimates of $668.3 million. The company delivered earnings of $0.07 a share, missing consensus estimates of $0.08 a share.
