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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 lower on Tuesday as the U.S. Treasury yields soared to three-month high. Rising yields continue to pressure high growth shares, sending indices lower. Additionally, there are growing concerns over when central banks might raise interest rates.

Dow futures were down 0.44%, S&P futures were down 0.88% and Nasdaq futures were down 1.52% at the time of writing.

CPI Aerostructures Inc. (CVU), China Online Education Group (COE), and SYNNEX Corp (SNX) are set to report their quarterly earnings before the market opens. Steel Connect Inc. (STCN), Precision Optics Corporation Inc. (PEYE), and Cal-Maine Foods Inc. (CALM) will report after the market closes.

Farmmi Inc. (FAMI) was the most active stock in the pre-market session with 15.03 million shares changing hands at the time of writing. The increased market activity came after the company confirmed that its subsidiary Zhejiang Forest Food won an additional multi-products order for export to Israel. The deal is for dried whole and sliced Shiitake mushrooms and dried black fungus.

Planet Green Holdings Corp (PLAG) was the biggest gainer in the pre-market session, jumping 36.52% at the time of writing. The spike came after a regulatory filing, which showed that the company’s Chairman and CEO, Bin Zhou, acquired 1.32 million shares of the company for $2.60 per share.

China Automotive Systems (CAAS) was the biggest loser in the pre-market session, going down 12.04% at the time of writing. It is still unclear what caused the stock to sink, as no fundamental news has been released to justify the drop.

Blackstone’s (BX) Blackstone Real Estate Partners VII L.P. (BREP) has inked a deal to sell The Cosmopolitan of Las Vegas to MGM Resorts International for $5.65 billion. The divestment underscores the company’s ability to acquire and transform large complex assets. The transaction should close early next year, subject to regulatory approvals.

Meanwhile, Honeywell International (HON) has acquired Perfomix Inc.,a manufacturing execution system software provider. The acquisition should bolster the conglomerate’s integrated software platform for customers within the life sciences sector.

Hyatt Hotels Corporation (H) has confirmed the pricing of senior secured notes due in 2023 and 2024 for an aggregate amount of $1.75 billion. The offering is likely to close on October 1, 2021. The multinational hospitality company intends to use net proceeds from the offering to fund the purchase of Apple Leisure Group. A part of the proceeds will also be used for general corporate purposes.

Tivity Health’s (TVTY) board of directors has approved a $100 million share repurchase program. The number of shares to be repurchased will be determined by the board and will depend on the business’ capital needs, market price and market conditions.

Spotify Technology SA (SPOT) has embarked on an aggressive campaign to attract new advertisers. The Wall Street Journal reported that the new campaign is part of the audio streaming company’s push to boost its advertising revenues. Consequently, the company has changed the name of its advertising unit from Spotify for brands to Spotify Advertising.

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