U.S. stock futures were trending higher on Tuesday despite investors’ concerns about rallying energy prices and supply chain disruptions that threaten to derail the economic recovery. Rising treasury yields and a standoff over the U.S. debt ceiling also continue to send jitters through the equity markets.
Dow futures were up 0.34%, S&P futures were up 0.37%, and Nasdaq futures were up 0.44% at the time of writing.
Trilogy Metals, Inc. (TMQ), Navios Maritime Acquisition Corp. (NNA), Loop Industries, Inc. (LOOP), and PepsiCo, Inc. (PEP) are set to report their quarterly earnings before the market opens. Educational Development Corp. (EDUC) and Saratoga Investment Corp. (SAR) will report after the market close.
Farmmi, Inc. (FAMI) was the most active stock in the premarket session, with 2.07 million changing hands at the time of writing.
Marine Petroleum (MARPS) was the biggest gainer in the pre-market session, jumping 25.30% at the time of writing. It is still unclear what is causing the stock to spike as no fundamental news has been released to justify the pop.
UpHealth (UPH) was the biggest loser in the pre-market session, falling 29.12% at the time of writing. The sell-off comes after the company announced a $40.25 million public offering of its common stock. The company will use the net proceeds from the offering for working capital and general corporate purposes.
Inotiv, Inc. (NOTV) has acquired Plato BioPharma, a research organization specializing in nonclinical and analytical drug discovery and development services. The acquisition marks an important milestone in the company’s push to execute its strategy to build and complete a range of contract research services.
Zeta Global Holdings Corp. (ZETA) has moved to strengthen its identity solution and omnichannel marketing platform with the acquisition of Apptness’ technology platform and data. The financial terms of the deal remain under wraps. The acquisition should enhance the company’s marketing platform capabilities.
General Motors (GM) and Wolfspeed, Inc. (WOLF) have joined forces to work on electric vehicle programs. The two have inked a strategic supplier agreement that paves the way for the development of silicon carbide power devices. The power devices are to be used in powering the automaker’s future electric vehicle programs.
Lululemon Athletica’s (LULU) board of directors has approved an increase of the company’s buyback program by $500 million to $641.2 million. The athletic apparel retailer will repurchase its common shares through privately negotiated transactions or in the open market. In the second quarter, the company repurchased 500,000 shares at an average price of $338.41 a share.
Qualcomm (QCOM) and SSW Partners are in the process of acquiring Veoneer for $37 a share, representing a $4.5 billion equity value. Following the acquisition, the chip giant will absorb the Arriver business, while SSW Partners will take over the Tier 1 supplier business. The transaction is expected to close next year.
