U.S. stocks were trending higher on Tuesday after closing at record highs on Monday as traders remain optimistic before major tech companies deliver their quarterly results. Investors continue to assess how companies intend to navigate supply chain bottlenecks and inflationary pressures to sustain growth.
Dow futures were up 0.32%, S&P futures were up 0.42%, and Nasdaq futures were up 0.64% at the time of writing.
Cazoo Group Ltd. (CZOO), Norwood Financial Corp. (NWFL), and Inmode Ltd. (INMD) are set to report their quarterly earnings before the market opens. Agilysys, Inc. (AGYS), Robinhood Markets, Inc. (HOOD), and Quantumscape Corp. (QS) will report after the market close.
Meten EdtechX Education Group (METX) was the most active stock in the pre-market session, with 4.72 million shares changing hands at the time of writing. It is still unclear what is triggering the increased market activity as no significant news has been released.
Seaport Global Acquisition (RDBX) was the biggest gainer in the pre-market session, jumping 63.61% at the time of writing. The spike comes just days after the company completed a business combination with Redbox Corporation.
RISE Education Cayman Ltd. (REDU) was the biggest loser in the pre-market session, falling 18.79% at the time of writing. It is still unclear what is causing the stock to tank as no fundamental news has been released to justify the drop.
In M&A news, ironSource Ltd. (IS) has reached an agreement to acquire marketing software company Bidalgo. The financial terms of the deal remain under wraps. The acquisition should allow the software company to expand its marketing-focused products while giving marketers an end-to-end solution for their entire marketing operations.
indie Semiconductor, Inc. (INDI) has reached an agreement to acquire Symeo GmbH, a radar division of Analog Devices. The terms of the deal remain under wraps. The acquisition should enhance the company’s efforts in developing its radar research and development capabilities as it seeks to strengthen its capabilities in the automotive radar space.
Shares of Kimberly-Clark Corporation (KMB) fell 2.2% after the consumer products company delivered mixed Q3 2021 results after navigating a dynamic and challenging macro-environment. Net sales were up 7% year-over-year to $5 billion. Adjusted EPS landed at $1.62 compared to $1.72 delivered the same quarter last year.
Cadence Design Systems, Inc. (CDNS) delivered upbeat Q3 2021 results, with earnings and revenue topping consensus estimates. Quarterly revenue was up 12.6% year-over-year to $751 million, beating consensus estimates of $744.26 million. Earnings climbed 14.3% year-over-year to $0.80 per share, beating consensus estimates of $0.75 a share.
Brown & Brown, Inc. (BRO) shares popped 2.5% after the insurance brokerage firm delivered better-than-expected Q3 results driven by higher customer acquisitions and favorable premium rates. Adjusted earnings climbed 11.5% year-over-year to $0.58 per share, exceeding consensus estimates of $0.53 per share. Revenue was up 14.3% year-over-year to $770.3 million, beating consensus estimates of $761.47 million.