U.S. stock futures were mixed on Tuesday as investors reacted to the reappointment of Federal Reserve chairman Jerome Powell for a second term. The markets edged lower as investors positioned themselves for interest rate hikes in 2022.
Dow futures (DJIA) were up 0.06%, S&P futures (SPX) down 0.03% and Nasdaq futures (NDX) down 0.21% at the time of writing.
Upcoming Earnings
XPeng, Inc. ADR (XPEV), Analog Devices (ADI) and Medtronic (MDT) are set to report their quarterly earnings before the market opens. Gap (GPS), Anaplan, Inc. (PLAN) and VMware (VMW) will report after the market close.
Pre-Market Movers
Bit Brother (BTB) was the most active stock in the pre-market session, with 4.86M shares changing hands 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.
iSpecimen (ISPC) was one of the biggest gainers in the pre-market session, jumping 122.52% at the time of writing. The stock is up after the U.S. government and private researchers contracted the company to support new COVID-19 advanced research.
Infusystems Holdings (INFU) was the biggest loser in the pre-market session, falling 22.84% at the time of writing. The sell-off comes on the heels of the company delivering its Q3 2021 results that show a 6% year-over-year revenue increase.
Market News
General Motors (GM) has acquired a 25% stake in Pure Watercraft. Financial terms of the deal remain under wraps. With the acquisition, the company gains access to a company specializing in developing all-electric boating solutions. A merger between GM technology and Pure Watercraft’s propulsion systems should expand all-electric marine transportation.
Outbrain, Inc. (OB) has reached an agreement to acquire a video technology platform AG for $55 million. The transaction is expected to close in the first quarter of 2022. Outbrain is to finance the deal through $46.75 million of balance sheet cash and 412,500 of Outbrain shares. The company is also poised to gain access to valuable expertise in contextual and machine learning technology.
Uber (UBER) is venturing into the booming cannabis sector. Reuters reports that the company will allow people in Ontario, Canada, to place cannabis orders on its Uber Eats app and collect their orders via Tokyo Smoke stores. The addition of support for cannabis comes on the heels of the company adding support for liquor deliveries through its Eat unit.
Baidu (BIDU) has inked a strategic partnership with Sanofi (SNY). Under the terms of the agreement, Sanofi will integrate the Chinese internet giant’s mRNA design optimization platform LinearDesign. The integration should allow the company to come up with more stable vaccines and drugs and at a much faster rate.
Meanwhile, Twist Bioscience (TWST) shares fell 11.3% after the company delivered mixed fiscal Q4 results. The company posted an adjusted loss of $0.84 a share, a worse-than-expected loss of $0.79 a share. Quarterly revenues were up 17% year-over-year to $38 million, exceeding consensus estimates of $37.02 million.
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