U.S. stock futures were down again on Wednesday, extending their losses from Tuesday’s session, when the Dow Jones Industrial Average fell by around 1.4%. Investors will be looking ahead to the U.S. Department of Labor’s Consumer Price Index (CPI) report, due today, for signs of a spike in inflation.
Dow and S&P futures were down 0.3% and 0.4% each, while Nasdaq futures fell 0.6% at the time of writing.
Companies expected to report before today’s opening bell include Lumentum Holdings (LITE), Wendy’s (WEN) and Wix.com (WIX), while Boot Barn Holdings (BOOT), Compass (COMP) and Jack in the Box (JACK) are expected to report after market close.
Minerva Neurosciences (NERV) was the most actively traded stock and the biggest gainer in pre-market trading, as the stock jumped 29.6% at the time of writing. The clinical-stage biopharmaceutical company had announced positive data from the forty-week open-label extension Phase 3 trial of Roluperidone, used in the treatment of negative symptoms of schizophrenia.
Array Technologies (ARRY) was the biggest laggard in pre-market trading, as the stock dropped by 25.1% at the time of writing. The producer of ground-mounted systems used in solar energy projects had announced disappointing Q1 results. Revenues plunged 44% year-on-year to $245.9 million, while the company’s net income dropped to $2.9 million versus $73.7 million in the same quarter a year ago.
Facebook (FB) could be in trouble regarding its acquisition of Israel-based companies RedKix and Servicefriend, purchased in 2018 and 2019, respectively. The Israel Competition Authority (ICA) has accused FB of acquiring these startups without its consent, which is required by laws regulating economic competition in the country. As a result, the ICA is considering slapping a fine of around $1.8 million on Facebook.
In M&A news, Domtar Corp. (UFS) will be snapped up by Paper Excellence for $3 billion, or about $55.50 in cash per share. The acquisition is expected to close in the second half of 2021.
Domtar President and CEO John D. Williams said, “This agreement enables our shareholders to realize certain and immediate cash value at a significant premium for their shares. This transaction validates our long-term strategic plan for our leading paper and pulp businesses, and for our continued expansion into packaging.”
AstraZeneca (AZN) will acquire Alexion Pharmaceuticals (ALXN), as Alexion investors have approved the purchase. The transaction is valued at $39 billion and is expected to close in the third quarter of this year, subject to approval from regulatory authorities.
The addition of Alexion is expected to strengthen AstraZeneca’s revenue profile and will be immediately accretive to its core earnings.
Blink Charging Co. (BLNK), an electric services company, has acquired Blue Corner N.V., an Electric Vehicle (EV) charging operator based in Belgium, in a cash and stock transaction valued at around $24 million. The acquisition is expected to expand Blink’s EV portfolio in the European EV market.
