Wednesday’s Pre-Market: Here’s What You Need to Know Before the Market Opens

U.S. stock futures were trending higher on Wednesday, pointing to another strong start following Monday’s sell-off and Tuesday’s bounce.

Dow futures were up 0.58%, S&P futures were up 0.45%, and Nasdaq futures were up 0.17% at the time of writing.

While the spread of the deadly and infectious Delta variant has rattled the market, investors have been buoyed by impressive quarterly earnings.

Berkshire Hills Bancorp, Inc. (BHLB), Genocea Biosciences, Inc. (GNCA), and Seagate Technology Holdings, PLC (STX) are scheduled to report their quarterly earnings before the market opens. On the other hand, FVCBankcorp, Inc. (FVCB), Richardson Electronics, Ltd. (RELL), and First Capital, Inc. (FCAP) will report after the market closes.

Chembio Diagnostics (CEMI) was the most actively traded stock in the pre-market session, with more than 3.98 million shares exchanging hands at the time of writing. The stock was also up 113% after the company announced a $28.3 million purchase order from Bio-Manguinhos for the delivery of DPP SARS-CoV-2 antigen tests to support urgent needs in Brazil.

PainReform (PRFX) was one of the biggest gainers in pre-market trading, jumping 31.78% at the time of writing. There is no fundamental news to justify the massive move.

Sleep Number (SNBR) was the biggest pre-market loser, falling 11% at the time of writing. The company reported disappointing second-quarter results, with EPS of $0.88 per share, missing consensus estimates of $1.11 per share.

In M&A news, Nucor Corporation (NUE) has reached an agreement to acquire Hannibal Industries for $370 million. The acquisition will allow the steel manufacturing company to gain insights and expertise into the pallet rack and steel tube manufacturing business. The acquisition will also allow the company to serve warehouse and distribution customers.

Meanwhile, REKOR, Inc. (REKR) shares jumped 4.3% after the urban space management company confirmed the acquisition of parking enforcement platform SecurePark Technologies. The acquisition is expected to enhance REKORS’ offerings in the parking management space. The terms of the deal remain under wraps.

Square, Inc. (SQ) has affirmed its commitment to making it easy for businesses to manage their cash flows and get more from their hard-earned money. Consequently, the company has unveiled Square Banking, a new service tailored to alleviating any problems when it comes to managing cash flow for small business owners.

Intel Corporation’s (INTC) subsidiary Mobileye has started testing self-driving cars in New York. The unit settled on New York for the tests given the unique driving conditions in the city, which include aggressive drivers, jaywalking, and double parking. Successful testing in the city would mean that self-driving cars are capable of handling even the most difficult conditions.

Mobileye is also carrying out tests in Detroit, Munich, and Israel, with plans to carry out further tests in Tokyo and Shanghai, China.

Ally Financial (ALLY) shares popped 6.1% after the company reported second-quarter financial results that topped Wall Street expectations. The financial service company reported adjusted earnings of $2.33 a share, above consensus estimates of $1.46 a share. Net revenues came in at $2.09 billion, above the $1.87 billion expected and above the $1.61 billion reported a year ago.