U.S. stock futures were trending higher on Wednesday ahead of the outcome of the Federal Reserve meeting. FED chair Jerome Powell is expected to outline how the central bank will respond to the transitory inflation and hint when the tapering of bond-buying will begin later today. Sentiments in the equity market have been bolstered by solid quarterly results, with the latest releases from tech giants including Apple and Microsoft.
Dow futures were flat, S&P futures were up 0.20%, and Nasdaq futures were up 0.25% at the time of writing.
Bristol-Myers Squibb Co. (BMY), Boeing Co. (BA), Shopify Inc. (SHOP), and Pfizer Inc. (PFE) are set to report their quarterly earnings before the market opens, while Spirit Airlines Inc. (SAVE) Qualcomm Inc. (QCOM) will report after the market close.
New Oriental Education & Technology (EDU) was the most actively traded stock in the pre-market session, with about 5.48 million shares exchanging hands at the time of writing. The increased market activity comes amid growing concerns about Beijing’s crackdown on the nonprofit education sector.
Infinity Pharmaceuticals (INFI) was the biggest gainer in pre-market trading, jumping 32.24% at the time of writing. The surge comes just a day after the company provided updates from two mid-stage trials for its oral immuno-oncology candidate, eganelisb.
Hoegh LNG Partners (HMLP) was the biggest pre-market loser, falling 60.72% at the time of writing. The sell-off comes on the back of the company declaring a $0.01 share quarterly dividend, which is a 97.7% decrease from the prior dividend of $0.44.
In M&A news General Electric’s (GE) $30 billion aircraft leasing unit sale has secured unconditional European Commission approval. Reuters reports that AerCap (AER) can now move forth and complete the acquisition, with the U.S. Department of Justice having also approved the deal.
Meanwhile, H.P. Inc. (HPQ) has reached an agreement to acquire the global innovator of remote computing software, Teradici Corporation. While the terms of the deal remain under wraps, the transaction is expected to strengthen the company’s growth in the Personal Systems category and enhance its ability to provide computer models and services for hybrid work.
Alphabet’s (GOOGL) is going to court to challenge certain requirements under Germany’s expanded hate speech law. The tech giant will challenge an obligation that requires it to share data with Germany’s criminal police office. The company insists the new requirement would amount to violations of people’s privacy. The U.S. Company has especially taken issue with the fact that it will not be allowed to tell people whose data has been shared with the police.
Apple Inc. (AAPL) shares fell 2.1% in extended trading hours despite the company delivering Fiscal Q3 results that topped analysts’ expectations. The company delivered earnings per share of $1.30, beating estimates of $0.82 a share. Revenues jumped 36% to $81.4 billion, well ahead of the projection of $72.93. The sell-off comes on management warning of a slowdown in iPhone sales.
Raytheon Technologies’ (RTX) shares popped 3% after the company delivered strong second-quarter results. Revenues in the quarter came in at $15.9 billion, above the $15.82 billion that analysts expected. Adjusted earnings per share totaled $1.03 compared to the $0.93 forecast. Revenue and earnings growth were mostly influenced by growth in the defense business.