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

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

U.S. stock futures were mixed on Wednesday as Treasury yields remained under pressure ahead of key employment data on Friday.

Dow and S&P futures were down 0.11% and 0.07%, respectively, while Nasdaq futures were up 0.06% at the time of writing.

Aeterna Zentaris Inc. (AEZS), Ampio Pharmaceuticals Inc. (AMPE), and Apollo Global Management Inc. (APO) are set to report their quarterly earnings before the market opens. Electronic Arts Inc. (EA), American Superconductor Corp (AMSC), and ACADIA Pharmaceuticals Inc. (ACAD) will report after the market closes.

Chembio Diagnostics (CEMI) was the most active stock in the pre-market session, with about 1.89 million shares changing hands at the time of writing. The increased market activity followed the U.S. Food and Drug Administration’s authorization for the emergency use of the company’s COVID-19 antibody test.

Alterity Therapeutics Ltd. (ATHE) was the biggest gainer in the pre-market session, jumping 28.34% at the time of writing. It is still unclear what is causing the stock to pop as there was no fundamental news release.

Zymergen (ZY) was the biggest laggard in pre-market trading, falling 71.05% at the time of writing. The sell-off comes after the company recently provided an update on its commercial product pipeline and financial forecast. The company said that revenue from its experimental products will not be coming anytime soon. Notably, it does not expect to generate any revenue in 2021.

In M&A news, Pacific Biosciences of California, Inc. (PACB) has confirmed the acquisition of Biotechnology Company Circulomics, Inc. Terms of the deal remain under wraps. With the acquisition, the company will gain access to valuable expertise for extracting high quality, high molecular weight DNA, and a diverse customer base in various industries.

Discovery (DISCA) delivered strong second-quarter financial results, attributed to a strong recovery in the global advertising industry. Revenue was up 21% year-over-year to $3.06 billion, beating consensus estimates of $2.97 billion. Net earnings also came in better-than-expected at $1.01 a share, above consensus estimates of $0.85 a share.

Lyft, Inc. (LYFT) delivered mixed second-quarter financial results, resulting in the stock appreciating marginally. Revenues in the quarter were up 125% year-over-year to $765 million, easily beating consensus estimates of $696.22 million. However, the company plunged to a net loss of $0.76 a share, significantly higher than the net loss of $0.24 a share that the Street expected.

Under Armour (UAA) shares popped 7.5% after delivering blowout second quarter results, driven by growth across all products. Adjusted earnings came in at $0.24 a share, beating consensus estimates of $0.05 a share. Revenues were up 91% year-over-year to $1.35 billion, beating consensus estimates of $1.21 billion.

Eaton (ETN) shares popped 4% after the power management company delivered solid second-quarter financial results. Adjusted earnings in the quarter were $1.72 a share, beating the Street’s estimates of $1.55 a share. Sales were up 35% year-over-year to $5.2 billion, beating analysts’ estimates of $4.91 billion.

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