U.S. stock futures were relatively flat on Wednesday, as investors turn their attention to Friday when Federal Reserve Chairman Jerome Powell is expected to speak at the annual Jackson Hole event. Investors are waiting to see whether Powell will provide hints on when stimulus tapering will begin.
Dow futures were up 0.03%, S&P futures were up 0.05%, and Nasdaq futures were up 0.10% at the time of writing.
Autohome Inc. (ATHM), Royal Bank of Canada (RY), and Nanalysis Scientific Corp (NSCIF) are set to report their quarterly earnings before the market opens. Phibro Animal Health Corp. (PAHC), Aviat Networks Inc. (AVNW), and Autodesk Inc. (ADSK) are set to report after the market close.
Baudax Bio (BXRX) was the most active stock in the pre-market session, with 2.01 million shares changing hands at the time of writing. The stock was up about 14% after delivering second-quarter results that showed strong growth in end-user demand for ANJESO.
Locust Walk Acquisition (LWAC) was the biggest gainer in the pre-market session, jumping 442.34% at the time of writing. The spike comes on the confirmation that the company’s stockholders have approved a business combination with eFFECTOR Therapeutics to Create a next-generation oncology company.
Cassava Sciences (SAVA) was the biggest loser in the pre-market session, falling 20.62% at the time of writing. The sell-off comes on the heels of the company receiving a Food and Drugs Administration special assessment for Alzheimer’s treatment trials.
In M&A news, GrowGeneration Corp. (GRWG) has confirmed the acquisition of Commercial Grow Supply, a hydroponic store based in California. Terms of the deal remain under wraps. The acquisition is expected to increase the number of hydroponic garden centers and should strengthen the company’s annual revenue base of about $10 million.
Shopify (SHOP) is teaming up with TikTok to allow merchants to grow their businesses and connect better with customers. The two are coming together to make it easy for entrepreneurs to reach consumers via TikTok shopping. Shopify Merchants in the U.S. and the U.K. will be able to add a shopping tab on their profiles in TikTok for business accounts as part of the collaboration.
Alphabet’s (GOOGL) unit Waymo will be offering autonomous rides in San Francisco as part of its Waymo One Trusted Tester program. The rides are part of the company’s ongoing trial of the fifth Waymo Driver, which initially started with employees.
Shares of Toll Brothers, Inc. (TOL) popped 1.9% after the luxury home builder delivered better than expected fiscal third-quarter results. Revenue in the quarter was up 36.6% to $2.26 billion, surpassing consensus estimates of $2.23 billion. Quarterly earnings landed at $1.87 a share, up from $0.90 a share delivered in the same quarter last year and above consensus estimates of $1.54 a share.
Medtronic (MDT) shares popped 3.18% after the medical technology company delivered better than expected Fiscal Q1 results. Revenue came in at $7.99 billion, above consensus estimates of $7.85 billion. Adjusted net income increased 128% year-over-year to $1.91 billion, and adjusted EPS landed at $1.41, better than the $1.32 that analysts expected.
