U.S. stock futures were trending lower on Wednesday as investors reacted to rising government bond yields and oil prices hit the highest level in seven years. The spike in the oil price is already fueling concerns of rising inflation, which could force central banks to start raising interest rates earlier than expected.
Dow futures were down 1.08%, S&P futures were down1.27%, and Nasdaq futures were down 1.45% at the time of writing.
Constellation Brands, Inc. (STZ), Computer Services, Inc. (CSVI), and RPM International, Inc. (RPM) are set to report their quarterly earnings before the market opens. IDT Corp. (IDT), Resources Connection, Inc. (RGP), and Richardson Electronics Ltd. (RELL) will report after the market close.
Camber Energy, Inc. (CEI) was the most active stock in the pre-market session, with 2.25 million shares changing hands at the time of writing. The increased market activity follows a scathing report from Kerrisdale Capital that touted the oil and gas company as a defunct oil producer. The company has failed to file financial results since September 2020.
Acer Therapeutics, Inc. (ACER) was the biggest gainer in the pre-market session, jumping 24.50% at the time of writing. The pop comes amid reports that the U.S. Food and Drug Administration has accepted the company’s New Drug Application for ACER-001 for the treatment of urea cycle disorders.
Taysha Gene Therapies (TSHA) was the biggest loser in the pre-market session, falling 14.95% at the time of writing. The sell-off comes after the company announced an exclusive option from UTSW to license worldwide rights to the clinical stage AAV9 gene therapy program for CLN7 disease.
Scientific Games Corporation (SGMS) has inked a deal to acquire cashless table solutions provider ACS PlayOn. The acquisition will make the company a leader in cashless applications for table games as it offers a swift payment gateway to players. The two are yet to disclose the financial terms of the deal.
Globant (GLOB) has moved to strengthen its ambitions in the blockchain market with the acquisition of Atix Labs. The acquisition should strengthen and complement the company’s Blockchain Studio offering, which seeks to offer cutting-edge solutions to clients across various business verticals.
Johnson & Johnson (JNJ) has made an application to the U.S. Food and Drug Administration as it seeks approval for its COVID-19 booster shot for individuals above 18 years old. Clinical trial results have shown that the JNJ booster shot taken 56 days after the primary dose has the potential to protect against symptomatic COVID-19.
PepsiCo, Inc. (PEP) delivered upbeat fiscal third-quarter results characterized by top-line growth as the company shrugged off a volatile supply chain and cost environment. Adjusted earnings in the quarter landed at $1.79, exceeding consensus estimates of $1.73 a share. Adjusted net revenues landed at $20.19 billion, exceeding consensus estimates of $19.39 billion.
Saratoga Investment Corp (SAR) also delivered upbeat fiscal Q2 2022 results, characterized by record repayments and investments in four new companies. Asset under management increased 31.1% year over year to $666.1 million as net asset values surged to $324.1 million compared to $298.2 million for the same quarter last year. Net earnings shrank to $0.71 per share compared to $1.95 per share delivered the same quarter last year.
