U.S. stocks were trending higher on Wednesday ahead of the release of key inflation data later in the day. The bounce back in the futures market comes after declines in consecutive sessions as investors remain wary ahead of earnings season and FOMC meeting minutes.
Dow futures were up 0.15%, S&P futures were up 0.25%, and Nasdaq futures were up 0.55% at the time of writing.
Delta Air Lines, Inc. (DAL), BlackRock, Inc. (BLK), Charles Schwab Corp. (SCHW), and JPMorgan Chase & Co. (JPM) are set to report their quarterly earnings before the market opens. Liquid Media Group Ltd. (YVR) and Esports Entertainment Group, Inc. (GMBL) will report after the market close.
Camber Energy, Inc. (CEI) was the most active stock in the pre-market session, with about 2.01 million shares changing hands at the time of writing. The company has been the center of attention following a scathing short report by Kerrisdale Capital. The company has failed to file financial reports since September of last year.
Waitr Holdings, Inc. (WTRH) was one of the biggest gainers in the pre-market session, jumping 23.31% at the time of writing. It is still unclear what is causing the stock to pop as no fundamental news has been released to justify the jump.
Neuronetics, Inc. (STIM) was the biggest loser in the pre-market session, falling 23.59% at the time of writing. The sell-off comes after the company announced preliminary Q3 results with revenue of $13.8 million compared to the issued guidance of between $15 million and $16 million.
Bionano Genomics, Inc. (BNGO) shares popped 4.9% after the company announced it has entered into a definitive agreement to acquire BioDiscovery, Inc. for $100 million. With the acquisition of the genomics data-focused Software Company, Bionano should strengthen its expertise in the delivery of superior data analysis interpretations and reporting solutions.
Meanwhile, Vroom, Inc. (VRM) has reached an agreement to acquire United Auto Credit Corporation for $300 million. The acquisition should strengthen the used car retailer’s captive financing capabilities and strengthen its revenue base while improving its operations. The deal should close in the fourth quarter of this year or in the first quarter of next year.
International Paper Company’s (IP) board of directors has approved an increase of the company’s share buyback program by $2 billion. The increase brings the total authorized buyback to $3.3 billion. Currently, $1.3 billion remains from the previous repurchase program. Additionally, the board has slashed the quarterly cash common dividend by 9.8%, from $0.5125 to $0.4625 a share.
Fastenal Company (FAST) delivered upbeat third-quarter results helped by strong growth in underlying demand for manufacturing and construction equipment. Net sales in the quarter were up 10% year over year to $1.55 billion, beating consensus estimates of $1.54 billion. Diluted earnings per share increased 9.7% compared to the same quarter last year to $0.42, in line with consensus estimates.
Meanwhile, Pinnacle Financial Partners, Inc. (PNFP) shares popped 2% after the company delivered better-than-expected third-quarter results. Revenue climbed 14.8% to $341.64 million, beating estimates of $330.33 million. Adjusted earnings increased 20.7% year-over-year to $1.75 per share, beating analyst estimates of $1.55 a share.