U.S. stock futures were relatively flat on Wednesday despite investors’ continued optimism over solid quarterly results. At the same time, investors remain wary of runaway inflation, a situation that could be compounded by supply-chain problems.
Dow futures were down 0.01%, S&P futures were up 0.01%, and Nasdaq futures up 0.03% at the time of writing.
Abbott Laboratories (ABT), Biogen, Inc. (BIIB), and Summit Financial Group, Inc. (SMMF) are set to report their quarterly earnings before the market opens. International Business Machines Corp. (IBM), Las Vegas Sands Corp. (LVS), and FVCBankcorp, Inc. (FVCB) will report after the market close.
Sesen Bio, Inc. (SESN) was the most active stock in the pre-market session, with 1.23 million shares changing hands at the time of writing. The company has been granted a Type A meeting by the FDA for Vicineum market application.
Siyata Mobile (SYTA) was the biggest gainer in the pre-market session, jumping 92.85% at the time of writing. It is still unclear what is causing the stock to spike as no fundamental news has been released to justify the pop.
Vinco Ventures (BBIG) was the biggest loser in the pre-market session, falling 16.07% at the time of writing. The sell-off comes on the heels of the company’s CEO Christopher Ferguson and CFO Brett Vroman resigning.
In M&A news, International Business Machines Corporation (IBM) has acquired the Adobe Workfront consulting unit and assets of Rego Consulting Corporation. The financial terms of the deal remain under wraps. The acquisition is expected to strengthen the tech giant’s hybrid cloud and AI strategy. The unit is to be integrated into IBM iX, the customer and experience transformation group of IBM Consulting.
Shares of Johnson & Johnson (JNJ) popped 2.3% after the pharmaceutical giant delivered mixed third-quarter results. Revenue in the quarter was up 10.7% to $23.3 billion but failed to meet consensus estimates of $23.74 billion. Quarterly earnings landed at $2.60 per share, up 18.2% year-over-year and above consensus estimates of $2.36 a share.
Netflix, Inc. (NFLX) shares jumped 2.8% after the streaming giant delivered better-than-expected third-quarter results driven by robust growth in paid memberships. Earnings jumped 83.3% year-over-year to $3.19 per share, beating consensus estimates of $2.56 per share. Quarterly revenues climbed 16% year-over-year to $7.48 billion, in line with consensus estimates.
Procter & Gamble (PG) delivered better-than-expected Fiscal Q1 2022 results as the company shrugged off a challenging cost and operating environment. Net sales were up 5% year-over-year to $20.3 billion, beating consensus estimates of $19.91 billion. Diluted earnings per share dropped 1% year-over-year to $1.61, exceeding consensus estimates of $1.59.
Halliburton Company (HAL) delivered mixed third-quarter earnings. Adjusted earnings more than doubled to $0.28 per share, topping consensus estimates of $0.27 per share. Revenue climbed 29.7% to $3.86 billion, lagging consensus estimates of $3.91 billion.
