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

U.S. stocks were trending lower on Wednesday as investors continued to digest a slew of corporate earnings. Caution continues to grip the markets amid concerns about supply backlogs and rising input prices, which investors fear could eat into profits.

Dow futures were down 0.08%, S&P futures down 0.16%, and Nasdaq futures down 0.18% at the time of writing.

Bristol-Myers Squibb Co. (BMY), Xtant Medical Holdings, Inc. (XTNT), and Dynatrace, Inc. (DT) are set to report their quarterly earnings before the market opens. StoneCo Ltd. (STNE), MSA Safety, Inc. (MSA), and Koss Corp. (KOSS) will report after the market close.

Farmmi, Inc. (FAMI) was the most active stock in the pre-market session, with 17.85 million shares changing hands at the time of writing. The stock was also up 17.23% as investors reacted to the company showcasing an extensive product line and cultivating sales at a major conference.

China Xd Plastics Company (CXDC) was the biggest gainer in the pre-market session, jumping 113.68% 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.

Cortexyme, Inc. (CRTX) was the biggest loser in the pre-market session, dropping 67.04% at the time of writing. The sell-off comes a day after the company reported GAIN Trial data demonstrating relationships between reductions of P. gingivalis infections and the slowing of Alzheimer’s disease progression.

General Electric Company (GE) shares jumped 2% after the company delivered mixed third-quarter earnings. Adjusted earnings surged 50% year-over-year to $0.57 a share, exceeding consensus estimates of $0.43. Revenue was down 1% to $18.4 billion and below consensus estimates of $19.25 billion.

Microsoft (MSFT) delivered upbeat Fiscal Q1 2022 results. Revenue and earnings topped consensus estimates driven by growth in the cloud unit. Revenue landed at $45.3 billion, an increase of 22% compared to the same quarter last year, and above consensus estimates of $43.97 billion. Diluted EPS was up 49% year-over-year to $2.71, easily beating consensus estimates of $2.07.

Shares of Twitter, Inc. (TWTR) jumped 3.9% after the social networking company delivered third-quarter revenue in line with expectations. Revenue was up 37% year-over-year to $1.28 billion, driven by growth across all products and geographies. However, the company posted a net loss of $0.54 a share, below consensus estimates of a profit of $0.19 a share. The wider-than-expected net loss was driven by a one-time litigation settlement of $766 million.

Lockheed Martin Corporation (LMT) shares plummeted 11.8% after the aerospace, arms, defense, and information security company delivered mixed third-quarter results. Quarterly sales were down 2.8% year-over-year to $16 billion, missing consensus estimates of $17.12 billion. EPS, on the other hand, was down 65% year-over-year to $2.21, beating consensus estimates of $1.97.

Advanced Micro Devices (AMD) posted upbeat third-quarter results and provided fourth-quarter guidance above consensus estimates. Revenue in Q3 was up 54% year-over-year to $4.31 billion, beating the consensus estimate of $4.12 billion. Adjusted earnings landed at $0.73 a share, up 78% year over year, and above consensus estimates of $0.67 a share.