U.S. stock futures were mixed on Wednesday, amid stronger than expected third-quarter results ahead of a pivotal Federal Reserve Meeting report. While the FED is expected to kick-start asset tapering after the two-day meeting, focus is on the central bank’s plans for interest rates.
Dow futures (DJIA) were down 0.09%, S&P futures (SPX) down 0.06% and Nasdaq futures (NDX) up 0.09% at the time of writing.
Praxis Precision Medicines, Inc. (PRAX) and Ortho Clinical Diagnostics Holdings PLC. (OCDX) will report quarterly results after the market closes.
FG Financial Group (FGF) was the most active stock in the pre-market session, with 1.24 million shares changing hands at the time of writing. It is still unclear what is causing the increased market activity, as no fundamental news has been released.
Bed Bath & Beyond, Inc. (BBBY) was the biggest gainer in the pre-market session, jumping 58.93% at the time of writing. The pop comes on the company’s inking a strategic collaboration with grocery chain retailer Kroger amid a digital marketplace launch.
Timber Pharmaceuticals, Inc. (TMBR) was the biggest loser in the pre-market session, falling 21.56% at the time of writing. The sell-off comes after the biopharmaceutical company announced a proposed public offering.
Bed Bath & Beyond Inc. (BBBY) and The Kroger Co. (KR) have inked a strategic collaboration. Under the terms of the agreement, Bed Bath & Beyond is to offer its array of home and baby products to customers through Kroger.com, the grocery retailer’s website. Its products are also to be offered through some select physical stores.
Shares of Activision Blizzard, Inc. (ATVI) fell 10.9%, even on the company delivering stronger than expected results for the three months ended September 30, 2021. The video game publisher posted a 5.9% year-over-year increase in revenue at $2.07 billion, beating consensus estimates of $1.88 billion. Quarterly earnings landed at $0.89 a share, up 1.1% year-over-year and above consensus estimates of $0.70 a share.
Under Armour, Inc. (UAA) shares jumped 16.5% after the company delivered outstanding Q3 2021 results, having shrugged off supply chain difficulties. Adjusted earnings landed at $0.31 a share, up 19.2% year-over-year and above analysts’ estimates of $0.15 a share. Revenue was up 8% year-over-year to $1.54 billion, beating consensus estimates of $1.48 billion.
T-Mobile US, Inc. (TMUS) delivered weaker than expected Q3 2021 results. Quarterly revenue was up 1.8% year-over-year to $19.62 billion, missing consensus estimates of $20.14 billion. Earnings, on the other hand, landed at $0.55 a share, a 45% year-over-year decline. The wireless operator has since raised its full-year guidance.
IDEXX Laboratories, Inc. (IDXX) shares fell 5.87% even as the company delivered better than expected Q3 2021 results. Revenue in the quarter was up 12% year-over-year to $810 million, beating consensus estimates of $798.16 million. Diluted EPS came in at $2.03 above consensus estimates of $1.91.
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