U.S. stock futures were trending lower on Wednesday after the major benchmark indices retreated from record highs, ending an eight-day winning streak. Caution appears to have gripped the market ahead of key inflation data expected later in the day.
Dow futures (DJIA) were down 0.16%, S&P futures (SPX) were down 0.17% and Nasdaq futures (NDX) were down 0.20% at the time of writing.
Upcoming Earnings Reports
American Shared Hospital Services (AMS), Carrols Restaurant Group (TAST), and Eos Energy Enterprises (EOSE) are set to report their quarterly earnings before the market opens. 1stdibs.com (DIBS), Acreage Holdings (ACRHF), and ACV Auctions (ACVA) will report after the market closes.
Pre-Market Movers
Bit Brother (BTB) was the most active stock in the pre-market session, with 2.75 million shares changing hands at the time of writing. The increased market activity comes just days after the company regained its compliance with the NASDAQ.
RenovoRx (RNXT) was the biggest gainer in the pre-market session, jumping 118.11% at the time of writing. The spike comes after the company announced its novel therapy platform, RenovoTAMPTM (RenovoRx Trans-Arterial Micro-Perfusion), will be highlighted at the Miami Cancer Institute’s New Advances during the Management of Pancreatic Cancer CME.
Great Panther Silver (GPL) was the biggest loser in the pre-market session, falling 28.11% at the time of writing.
Today’s Top Stories
In M&A news, Plug Power, Inc. (PLUG) has reached an agreement to acquire turnkey system integration provider Frames Group for $115 million. The transaction is expected to close before the end of the year. The acquisition should allow the hydrogen fuel cell systems developer to strengthen its presence in Europe.
General Electric Co. (GE) is planning to break into three public companies. The three companies will be focused on aviation, healthcare, and energy. The spin-off of the healthcare segment into a public company should occur next year, while the merger of GE Renewable Energy, GE Power, and GE Digital into a single business will occur in 2023. GE is to become a standalone company focused on aviation.
Amazon.com, Inc. (AMZN) is expanding its footprint in Alabama by opening three new operation facilities. The company will also establish a new fulfillment center that will support customers across the state. The fulfillment center should be up and running in 2022 and is expected to create 250 full-time jobs.
Shares of Coinbase Global, Inc. (COIN) fell 13.2% after the cryptocurrency exchange platform delivered mixed results for the quarter ended September 30, 2021. Quarterly revenues jumped to $1.3 billion from $315.4 million delivered the same quarter last year but missed consensus estimates of $1.56 billion. Earnings per share, on the other hand, landed at $1.62, exceeding consensus estimates of $1.57 a share.
Meanwhile, PubMatic, Inc. (PUBM) shares jumped 23% after the advertising software and strategies developer delivered better-than-expected Q3 2021 results. Quarterly revenues were up 54% year-over-year to $58.1 million, exceeding consensus estimates of $52.55 million. The company also posted EPS of $0.24, up 140% year-over-year, surpassing consensus estimates of $0.09 a share.
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