U.S. stock futures were trending lower on Wednesday, as caution gripped the market ahead of crucial minutes from the latest U.S. Federal Reserve meeting. Investors also continue to digest the prospect of central banks tightening monetary policy to curb inflation.
Dow futures (DJIA) were down 0.28%, S&P futures (SPX) down 0.21%, and Nasdaq futures (NDX) down 0.15% at the time of writing.
Upcoming Earnings
Nano Dimension (NNDM), Viomi Technology Co (VIOT), and TDCX (TDCX) are set to report their quarterly results before the market opens. Global Cord Blood (CO), The Green Organic Dutchman Holdings (TGODF), and Banco BBVA Argentina (BBAR) will report after the market close.
Pre-Market Moves
Engine Media Holdings (GAME) was the most active stock in the pre-market session, with 1.97M share changing hands at the time of writing. The increase in market activity follows the announcement of the company’s fiscal Q4 2021 results, which were characterized by a 253% year-over-year increase in revenue.
Biolase (BIOL) was the biggest gainer in the pre-market session, jumping 36.36% at the time of writing. The spike comes after the NASDAQ granted the company a 180-day extension to meet the minimum bid price requirement and enter into a favorable credit agreement amendment.
Vallon Pharmaceuticals (VLON) was the biggest loser in the pre-market session, falling 25.21% at the time of writing. It is still unclear what is causing the stock to tank, as no fundamental news has been released to justify the drop.
Market News
Booking Holdings, Inc. (BKNG) has reached an agreement with funds managed by CVC Capital Partners to acquire Etraveli Group for €1.63 billion. Founded in 2000, Etraveli offers tech-based flight bookings. Consequently, the acquisition should help strengthen Booking Holdings’ online travel and related services.
Bristol Myers Squibb (BMY) has secured Marketing Authorization for Zeposia from the European Commission. The treatment is for people with moderate to severe ulcerative colitis. Marketing approval in Europe follows data from the company’s True North pivotal Phase 3 trial, which showed the drug has durable efficacy in moderate to severe UC patients.
Meanwhile, IDEX Corporation (IEX) has reached an agreement to acquire Nexsight LLC for $120 million. The acquisition is likely to strengthen IDEX’s iPEK and ADS business units, which design and create remote systems that handle wastewater issues.
HP (HPQ) delivered better-than-expected fiscal Q4 2021 results, characterized by double-digit revenue operating and earnings per share growth. Revenue in the quarter grew 9.3% year-over-year to $16.7 billion, beating consensus estimates of $15.43 billion. Quarterly earnings, on the other hand, landed at $0.94 a share, above consensus estimates of $0.89 a share.
Shares of Abercrombie (ANF) fell 12.59% despite the company delivering better-than-expected third-quarter results. Revenue in the quarter increased 10% year-over-year to $905 million, surpassing consensus estimates of $896.86 million as digital sales grew 8% to $413 million. The company delivered adjusted non-GAAP earnings of $0.86 a share, above consensus estimates of $0.66 a share.
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