U.S. stock futures were trending higher on Wednesday after Federal Reserve Chairman Jerome Powell calmed fears of aggressive FED policy tightening. Powell reiterated that policy normalization is expected to take place in 2022.
Dow futures (DJIA) were up 0.12%, S&P futures (SPX) were up 0.13%, and Nasdaq futures (NDX) were up 0.18% at the time of writing.
Upcoming Earnings
Shaw Communications, Inc. (SJR) and Bang & Olufsen A/S (BGOUF) are scheduled to report their quarterly results before the market opens. Wipro Limited (WIT), Volt Information Sciences, Inc. (VOLT), KB Home (KBH), and E2open Parent Holdings (ETWO) will report after the market close.
Pre-Market Movers
Onesmart International Education Group Ltd. (ONE) was the most active stock in the pre-market session, with 1.16M shares changing hands at the time of writing.
Kidpik Corp. (PIK) was the biggest gainer in the pre-market session, jumping 30.21% at the time of writing. It is unclear what is causing the stock to spike as no fundamental news has been released to justify the pop.
Koninklijke Philips (PHG) was the biggest loser in the pre-market session, falling 15.01% at the time of writing. It is unclear what is causing the stock to drop as no fundamental news has been released to justify the fall.
Market News
R1 RCM (RCM) has reached an agreement to acquire Cloudmed for $4.1 billion in stock. The transaction is expected to close in the second quarter and RCM will assume $851 million in debt. The acquisition aligns with R1 RCM’s ambitions of building a scalable, flexible, and integrated platform for the revenue cycle and consumer engagement in the healthcare sector.
ExxonMobil (XOM) has acquired a 49.9% stake in Biojet AS. The acquisition affirms the company’s growing interest in biofuels to reduce greenhouse gas emissions. In addition, it affirms the company’s bid to develop and deploy lower-emission energy solutions. Biofuels is in the process of converting forestry and wood-based construction waste into lower-emission biofuels.
Twitter, Inc. (TWTR) has acquired a minority stake in digital advertising firm Aleph Group. While the deal closed last October, financial terms have been kept under wraps. The acquisition should strengthen Twitter’s educational tech platform. As it stands, Aleph is Twitter’s advertising partner in 74 countries.
American Airlines Group Inc. (AAL) shares popped 2.2% after the company raised its Q4 guidance. The airline says it flew 61.1 billion total available seat miles in the quarter, down 13% year-over-year. The airline says it expects revenue to fall by just 17% compared to previous guidance, which hinted at a drop of 20%. Consequently, revenue is expected at $9.42 billion.
Tesla, Inc. (TSLA) shares popped 1.7% after the company delivered impressive delivery numbers for December in China. The company delivered a total of 70,847 electric vehicles, representing 197.6% year-over-year growth and a solid 34% growth sequentially. Amid the global chip shortage, the company managed to deliver a total of 319,102 cars in China last year.
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