U.S. stock futures were trending lower on Thursday ahead of the release of the monthly U.S. inflation report. The outcome of the Consumer Price index is highly anticipated as it could provide valuable clues on what the Federal Reserve is likely to do with regard to monetary policy tightening.
Dow futures (DJIA) were down 0.04%, S&P futures (SPX) down 0.34%, and Nasdaq futures (NDX) down 0.27% at the time of writing.
Upcoming Earnings
AstraZeneca Plc. (AZN), Coca-Cola (KO), and Credit Suisse (CS) are set to report their quarterly results before the bell. Aurora Cannabis (ACB), FirstEnergy (FE), and HubSpot (HUBS) will report after the market close.
Market News
Republic Services, Inc. (RSG) has reached an agreement to acquire environmental solutions provider Ecology Inc. (ECOL) for $2.2 billion. The transaction values the company at $48 a share, including net debt of about $700 million. The acquisition is expected to expand the waste disposal company’s footprint across the U.S. and Canada.
Meanwhile, Cummins (CMI) is poised to acquire Jacobs Vehicle Systems (JVS) as it looks to gain access to valuable technologies and strengthen its advanced diesel engine platform’s development. The transaction is expected to close before year-end.
Continental Resources, Inc. (CLR) has announced a 15% quarterly dividend increase to $0.23 a share. The new dividend is to be paid on March 4, 2022, to shareholders of record as of February 22, 2022.
Walt Disney (DIS) shares popped 3.33% after the company delivered better-than-expected Fiscal Q1 results on the back of record revenue. Revenue was up 34% year-over-year to $21.82 billion, beating consensus estimates of $18.78 billion. Diluted earnings per share soared to $1.06 from $0.32 in the same quarter last year and above consensus estimates of $0.64.
Uber Technologies, Inc. (UBER) shares jumped 5.8% in extended trading hours after the ride-hailing company delivered stellar fourth-quarter results driven by the economic recovery and strong demand for its services. Gross bookings in the quarter were up 51% year-over-year to $25.9 billion. Diluted earnings landed at $0.44 a share, better than analysts expected loss of $0.35 a share.
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