U.S. stocks were trending lower on Tuesday as focus shifts to the Federal Reserve and clues regarding monetary policy tightening expected on Wednesday. Investors are also paying close attention to developments around a possible Russian invasion of Ukraine.
Dow futures (DJIA) were down 0.13%, S&P futures (SPX) were down 0.61%, and Nasdaq futures (NDX) were down 1.09% at the time of writing.
Upcoming Earnings
Johnson & Johnson (JNJ), Lockheed Martin Corp. (LMT), and Verizon (VZ) are set to report their quarterly results before the bell. Microsoft (MSFT), WesBanco, Inc. (WSBC), and Veritex (VBTX) will report after the market close.
Market News
In M&A news, Amyris, Inc. (AMRS) has reached an agreement to acquire menopause symptoms treatment company MenoLabs, LLC. The financial terms of the deal remain under wraps. The acquisition is expected to expand the company’s footprint in the menopause market, expected to reach $23 billion by 2028.
Kohl’s Corp. (KSS) has confirmed receiving a buyout offer from prospective investors. On Friday, activist hedge fund investor Acacia Research backed by Starboard Value placed a bid that values the company at $64 a share for an aggregate sum of $9 billion. Kohl is also believed to have received a second buyout offer from private equity firm Sycamore Partners. According to CNBC, the new offer values the company at $65 a share.
Meanwhile, Boeing (BA) has invested $450 million in Wisk as it seeks to accelerate the development of pilotless flying taxis. The investment which makes Wisk the best-funded Advanced Air Mobility Company will enhance the development of its sixth-generation electric vertical takeoff and landing (eVTOL) aircraft. Wisk is currently seeking regulatory approval as it hopes to become the first candidate for certification of an autonomous all-electric passenger-carrying aircraft.
International Business Machines Corp. (IBM) shares popped 2.5% after the technology giant delivered solid fourth-quarter results attributed to robust revenue growth. Quarterly revenue was up 6.5% year-over-year to $16.7 billion, exceeding consensus estimates of $15.98 billion. Earnings per share, on the other hand, increased 78% to $3.35, beating consensus estimates of $3.14 a share.
Steel Dynamics, Inc. (STLD) delivered mixed fourth-quarter 2021 results. Adjusted earnings landed at $5.78 a share, beating consensus estimates of $5.59 a share. Net sales landed at record highs of $5.3 billion but fell short of consensus estimates of $5.34 billion.
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