Tuesday Pre-Market: Here’s What You Need To Know Before The Market Opens
U.S. Equity futures were higher on Tuesday as investor worries about inflation slowing economic growth or tighter fiscal policy were eased following comments from Federal Reserve officials.
Dow futures rose 0.3% while S&P and Nasdaq futures rose 0.3% and 0.5% respectively.
Companies expected to report before the opening bell include AutoZone (AZO), Elbit Systems (ESLT) and Dycom Industries (DY) while Intuit (INTU) and Agilent Technologies (A) should issue a report after the market closes.
Meten Edtechx Education Group Ltd (METX) was the most negotiated stock at the time of writing. The English-language training service provider in China has announced an offering of 40 million of its common shares at a price of $ 1.00 per share to the public in a public offering.
Anpac Bio (ANPC) was the biggest winner in pre-market trading, with the stock surging 27.4% at the time of writing. The biotechnology company operating in China and the United States announced the launch of new cancer treatment technology and new products, as well as the establishment of a joint venture (JV) between its founder and chairman, Dr Chris Chang Yu, and “certain other people”.
Achille Therapeutics (ACHL), a biopharmaceutical company has lagged the furthest behind, with the stock plunging 38.5% at the time of writing. There has been no fundamental news explaining the price decline.
In the news of the results, the specialized hotel accommodation company, Target Hospitality Corp. (E) posted a loss of $ 0.14 per share in the first quarter, compared to earnings of $ 0.06 per share in the last year’s quarter. The company generated revenue of $ 45.5 million in the first quarter, a decrease of 36.5% from the same quarter a year earlier.
Target Hospitality President and CEO Brad Archer said: “The continued dynamics of activity and customer demand gives confidence in the pace for the remainder of 2021 and into 2022. In addition, the new partnership within our Government Services segment is off to a good start and demonstrates flexibility operational speed and the scale of Target.“
Meanwhile, Agora, Inc. (API), a real-time engagement API platform provider reported mixed results in the first trimester. The company reported an adjusted loss of $ 0.14 per share, compared to a loss of $ 1.21 per share in the same quarter last year. Analysts had expected a loss of $ 0.01 per share.
The company posted total adjusted revenue of $ 40.2 million in the first quarter, beating the consensus estimate of $ 36.7 million.
In other news, according to a Reuters report, the government of Israel signed an agreement with tech giants, From Amazon (AMZN) Web Services (AWS) and Alphabet (GOOGL) Google. The deal is worth $ 1 billion and the companies will offer cloud services to the country’s public sector and military.
According to finance ministry officials, data services in the cloud are expected to start in two months, although the system is not centralized as the data will be provided by two companies and some data will not be transferred to the cloud.
Meanwhile, data analytics company Palantir Technologies (PLTR) possesses strengthened its ties with the US Space Force and the US Air Force and as part of the agreement, the company will provide software that will power advanced critical missions and use its data-as-a-service (DaaS) platform to support the space command and control program.
“Palantir’s technology and framework really accelerated our ability to remove data pipes across the community and create actionable insights.Said Col. Jennifer Krolikowski, senior chief of equipment for space C2 at the Center for Space and Missile Systems of the Air Force.
In the News M&A, supplier of construction materials and services, Builders FirstSource (BLDR), to acquire Cornerstone Building Alliance SW, LLC for $ 400 million and the acquisition is expected to close in the second quarter of this year.
Dave Flitman, President and CEO of Builders FirstSource, said: “This acquisition is aligned with our organic and M&A investment strategy, to move our portfolio towards higher value and faster growing categories.. “
Alternative and renewable geothermal energy solutions company, Ormat Technologies, Inc. (ORA), will acquire from TG Geothermal Portfolio, LLC (a subsidiary of Terra-Gen, LLC), two geothermal assets in Nevada, a new development asset adjacent to one of the factories, and an underused transmission line that has a direct connection to CAISO. The two Nevada geothermal assets have a total net generating capacity of 67.5 MW (net). The acquisition is expected to close in the second half of this year and is valued at $ 377 million.
Commenting on the deal, Doron Blachar, CEO of Ormat Technologies, said: “This transaction strengthens our leadership position in the western United States, and in particular Nevada, and increases our ability to provide electricity to both California and Nevada to help utilities in every state to meet their growing needs for clean energy. I am convinced that we can significantly increase the profitability and value of the assets acquired. “
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.