U.S. stock futures were trending higher on Thursday as investors reacted to the Federal Reserve increasing the taper of its bond purchases. Risk sentiment in the equity markets has improved as a faster taper and earlier path to monetary policy tightening had already been priced in ahead of the FED meeting.
Dow futures (DJIA) were up 0.48%, S&P futures (SPX) were up 0.55%, and Nasdaq futures (NDX) were up 0.62% at the time of writing.
Upcoming Earnings
Accenture (ACN), Capitan Mining (CAPTF), and Tsakos Energy Navigation Ltd. (TNP) are expected to report their quarterly results before the market opens. Quanex (NX), Steelcase, Inc. (SCS), and Enghouse Systems (EGHSF) will report after the market close.
Premarket Movers
American Virtual Cloud Technologies (AVCT) was the most active stock in the pre-market session, with 1.35M shares changing hands at the time of writing. The increased market activity comes on the heels of the company announcing a securities purchase agreement for the sale of equity to an institutional investor. The company expects $25 million in gross proceeds from the sale.
Calliditas Therapeutics (CALT) was the biggest gainer in the pre-market session, jumping 35.89% at the time of writing. The spike comes on the FDA granting the company accelerated approval for TARPEYO™ (budesonide) to reduce Proteinuria in IgA Nephropathy. Calliditas Therapeutics stock is currently rated as a Moderate Buy.
IronNet (IRNT) was the biggest loser in the pre-market session, falling 20.44% at the time of writing. The sell-off comes on the company delivering third-quarter results characterized by a year-over-year decline in revenue to $6.9 million from $7 million. IronNet’s stock price prediction of $17.50 implies 157.35% upside potential to current levels.
Market news
Entegris, Inc. (ENTG) has reached an agreement to acquire Illinois-based CMC Materials (CCMP) for $6.5 billion. The acquisition price represents a 35% premium to the CMC closing price on December 14. The transaction is expected to close in the second half of next year and should allow Entegris to offer customers a broad range of process solutions.
Meanwhile, Accenture plc. (ACN) plans to acquire network services company AFD.TECH. The financial terms of the deal remain under wraps. The acquisition is expected to complement Accenture’s Cloud-First capabilities and allow it to serve its customers more efficiently.
Apple (AAPL) may shelve its plans to track explicit child images on iOS devices. MacRumors reports that the company has removed Child Sexual Abuse Material from its Child Safety Webpage. The removal follows mounting pressure from organizations and privacy advocacy groups over fears that the security feature could be used to spy on people.
UBS Group AG (UBS) is contemplating shutting down its investment banking office in India. Citing people familiar with the matter, Bloomberg reports that the Swiss bank plans to move its investment banking coverage in India Offshore. The relocation comes at a time when the company is paying close attention to its wealth management segment.
Lowe’s Companies (LOW) has affirmed its Fiscal 2021 outlook and initiated Fiscal 2022 guidance while also announcing a new buyback program. The retailer expects its Fiscal 2021 sales to total $95 billion, representing 33% comparable sales growth. For Fiscal 2022 it expects sales to fall between $94 billion and $97 billion. Lowe’s earnings report for Fiscal Q4 2021 is scheduled for February 23, 2022.
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