U.S. stock futures were mixed on Wednesday as the focus shifted towards the Federal Reserve and its plans to curb skyrocketing inflation. Omicron variant fears also remain in play as its full impact on economic growth is still unknown.
Dow futures (DJIA) were up 0.12%, S&P futures (SPX) were down 0.01%, and Nasdaq futures (NDX) were down 0.23% at the time of writing.
Upcoming earnings
ABM Industries (ABM), REV Group, Inc. (REVG), The Toro Company (TTC) are scheduled to report their quarterly results before the market opens. TripCom Group (TCOM), Nordson Corp. (NDSN), and 51Job (JOBS) will report after the market close.
Pre-market movers
Exicure, Inc. (XCUR) was the most active stock in the pre-market session with 2.77M shares changing hands at the time of writing. The increased market activity comes on the heels of the company announcing an $11.5 million registered direct offering. The company intends to use the net proceeds from the offering for working capital and general corporate purposes.
SeaChange International (SEAC) was one of the biggest gainers in the pre-market session, jumping 16.56% at the time of writing. The spike comes on the company delivering solid Fiscal Q3 2022 results characterized by 44% year-over-year revenue growth.
Idera (IDRA) was the biggest loser in the pre-market session, dropping 9.68% at the time of writing. The sell-off comes after the company provided clinical updates regarding tilsotolimod, its synthetic Toll-like receptor 9 agonist.
Market news
Deere & Company (DE) has inked a deal to acquire a majority stake in Austria-based Kreisel Electric. The financial terms of the deal remain under wraps. The acquisition should strengthen Deere’s electrification and sustainability goals. The company should be able to develop vehicles and powertrains with superior high-density battery technology.
KKR & Co., Inc. (KKR) has acquired a minority stake in the supply chain software business of Korber. The financial terms of the deal remain under wraps. With the investment, the global investment firm should gain access to industry-leading warehouse management software solutions. Korber, on the other hand, should benefit from KKRs expertise in the pursuit of organic and inorganic growth opportunities.
Robinhood Markets, Inc. (HOOD) has acquired crypto trading platform Cove Markets for an undisclosed amount. The acquisition should allow the financial services company to offer customized services that allow customers to better manage their crypto accounts. It should also allow the company to build powerful trading capabilities.
Fortune Brands Home & Security, Inc. (FBHS) has confirmed a 7.7% increase in its quarterly dividend to $0.28 a share. The dividend is to be paid on Mach 16, 2022, to shareholders of record as of February 25, 2022. Following the increase, the company’s annual dividend stands at $1.12 a share, representing a 1.1% dividend yield.
Cummins, Inc.’s (CMI) board of directors has approved a $2 billion stock repurchase program. The approval comes on the company completing a $2 billion authorization approved in 2019. The new program affirms the company’s commitment to delivering short-term returns to shareholders. Since 2014 the company has increased its cash dividend eight times.
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