U.S. stock index futures edged lower on Monday following a strong rally last week on earnings optimism, with investors awaiting a factory activity data and the Eurozone fueled recession worries.
Market Snapshot
At 8:00 a.m. ET, Dow e-minis were down 5 points, or 0.02%, S&P 500 e-minis were up 4.5 points, or 0.11%, and Nasdaq 100 e-minis were up 1.5 points, or 0.01%.
Pre-Market Movers
Boeing – Boeing defense workers will vote on a new proposed labor agreement on Wednesday, averting – for now – a strike that could have begun today. Separately, sources tell CNBC the Federal Aviation Administration has approved inspection protocol revisions that should allow the jet maker to resume deliveries of its 787 Dreamliner. Boeing shares jumped 5.4% in the premarket.
Nio – Nio rallied 3% in premarket action after the China-based electric car maker announced that it will open its first overseas plant in Europe in September. The plant will be located in Hungary and will make power products for the European market.
Check Point Software – Check Point Software reported better-than-expected revenue and profit for its latest quarter, boosted by a surge in demand for its cybersecurity products amid a worldwide increase in cyberattacks. The stock dipped 4.7% in premarket trading.
Alibaba – Alibaba gained 1.6% in the premarket after saying it intended to work to keep its New York Stock Exchange listing. The Chinese e-commerce giant is on a list of companies that could be removed for not meeting auditing requirements.
PerkinElmer – The diagnostics and life sciences company rose 1.4% in the premarket after announcing plans to divest several non-core units to private-equity firm New Mountain Capital for $2.45 billion in cash. Separately, PerkinElmer reported better-than-expected sales and profit for the second quarter.
Valvoline – The automotive products company announced the sale of its global products business to Saudi Aramco for $2.65 billion in cash. Valvoline gained 2.4% in premarket action.
Global Payments – The payments technology company reported better-than-expected second-quarter profit and revenue, and also announced the acquisition of rival fintech company EVO Payments(EVOP) for $34 per share, or $4 billion in cash. Global Payments added 1.6% in the premarket while Evo Payments surged 19.6%.
Edgewell Personal Care – Edgewell recalled one of its Banana Boat sunscreen spray products after trace amounts of cancer-causing chemical benzene were found in some samples.
Southern Co. – Chief Executive Officer Tom Fanning is expected to retire by the end of the year, according to people familiar with the matter who spoke to Bloomberg. Fanning is expected to remain with the utility company in some capacity after stepping down as CEO.
Market News
Alibaba Strives to Keep New York and Hong Kong Listings
Alibaba Group Holding Ltd said it would work to maintain its New York and Hong Kong stock exchange listings after the Chinese e-commerce giant was placed on a delisting watchlist by U.S authorities.
The company on Friday became the latest of more than 270 firms to be added to the U.S. Securities and Exchange Commission's list of Chinese companies that might be delisted for not meeting auditing requirements.
HSBC Profit Beats Forecasts, Vows to Restore Dividends
HSBC Holdings delivered better-than-estimated profits, vowing to restore paying quarterly dividends next year as it seeks to head off a call by its largest shareholder to split up.
Adjusted pretax profits rose 13 per cent to US$5.97 billion (S$8.24 billion) in the second quarter, driven by increases in commercial banking and markets, according to a statement from the London-based bank. The bank was seen posting a profit of US$4.96 billion in a Bloomberg analysts survey.
Li Auto, Xpeng and Nio Delivered 10,422 units, 11,524 units and 10052 units in July
Nio said it delivered 10,052 vehicles in July, up 26.7%% year-on-year, but down from June’s figure of almost 13,000 deliveries.
Li Auto meanwhile said it delivered 10,422 of its Li ONE sports utility vehicle in July, up 21.3% year-over-year, but also slipping from June’s figure.
Xpeng delivered the most out of the trio of rivals. The Guangzhou, China-based firm said July deliveries totaled 11,524, up 40% year-on-year, but also falling from June’s figure.
FAA Clears Boeing to Resume Delivery of 787 Dreamliners
The Federal Aviation Administration notified Boeing on Friday that it would approve the company’s process for validating fixes to each plane before they are delivered to airline customers, said the person, who spoke on condition of anonymity to discuss a decision that has not been publicly announced.
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