Pre-Bell|U.S. Stock Futures Are Little Changed; This Meme Stock Surged Over 7%

Tiger Newspress2022-09-08

U.S. stock futures were flat Thursday as Wall Street looked to build on its best day in nearly a month. Traders looked ahead to a Q&A session from Federal Reserve Chair Jerome Powell at the Cato Institute later in the day as they searched for more clues on the central bank’s plans for future rate hikes. The European Central Bank is also slated to announce its latest policy decision Thursday.

Market Snapshot

At 7:50 a.m. ET, Dow e-minis were up 19 points, or 0.06%, S&P 500 e-minis were up 0.25 point, or 0.01%, and Nasdaq 100 e-minis were down 8 points, or 0.07%.

Pre-Market Movers

Asana, Inc. rose 24.1% to $23.62 in pre-market trading after the company reported better-than-expected results for its second quarter and issued strong sales guidance.

Revance Therapeutics rose 18.4% to $24.66 in pre-market trading as the company reported the FDA approval of DAXXIFY for injection, a peptide-formulated neuromodulator with long-lasting results.

Bright Green Corp. rose 15.2% to $1.80 in pre-market trading as the company reported pricing of $10.0 million private placement.

GameStop rose 7.4% to $25.82 in pre-market trading after the company reported better-than-expected earnings for its second quarter and also announced a partnership with cryptocurrency exchange FTX to bring more customers to the digital asset space.

Torrid Holdings fell 13.4% to $4.65 in pre-market trading after the company reported worse-than-expected Q2 EPS results. The company also issued Q3 and FY22 sales guidance below analyst estimates.

Wayfair fell 9.3% to $46.00 in pre-market trading after the company reported a proposed offering of $600 million convertible senior notes.

Bilibili Inc. fell8.13% to $21.70 in pre-market trading. Total net revenues reached RMB4.9 billion (US$732.9 million), a 9% increase from the same period in 2021.ItexpectsQ3net revenues to be between RMB5.6 billion and RMB5.8 billion.

McCormick fell 6.1% to $79.83 in pre-market trading. McCormick said it expects third-quarter FY22 sales to increase about 3% year-on-year and 6% in constant currency.

Market News

U.S. economic activity was unchanged since early July, according to the Federal Reserve's BeigeBookreport released on Wednesday. That compares with the "modest pace" indicated in the central bank's previous snapshot of the U.S. economy in July.

The U.S. Securities and Exchange Commission (SEC) will on Sept. 14 propose draft rules reforming how U.S. Treasuries are traded and cleared, according to a notice published by the agency on Wednesday.

Apple wrapped up its big fall iPhone event where it announced new iPhones, AirPods and Apple Watches. The new iPhones will be available to order on Friday, and Apple didn’t increase the prices as some analysts had expected. The new Apple Watches will be available to order on Wednesday and the new AirPods Pro launch on Sept. 23.

Tesla Motors sold 76,965 Chinese-made vehicles in August, nearly triple its sales from a month ago, as it quickened deliveries after ramping up output at its Shanghai plant. It exported 42,463 Model 3s and Model Ys from China last month, the China Passenger Car Association (CPCA)said. In July, it sold 28,217 vehicles and exported 19,756.

A judge sharply criticized Elon Musk for not properly turning over text messages that could be evidence in Twitter’s lawsuit seeking to force the billionaire to complete his proposed $44 billion buyout of the social-media platform.

GameStop launched a digital wallet earlier this year that it said would enable transactions in a marketplace it is building for gamers and others to buy, sell and trade non-fungible tokens, or NFTs. Its revenue in the second quarter fell 4% to $1.14 billion. On an adjusted basis, the company lost 35 cents per share, compared with estimates of a loss of 38 cents, according to Refinitiv data.

Snap Inc Chief Executive Officer Evan Spiegel said he’s set on transforming his social media company -- not selling it -- after a tumultuous year in which the stock has plummeted 76%.

Tencent Holding Ltd. shares worth $7.6 billion appeared in Hong Kong’s clearing and settlement system, spurring speculation that a large stakeholder is gearing up to offload more shares. About 192 million of additional shares, representing about 2% stake in the Chinese tech giant, were registered on the system as of Wednesday, according to city’s exchange website.

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