U.S. stock index futures edged higher on Tuesday ahead of the Federal Reserve's two-day policy meeting.
Market Snapshot
At 8:00 a.m. ET, Dow e-minis were up 5 points, or 0.02%, S&P 500 e-minis were up 4 points, or 0.10%, and Nasdaq 100 e-minis were up 33.25 points, or 0.25%.
Pre-Market Movers
Delta Air Lines (DAL), United Continental (UAL), Southwest Airlines (LUV) – Delta rallied 3.7% in the premarket while United jumped 3.9% and Southwest added 2.9%. All three airlines raised their revenue outlooks, saying air travel is rebounding from the earlier slump induced by the spread of the Covid omicron variant.
Coupa Software Inc (COUP) – Coupa plunged 30% in premarket trading after the business software company issued a much weaker-than-expected full-year outlook, although Coupa reported better-than-expected profit and revenue results for its most recent quarter.
GitLab, Inc. (GTLB) – Gitlab shares surged 8.9% in the premarket after the development operations platform company reported upbeat results for its latest quarter as well as issuing a better-than-expected outlook.
Toyota (TM) – Toyota announced additional production cuts due to semiconductor shortages, a few days after cutting its domestic production target by as much as 20%. Production of about 14,000 minivans would be impacted by the latest announcement. Toyota gained 2.8% in the premarket.
Moderna, Inc. (MRNA) – The vaccine maker’s stock rallied 4.3% in premarket action, after rising 11.9% Monday following the surge in Covid cases in China’s Shenzhen region.
Alibaba (BABA) – Alibaba dropped 4.7% in premarket trading after falling for the past three days and losing more than 27% over the past nine trading sessions. The Chinese e-commerce giant is under pressure due to both fears of a Covid-related economic slowdown in China and the threat of a possible U.S. de-listing. Those fears have hit other China stocks that list in the U.S., such asJD.com(JD) andBidu(BIDU). JD.com fell 3.8% while Bidu sank 5.1%.
Vimeo Inc. (VMEO) – Vimeo said its February revenue was up 23% compared to a year ago, with the video software company also reporting an 8% increase in subscribers and a 13% jump in average revenue per user. Vimeo added 2.5% in the premarket.
Hormel (HRL) – Goldman Sachs downgraded the food producer’s shares to “sell” from “neutral,” noting its recent outperformance compared with the Staples group and pointing to worries about the impact of increasing inflationary pressures. Hormel shed 1.5% in premarket trading.
Peloton Interactive, Inc. (PTON) – The fitness equipment maker’s stock rose 1.5% in the premarket after Bernstein began coverage with an “outperform” rating, noting Peloton’s healthy underlying business, new management and its recent stock price plunge.
Market News
Apple Inc's iPhone production will not take a big hit from Foxconn's suspension of operations in the Chinese city of Shenzen, which is facing fresh curbs to contain a COVID outbreak, J.P. Morgan analysts said.
Tesla Inc. raised prices on all its vehicles after Chief Executive Officer Elon Musk said costs were increasing at the companies he runs.The cheapest Model 3 in the U.S. is now $46,990, according to Tesla’s website. The company raised prices by 3% to 5% in both the U.S. and China, Dan Levy, a Credit Suisse analyst, said in a note to clients.
Akanda Corp (NASDAQ:AKAN) an international medical cannabis company, announced the pricing of its initial public offering of 4 million common shares at $4.00 per share to the public for a total of $16 million in gross proceeds to the Company, prior to deducting underwriting discounts, commissions, and other expenses.
A Boeing 737 MAX jet that took off from Seattle on Monday is en route to the manufacturer's completion plant in China, an industry source said, in a sign the model is closer to returning to commercial flights there after a three-year grounding.
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