U.S. Stock index futures were slightly higher Tuesday, rebounding from the selloff to start the week.
Market Snapshot
At 7:50 a.m. ET, Dow e-minis were up 2 points, or 0.01%, S&P 500 e-minis were up 7.5 points, or 0.19%, and Nasdaq 100 e-minis were up 44 points, or 0.38%.
Pre-Market Movers
Hibbett – The sporting goods retailer’s stock slid 5.7% in the premarket after it missed top and bottom line estimates for its latest quarter. Hibbett was hit by higher expenses which cut into its profit margins, although the company reaffirmed its full-year forecast.
Silvergate Capital – The digital assets bank’s shares fell another 2.4% in the premarket, extending yesterday’s 11.1% loss. The decline followedthe bankruptcy filingby cryptocurrency lender BlockFi. Silvergate’s extended losses come despite a statement that it has minimal exposure to BlockFi.
Chemours – Chemours tumbled 6.1% in premarket trading after the chemical maker said its full-year earnings were tracking slightly below the low end of its prior guidance range. Chemours pointed to a significant decline in demand for titanium dioxide, particularly in Europe and Asia.
Generac – Generac fell 2.6% in premarket action after Jefferies downgraded the stock to “underperform” from “hold,” citing the potential impact of electric vehicle bidirectional charging on sales of Generac’s backup power products.
United Parcel Service – UPS gained 1.4% in the premarket after Deutsche Bank upgraded the delivery service’s stock to “buy” from “hold.” The move reverses last year’s downgrade, with Deutsche Bank saying the concerns that prompted the downgrade at that time — including the macroeconomic environment and an impending labor negotiation — are now fully reflected in the stock’s price.
Apple – Apple edged higher in premarket trading following yesterday's 2.6% drop, which came in the wake of reports out of China that unrest at Foxconn's iPhone factory could result in a shortfall of 6 million iPhone Pro units.
Bilibili – Bilibili surged 10.3% in the premarket after the China-based internet company reported better-than-expected profit and revenue for its latest quarter. The company's daily and monthly active users increased by 25% over a year earlier.
HSBC – HSBC struck a deal to sell its Canadian unit to the Royal Bank of Canada for $10.1 billion in cash. HSBC jumped 4.3% in premarket trading.
Roku – Roku shares fell 2.9% in premarket action after KeyBanc downgraded the video streaming device company’s stock to “sector weight” from “overweight,” saying several facets of its bullish thesis on Roku failed to play out.
Market News
Twitter Owner Musk Signals New 'War' Against Apple
Twitter owner Elon Musk on Monday (Nov 28) opened fire against Apple over its tight control of what is allowed on the App Store, saying the iPhone maker has threatened to oust his recently acquired social media platform.
Musk also joined the chorus crying foul over a 30 per cent fee Apple collects on transactions via its App Store - the sole gateway for applications to get onto its billion plus mobile devices.
NIO and Tencent to Cooperate on Intelligent Driving
Chinese electric vehicle firm NIO and internet giant Tencent signed a strategic cooperation agreement in Shenzhen on November 28. Under the deal, the two sides will carry out in-depth cooperation in the fields of autonomous driving cloud technology, intelligent driving maps and digital ecology.
Baidu Unveils Plans to Expand the Fully Driverless Ride-Hailing Service Area
To tap more potential customers, Chinese tech giant Baidu plans to build the world's largest autonomous ride-hailing service area in 2023.
The company's autonomous ride-hailing platform Apollo Go covers more than 10 cities in China including all first-tier cities and has completed more than 474,000 rides in Q3, up 311% Y/Y and +65% Q/Q.
Exxon Mobil Aiming to End Oil Production in Equatorial Guinea
Exxon Mobil will wind down oil production in Equatorial Guinea and leave the country after its license expires in 2016, Reuters reported Monday.
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