U.S. stock futures rose Monday as a packed week kicked off, with congressional midterm elections and key inflation data on deck over the next few days.
Market Snapshot
At 7:45 a.m. ET, Dow e-minis were up 165 points, or 0.51%, S&P 500 e-minis were up 18.25 points, or 0.48%, and Nasdaq 100 e-minis were up 49 points, or 0.45%.
Pre-Market Movers
BioNTech SE – The drugmaker’s shares slid 3.4% in the premarket despite reporting better-than-expected quarterly profit and revenue. Results were down sharply from a year ago, with both profit and revenue off more than 40% from 2021′s third quarter.
Berkshire Hathaway – Berkshire Hathaway gained 1.5% in premarket trading after Warren Buffett’s firm reported better-than-expected earnings, with revenue also topping Street forecasts. Berkshire reported an overall loss, however, as a falling stock market ate into the value of its investment portfolio.
Meta Platforms, Inc. – Meta added 2.6% in the premarket after The Wall Street Journal reported that the Facebook parent was preparing to announce large-scale layoffs this week.
Apple – Apple shares slid 1.8% in the premarket after it said Covid-19 restrictions are hindering iPhone production at the Foxconn factory in China. That factory is the world’s biggest iPhone production site.
Yamana – Yamana Gold lost 2.7% in the premarket after Gold Fields(GFI) said it would not change the terms of its takeover deal with Yamana. Agnico Eagle Mines(AEM) and Pan American Silver(PAAS) submitted a rival offer Friday, but Gold Fields maintains that its bid is superior.
Ouster Inc. – The maker of lidar sensors will combine with rivalVelodyne(VLDR) in a merger of equals, with Ouster and Velodyne shareholders each owning 50% of the combined company. Ouster jumped 5.1% in premarket action while Velodyne rallied 5.6%.
Ryanair Holdings PLC – The airline’s stock gained 6.2% in premarket trading after it reported the largest-ever profit for the first half of the year.
DoorDash, Inc. – The delivery service’s shares were upgraded to “outperform” from “perform” at Oppenheimer, which pointed to improving margins at U.S. restaurants among other factors. DoorDash gained 2.7% in premarket trading.
Okta Inc. – The maker of identity management software jumped 3.9% in the premarket after Guggenheim upgraded the stock to “buy” from “neutral.” It called the stock’s current valuation “too compelling to ignore.”
Digital World Acquisition Corp – It rose 20.48% in premarket trading. Trump is planning to announce his candidacy for the upcoming 2024 presidential election on Nov. 14, according to Axios, which spoke to sources familiar with the situation.
Market News
Apple on Sunday said it expects even lower iPhone 14 Pro and iPhone Pro Max shipments than it previously anticipated as COVID-19 restrictions temporarily impact an assembly facility in Zhengzhou, China.
Berkshire Hathaway on Saturday posted a third-quarter loss, the net loss was $2.69 billion, operating profit rose 20% to $7.76 billion, it also repurchased $1.05 billion of its own stock in the quarter, and has repurchased $5.25 billion this year.
Meta Platforms, Inc. is planning to begin large-scale layoffs this week, according to people familiar with the matter, in what could be the largest round in a recent spate of tech job cuts after the industry’s rapid growth during the pandemic.
Exxon Mobil will take up to a $2 billion loss on the highly leveraged sale of a troubled California offshore oil and gas field that have been idled since a 2015 pipeline spill.
Twitter, after laying off roughly half the company on Friday following Elon Musk’s $44 billion acquisition, is now reaching out to dozens of employees who lost their jobs and asking them to return.
A unit of Walgreens Boots Alliance is nearing a deal to combine with a big owner of medical practices and urgent-care centers in a transaction worth roughly $9 billion including debt, according to people familiar with the matter, the latest in a string of acquisitions by big consumer-focused companies aiming to delve deeper into medical care.
Philip Morris said on Monday it was going ahead with its $16 billion plan to buy Swedish Match despite winning acceptance from owners with no more than 82.59% of shares in the Swedish peer.
The chief executive of China's Bilibili Inc. has taken over direct supervision of the company's gaming department, according to an internal email, as the Alibaba-backed company looks to boost revenue growth.
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