U.S. equity futures rose Monday morning after the S&P 500 and Nasdaq Composite closed out their first three-quarter losing streak since the 2008 Global Financial Crisis and the Dow its first such time since 2015.
Market Snapshot
At 7:50 a.m. ET, Dow e-minis were up 147 points, or 0.51%, S&P 500 e-minis were up 12.75 points, or 0.35%, and Nasdaq 100 e-minis were up 0.25 point.
Pre-Market Movers
Credit Suisse Group AG – Credit Suisse slid 6.1% in premarket trading after the bank sought to calm the fears of investors and clients about its financial health over the weekend in a series of phone calls.
Tesla Motors – Tesla dropped 5.7% in the premarket after announcing deliveries of over 343,000 vehicles during the third quarter. That number was a record high for Tesla and up 42% from a year ago, but below forecasts.
Viasat – ViaSat rallied 5.9% in premarket trading after the Wall Street Journal reported that the satellite company was close to a deal to sell a military communications unit to defense contractorL3Harris Technologies(LHX) for nearly $2 billion.
Myovant Sciences Ltd. – Myovant surged 31.3% in the premarket after the biopharmaceutical company rejected a bid by its largest shareholder, Sumitovant Biopharma, to buy the shares it doesn’t already own for $22.75 per share. Myovant said the offer significantly undervalues the company.
Vodafone Group PLC – The telecom company’s shares jumped 3.2% in premarket action after Vodafone confirmed a Sky News report that merger talks between Vodafone and UK rival Three UK have accelerated.
Stanley Black & Decker – The tool maker has eliminated about 1,000 finance-related jobs, according to The Wall Street Journal. Stanley Black & Decker is seeking to cut about $200 million in expenses as it deals with higher costs and slowing demand.
Freshpet – Freshpet rose 2.3% in premarket trading after Barron’s reported that the pet food company hired bankers to explore a possible sale.
Box – Box jumped 3.7% in the premarket after Morgan Stanley upgraded the cloud computing company’s stock to “overweight” from “equal-weight,” pointing to strong execution and a favorable competitive landscape.
Market News
OPEC+ considers cutting production by 1M bbl/day or more at the group's meeting this week. The move would help prop up declining oil prices, which have been on a steady descent since hitting more than $120/bbl in late June.
Credit Suisse Group AG’s new chief has asked investors for less than 100 days to deliver a new turnaround strategy. Turbulent markets are making that feel like a long time.
Tesla Motors worldwide deliveries missed forecasts in the third quarter and the company warned of challenges in getting its cars to customers, suggesting that supply-chain snarls remain a blight.It delivered a record 343,830 cars worldwide in the third quarter.
NIO Inc. delivered 10,878 vehicles in September 2022. The deliveries consisted of 7,729 premium smart electric SUVs including 1,895 ES7s, and 3,149 premium smart electric sedans including 2,928 ET7s and 221 ET5s. It delivered 31,607 vehicles in the third quarter of 2022, increasing by 29.3% year-over-year.
XPeng Inc. recorded monthly deliveries in September of 8,468 Smart EVs, total deliveries in the third quarter 2022 reached 29,570, representing a 15% increase year-over-year.
Li Auto delivered 11,531 vehicles in September 2022, up 62.5% year over year, it brought the company’s third quarter deliveries to 26,524, representing a 5.6% year-over-year increase. The cumulative deliveries of Li Auto vehicles reached 211,015 as of the end of September.
Intel self-driving unit Mobileye Global has filed for an initial public offering of its class A common shares. The news comes after a drastic cut to the expected valuation for the unit, to about$30B from a previously hoped-for $50B.
Cathie Wood-led ARK Investment Management dumped over 200,000 shares of Spotify Technology S.A. on Friday via two of the company’s exchange-traded funds (ETFs). The share sale was valued at over $18 million, based on Friday’s closing price.
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