At 07:48 a.m. ET, Dow e-minis were up 3 points, or 0.01%, S&P 500 e-minis were down 6.5 points, or 0.16%, and Nasdaq 100 e-minis were down 28.25 points, or 0.22%.
Pre-Market Movers
Activision Blizzard(ATVI) – Activision shares jumped 2.7% in premarket trading after Warren Buffett toldthe Berkshire annual meetingthat the company hadincreased its stakein the videogame maker.
Bilibili(BILI) – The China-based online gaming company’s stock slid 4.2% in the premarket after Jefferies cut its price target to $51.30 from $61.50 per share, citing Bilibili’s recent cut in its revenue outlook due to the resurgence of Covid cases in China.
Moody’s(MCO) – The credit ratings company missed estimates by a penny a share, with quarterly profit of $2.89 per share. Revenue was slightly above analysts’ projections. Moody’s also cut its full-year revenue outlook due to its expectation of continued market volatility, and the stock fell 3.6% in the premarket.
Global Payments(GPN) – The payments technology company reported quarterly profit of $2.07 per share, beating estimates by 3 cents a share. Revenue also topped analysts’ forecasts. The company also said it is making progress with a strategic review of its Netspend consumer business.
Berkshire Hathaway(BRK.B) – Berkshireposted a mixed quarter, with first-quarter earnings beating estimates as revenue fell short of Wall Street forecasts. Earnings were down from a year ago due to stock market turbulence and an increase in insurance claims.
HSBC(HSBC) – HSBC is under pressure from its largest shareholder — China-based insurance company Ping An – to break itself up, according to a source familiar with the matter who spoke to Reuters. Ping An is said to have presented its breakup plan to the bank’s board of directors.
Moderna(MRNA) – Moderna said its Covid-19vaccine for children under 6 years oldwill be ready for review by a Food and Drug Administration panel when it meets in June. Moderna applied for emergency use authorization for the treatment last week.
China EV Makers –Li Auto(LI) andNio(NIO) both reported a drop in April deliveries compared to a year ago, saying production took a hit from the resurgence of Covid in China. RivalXpeng(XPEV), however, reported an increase in deliveries compared to April 2021. Li Auto fell 1.7% in the premarket while Nio lost 2%.
Market News
Apple Hit with EU Antitrust Charge over Its Payment Technology
EU antitrust regulators charged Apple on Monday with restricting rivals' access to its NFC chip technology in a move that could result in a hefty fine for the iPhone maker and force it to open its mobile payment system to competitors.
Global Semiconductor Sales in March up 1.1% M/M; Q1 Sales up 23% Y/Y
Global semiconductor sales rose 1.1% M/M in March to $50.6B, according to new data from the Semiconductor Industry Association.
Q1 sales totaled $151.7B, an increase of 23.0% over the first quarter of 2021, but 0.5% less than the fourth quarter of 2021.
SIA represents 99% of the U.S. semiconductor industry by revenue and nearly two-thirds of non-U.S. chip firms.
MGM Resorts Offers to Buy Sweden's Leovegas for $607 Mln
MGM Resorts International on Monday offered to acquire Swedish online gaming company LeoVegas AB for about $607 million, paving the way for the U.S. casino operator to expand its presence in Europe.
MGM floated a recommended public tender offer for 61 crowns ($6.20) in cash per share, which represents a 44.2% premium to LeoVegas' last closing price of 42.32 crowns.
All Blue Capital in $773 Million Bid for Zymeworks
Investment firm All Blue Capital has approached Zymeworks Inc, a developer of antibody therapies for cancer, with a $773 million acquisition offer.
In a regulatory filing late on Thursday, All Blue said it had made a non-binding offer for $10.50 per share in cash, which represents a 116% premium to Wednesday's closing price of $4.86.