- S&P 500 looks to add to Thursday's record close.
- Meme stocks get some relief after hitting a wall.
- Blockchain stocks rally in premarket trading.
- Airline stocks rally in premarket trading.
- EV stocks rally in premarket trading.
(June 11) U.S. stock futures traded slightly higher in early pre-market trade after the S&P 500 index jumped to a new high in the previous session following data on consumer price inflation and jobless claims. Investors are awaiting earnings results from Cheetah Mobile and Azure Power Global.
The University of Michigan's consumer sentiment index for June is scheduled for release at 10:00 a.m. ET. The consumer sentiment index dropped over 5 points to 82.9 in May due to rising inflation expectations. Analysts, however, expect June's preliminary reading to rise slightly to 84.
At 7:58 a.m. ET, Dow e-minis were up 73 points, or 0.21%, S&P 500 e-minis were up 6.5 points, or 0.15%, and Nasdaq 100 e-minis were up 28 points, or 0.20%.
Stocks making the biggest moves in the premarket: Snowflake, Vertex Pharmaceuticals, Chewy & more
1) Snowflake(SNOW) – Snowflake shares fell 3.7% in premarket trading, following the cloud computing company’s presentation of financial targets at its Investor Day meeting. Snowflake set a target of reaching $10 billion in annual product revenue by 2029, compared to $554 million in its fiscal year that ended in January.
2) Vertex Pharmaceuticals(VRTX) – The drugmaker halted development of an experimental drug designed to treat a rare genetic disease called AAT Deficiency. Vertex said the drug raised levels of a deficient protein, but not enough to provide a substantial benefit. Vertex plunged 13.9% in the premarket.
3) Chewy(CHWY) – Chewy earned 9 cents per share for its latest quarter, compared to consensus forecasts for a 3 cents per share loss. The pet products retailer's revenue also beat estimates and gave an upbeat revenue outlook. Chewy also warned of labor shortages and supply chain issues that are impacting product availability.
4) Dave & Buster's(PLAY) – Dave & Buster's reported a surprise profit for its first quarter, with earnings of 40 cents per share. Analysts had predicted a loss of 16 cents per share for the restaurant chain. Dave & Buster's said the recovery in its business has continued through the first part of the current quarter, and its shares jumped 5.5% in premarket action.
5) Royal Caribbean(RCL) – Royal Caribbean’s Celebrity line said two passengers aboard its Millennium cruise shiptested positive for Covid-19. The passengers – who were traveling together – are asymptomatic and have been isolated, and the cruise line is currently conducting contact tracing. Royal Caribbean lost 1.3% in premarket trading.
6) Biogen(BIIB) – Biogen added 1.4% in the premarket after UBS upgraded the drug maker’s stock to “buy” from “neutral,” and Bernstein raised its rating to “outperform” from “market perform.” Both firms base their upgrades on the potential sales bump from the Food and Drug Administration’s approval this week of Alzheimer’s disease treatment Aduhelm.
7) AMC Entertainment(AMC),GameStop(GME),Clover Health(CLOV) – These “meme stocks” continue to be volatile, with AMC surging 8% in the premarket, GameStop jumping 5.7% and Clover Health up 3%.
8) Tesla(TSLA) – Teslaunveiled its Model S Plaidat an event held at its Fremont, California factory. The new high-end version of its Model S sells for just under $130,000. Separately, Goldman Sachs reiterated its “buy” rating on the stock.
9) American Airlines(AAL) – American Airlines is investing $25 million in electric flying taxi startup Vertical Aerospace. American said it planned to buy up to 250 of the electric aircraft, which are set for an initial test flight later this year.
10) Callaway Golf(ELY) – Callaway Golf will replaceGrubHub(GRUB) in the S&P MidCap 400 index, effective prior to the opening of trading on June 15. GrubHub is in the process of being acquired by British firm Just Eat Takeaway. Callaway – a leading maker of golf clubs and other golf products – will be replaced in the S&P SmallCap 600 byApollo Medical(AMEH). Callaway slid 3.7% in premarket trading, while Apollo surged 11.9%.
11) Livent(LTHM) – The lithium power specialist’s shares fell 2% in the premarket after announcing a public offering of 13 million shares at $17.50 per share. Livent plans to use the proceeds for general corporate purposes, repaying debt, and boosting capital spending.
12) Monday.com(MNDY) – The Israel-based maker of work management software is on watch ahead of its second day of trading, after pricing its initial public offering at $155 per share and closing Thursday at $178.87.