U.S. stock futures turned up after the key employment data. Initial unemployment claims increased by 21,000 to 211,000 in the week ended March 4, Labor Department data showed Thursday. The median forecast of economists was for 195,000 applications.
Market Snapshot
At 8:55 a.m. ET, Dow e-minis were up 54 points, or 0.16%, S&P 500 e-minis were up 3.25 points, or 0.08%, and Nasdaq 100 e-minis were up 4.5 points, or 0.04%.
Pre-Market Movers
Troika Media Group Inc. -- Stocks rebounded nearly 32% in premarket trading. It recently reported that it has 12.89 million shares sold short, which is 49.44% of all regular shares that are available for trading.
Cassava Sciences Inc -- Stocks gained over 12% in premarket trading. An SEC filing shows Barry who is a managing member at GSM Fund LLC purchased 11,565 shares at an average price of $26.13 on March 6 for a total amount of $302,193. The following day, he purchased 77,276 shares at an average price of $25.76 for a total amount of ~$1.99M.
Asana, Inc. -- Stocks jumped over 17% in premarket trading after Chairman and CEO Dustin Moskovitz, the company’s founder, disclosed plans to buy up to 30 million shares of the software company’s Class A common stock. The company also said it expects a fiscal first-quarter loss narrower than Wall Street forecasts.
MongoDB Inc. -- Stocks fell over 10% in premarket trading after issuing revenue forecasts for the fiscal first quarter and year that were below analysts’ expectations.
Silvergate Capital -- Stocks crashed 50% after announcing that subsidiary Silvergate Bank, the crypto-focused bank, would wind down operations and liquidate. Silvergate said in a filing with the Securities and Exchange Commission last week that it would delay the filing of its annual report and was assessing its ability to “continue as a going concern.”
SVB Financial Group -- Stocks tumbled over 31% in premarket trading. It said on Wednesday it intends to offer $1.25 billion of its common stock and $500 million of depositary shares in separate offerings. It also sold about $21 billion of securities, which will result in an after-tax loss of $1.8 billion in the first quarter of 2023.
Credit Suisse Group AG -- Stocks fell over 5% in premarket trading. It delayed the publication of its annual report and compensation details for 2022 after US regulators raised last-minute technical queries on previous statements.
Tesla Motors -- Stocks slid over 3% in premarket trading. It is removing all the radars from the China-made Model Y crossover, following its practice in the US market.
Market News
Federal Reserve Chair Jerome Powell on Wednesday reaffirmed his message of higher and potentially faster interest rate hikes, but emphasized that debate was still underway with a decision hinging on data to be issued before the U.S. central bank's policy meeting in two weeks.
Apple is reshuffling management of its international businesses to put a bigger focus on India, according to people with knowledge of the matter, a sign of the nation’s growing importance. The shift will mark the first time that India becomes its own sales region at Apple, which has seen demand surge in the country.
JD.com's Q4 Revenue rose 7.1% to 295.4 billion yuan ($42.8 billion) in the three months ended December. Quarterly net income attributable to ordinary shareholders was 3 billion yuan, compared with a net loss of 5.2 billion yuan a year earlier.
Uber is exploring whether to spin off its Uber Freight logistics arm in a sale or as a separate publicly traded company to streamline its focus on ride hailing and food delivery, according to people familiar with the matter.
Credit Suisse Group AG delayed the publication of its annual report and compensation details for 2022 after US regulators raised last-minute technical queries on previous statements.
American Express said Wednesday its board has approved the repurchase of up to 120M common shares, replacing the ~36M shares remaining from the previous authorization in 2019.
Eli Lilly said late Wednesday that a drug aimed at preventing Alzheimer's disease before symptoms start has failed to slow down cognitive decline in healthy older adults at risk of developing the disease.
The U.S. International Trade Commission on Wednesday banned imports of video-streaming fitness devices made by Peloton Interactive, Inc. and iFit Inc after an agency in-house judge last year found they infringed Dish Network Corp patents.