U.S. stock futures rose on Monday morning, following the S&P 500′s third straight weekly gain, as investors shifted focus to a key inflation report this week.
Market Snapshot
At 7:50 a.m. ET, Dow e-minis were up 59 points, or 0.18%, S&P 500 e-minis were up 10 points, or 0.24%, and Nasdaq 100 e-minis were up 58 points, or 0.44%.
Pre-Market Movers
Palantir Technologies Inc. – The data analytics company’s stock plunged 15.6% in premarket trading after it reportedan unexpected quarterly loss, and lowered its full-year forecast due to the uncertain timing of some government contracts.
Signify Health, Inc. –CVS Health(CVS) is planning a bid for Signify in an effort to expand in-home health services, according to people familiar with the matter who spoke to The Wall Street Journal. The paper had reported last week that Signify was exploring strategic alternatives including a sale. Its stock surged 16.7% in the premarket.
Global Blood Therapeutics – The maker of blood disorder treatments will be bought by Pfizer(PFE) for $5.4 billion, or $68.50 per share in cash. Global Blood shares soared 88% over the past two sessions following reports that a deal was near, and gained another 4.2% in the premarket.
Tyson – The beef and poultry producer reported quarterly profit of $1.94 per share, 4 cents a share shy of estimates. Revenue beat forecasts, however, as beef demand remained high. Chicken volume fell 2.1% but Tyson said that business continues to improve. Tyson shares slid 2.5% in premarket trading.
Barrick Gold Corp – The mining company’s shares added 3.2% in premarket trading following better-than-expected quarterly results, helped by higher copper output.
Baidu – The China-based search engine company won approval to operate driverless taxi services in two Chinese cities, the first such approvals in the country. Baidu added 1.2% in premarket action.
First Solar – The solar company was upgraded to “buy” at Guggenheim and to “overweight” at J.P. Morgan Securities, with both saying First Solar is among those poised to benefit most from the Senate-passed Inflation Reduction Act. First Solar gained 4.2% in premarket action, with other solar stocks rallying as well.
Emerson – The manufacturing company is selling its InSinkErator garbage disposal business to appliance maker Whirlpool(WHR) for $3 billion.
Avalara Inc – The tax software provider agreed to be acquired by private-equity firm Vista Partners for $8.4 billion, including debt, or $93.50 per share. Avalara fell 4% in the premarket but had risen 30% since reports of a potential deal first surfaced in early July.
Magic Empire Global Ltd – It provides underwriting and advisory services and has helped just one company go public since 2020, surged 2,325% in its debut session Friday in New York to a market capitalization larger than football club Manchester United Plc. Stocks surged over 105% and rose over 4900% in 2 days.
Market News
The White House has declared monkeypox a public health emergency. Within the last two weeks, California, New York and Illinois making the same declaration already, and many other states are sounding the alarm. With the Joe Biden administration finally issuing this decree, though, public health officials have more flexibility to take action.
Senate Democrats passed their climate and healthcare spending package on Sunday, sending the legislation to the House and bringing Joe Biden one step closer to a significant legislative victory ahead of crucial midterm elections in November.
Elon Musk said he'd proceed with his $44 billion takeover of Twitter if he is given bot info, he called for a public debate on how Twitter assesses fake accounts and has accused the platform of withholding bot information, which is blocking the deal.
Berkshire Hathaway reported Q2 operating earnings of $9.28 billion, up from the year-ago quarter's $6.69 billion.It also reported massive investment and derivative losses of $53.04 billion, reversing from a profit of $21.41 billion inQ2 2021.
Palantir Technologies Inc. posted revenue of $473 million, up 26% from a year ago, and ahead of both the company’s target of $470 million and analysts’ consensus of $466 million. Palantir said commercial revenue was up 46% from a year ago, with U.S. commercial revenue up 120%. U.S. government revenue was up 27%; overall U.S. revenue rose 45% to $290 million.
Pfizer has agreed to buy Global Blood Therapeutics Inc. for $5.4 billion, and it would pay $68.50 a share in cash.It wants to add $25 billion in revenue from business-development moves like mergers and acquisitions by 2030.
BioNTech SE’s Q2 revenue was €3.2 billion, net profit was €1.7 billion and fully diluted earnings per share of €6.45 ($6.872) as well as first half 2022 revenues of €9.6 billion, net profit of €5.4 billion and fully diluted earnings per share of €20.69 ($18.922).
Barrick Gold Corp reported a nearly 19% rise in second-quarter profit on Monday, helped by higher output of copper from its mines. Copper production rose 25% to 120 million pounds inQ2, while gold output rose marginally to 1.043 million ounces from 1.041 million ounces.