U.S. stock futures bounced back from overnight lows Tuesday morning but remained below the flatline to start the holiday-shortened week as investors continued to monitor tensions between Russia and Ukraine and await the Kremlin’s next move.
Market Snapshot
At 8 a.m. ET, Dow e-minis were down 65 points, or 0.19%, S&P 500 e-minis were down 5.75 points, or 0.13%, and Nasdaq 100 e-minis were down 72 points, or 0.51%.
Pre-Market Movers
Home Depot – The home improvement retailer’s stock rose 1% in the premarket after its quarterly profit and revenue beat Wall Street forecasts. Home Depot earned $3.21 per share, 3 cents above estimates, and comparable-store sales also beat estimates. Home Depot also announced a 15% dividend increase.
Macy’s – Macy’s beat estimates by 45 cents with adjusted quarterly earnings of $2.45 per share, and the retailer’s revenue beat estimates as well. Macy’s also authorized a new $2 billion share buyback program and announced a 5% dividend increase. The stock rallied 7.9% in premarket action.
Tempur Sealy – The mattress company’s stock slid 5% in the premarket after its adjusted quarterly earnings of 88 cents per share missed estimates by 8 cents, and revenue fell short of Street forecasts. Tempur Sealy’s results were impacted by costs that grew faster than sales.
Medtronic – The medical device maker’s shares reported a mixed quarter. Revenue missed forecasts and its adjusted quarterly profit beat estimates by a penny at $1.37 per share. Medtronic said it is seeing improved procedure volumes, and its most recent quarter was driven by strong demand for its heart devices. The stock initially slid 1.2% in the premarket but then erased that loss.
Houghton Mifflin – The publishing company agreed to be bought by private equity firm Veritas Capital for $21 per share in cash or about $2.8 billion. The stock surged 14.9% in premarket trading.
SoFi Technologies(SOFI) – The financial technology firm announced a deal to buy banking software maker Technisys for about $1.1 billion stock, saying the addition will generate up to $800 million in additional revenue through 2025. SoFi fell 2.7% in premarket action.
Tegna – The TV station operator’s shares jumped 7.4% in the premarket after agreeing to a $24 per share buyout deal with private equity firms Standard General andApollo Global Management(APO).
McDonald’s – Investor Carl Icahn launched a proxy fight for two board seats at the restaurant chain, as part of his push for more ethical treatment of pigs by McDonald’s suppliers. McDonald’s fell 1% in the premarket.
Krispy Kreme – The doughnut chain fell a penny shy of forecasts with adjusted quarterly earnings of 8 cents per share, although revenue topped Wall Street forecasts. Krispy Kreme was able to offset wage and commodity inflation with price increases. Krispy Kreme added 1.2% in premarket trading.
DraftKings – The sports betting company’s stock slid 5.5% in the premarket after Wells Fargo downgraded it to “equal weight” from “overweight” and cut the price target to $19 per share from $41. Wells Fargo is concerned with the company’s path to profitability given the pace of the increase in expenses. DraftKings has fallen for the past three sessions, including a 21.6% plunge Friday following its quarterly report.
Market News
Television broadcaster Tegna is said near a sale to Standard General and Apollo Global for $24/share,an announcement of a deal could happen as soon as Tuesday.
HSBC Holdings will start a share buyback of as much as $1 billion, on top of an earlier $2 billion program, citing “good momentum coming into 2022”.
Coinbase Pays Out $250K Bounty To Ethical Hacker Who Prevented Nuking Of Entire Crypto Market By Reporting Critical Flaw.
SoFi Technologies Inc. said Tuesday it has entered an agreement to acquire Technisys, a cloud-based banking platform, in an all-stock deal valued at about $1.1 billion.
Tesla's automatic lane change feature Autopilot is facing a safety review in Germany.Germany will be in contact with the Netherlands vehicle agency, which approves vehicles across Europe.