By Joe Woelfel
Stock futures dipped Monday ahead of inflation data later this week. The S&P 500 and Nasdaq Composite each have risen for three straight weeks.
These stocks were poised to make moves Monday:
Super Micro Computer said it has been granted an extension from Nasdaq that gives the server marker until Feb. 25, 2025, to file its latest annual report. In a statement, Super Micro said it currently expects to file all the required reports by the deadline. The company also said its stock would remain listed on the Nasdaq during the exception period as long it remains in compliance with listing rules. Super Micro shares rose 6.6% in premarket trading.
Tesla was up 1.4% in premarket trading after rising 5.3% on Friday to $389.22, the electric-vehicle maker's highest closing level since Jan. 3, 2022, and finishing with a market capitalization of $1.249 trillion, a record high, according to Dow Jones Market Data. Entering Monday, Tesla has risen 57% this year.
Apollo Global Management, the alternative asset manager, and Workday, the workplace cloud-services platform, will be added to the S&P 500 prior to the start of trading on Dec. 23, in conjunction with the index's quarterly rebalancing. They will replace Qorvo and Amentum Holdings, both of which will move to the S&P Small Cap 600 index. Apollo Global was up 6.2% and Workday jumped 9.4% in premarket trading. Qorvo fell 2.4% and Amentum was down 0.7%.
AppLovin was falling 5% after the advertising-technology company wasn't added to the S&P 500. Barron's had reported Friday that AppLovin, Apollo, and Coinbase Global were leading candidates that might be added to the index because they have three of the largest market values of any companies not in the S&P 500. Coinbase declined 2.6% in premarket trading.
Interpublic Group was rising 14% to $33.37 after The Wall Street Journal reported Omnicom was in advanced talks to acquire the fourth-biggest ad company. Omnicom is the world's third-largest ad company and the deal would create the largest ad company in the world, surpassing WPP. A transaction could be announced as early as this week, the Journal reported, citing people familiar with the matter. The all-stock deal likely will value Interpublic at between $13 billion and $14 billion, excluding debt, some of the people told the Journal. Omnicom shares fell 4.3%.
SoFi Technologies was down 3.4% to $15.48. Analysts at BofA downgraded shares of the financial-technology company to Underperform from Neutral and left their price target unchanged at $12, the Fly reported. The analysts noted the stock's gain of more than 120% over the past three months.
Earnings reports are expected Monday from Oracle, MongoDB, Toll Brothers, and C3.ai.
Earnings reports are expected later in the week from Broadcom, Costco Wholesale, Adobe, AutoZone, Ferguson Enterprises, GameStop, Academy Sports and Outdoors, Lennar, Jabil, and Ciena.
Write to Joe Woelfel at joseph.woelfel@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
December 09, 2024 06:47 ET (11:47 GMT)
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