U.S. stock futures were down on Friday as investors reacted to the central banks of Europe and England tightening their monetary policies. Fear also gripped the market amid a growing number of Omicron cases, which threatens economic recovery.
Dow futures (DJIA) were down 0.06%, S&P futures (SPX) were down 0.20% and Nasdaq futures (NDX) were down 0.63% at the time of writing.
Upcoming earnings
Darden (DRI) and Winnebago Industries (WGO) are set to report their quarterly results before the market opens. Ennis, Inc. (EBF), Global Elsimate Capital (CRYBF), Rayont, Inc. (RAYT), and Zojirushi Corporation (ZOJIF) are also scheduled to report today.
Pre-market movers
Adagio Therapeutics (ADGI) was the most active stock in the pre-market session, with 1.25M shares changing hands at the time of writing. The increased market activity comes on the heels of Jefferies analyst Michael Yee reiterating a Buy rating on ADGI stock with a $46 price target.
Genfit SA (GNFT) was the biggest gainer in the pre-market session, jumping 48.48% at the time of writing. The spike comes on the company inking a long-term strategic collaboration with Ipsen to develop, manufacture, and commercialize GENFIT’s investigational treatment elafibranor. The GNFT price target of $10.16 implies 206.02% upside potential to current levels
Abeona Therapeutics (ABEO) was the biggest loser in the pre-market session, falling 25.06% at the time of writing. The sell-off comes on the company announcing the pricing of a public offering of its common stock. ABEO stock scores a 2 out of 10 on TipRanks’ Smart Score rating system, suggesting that the stock is likely to underperform market averages.
Market news
Autodesk, Inc. (ADSK) has reached an agreement to acquire cloud-based estimating solutions provider ProEst. While the deal is expected to close in the fourth quarter of Fiscal 2022, the terms of the deal remain under wraps. The acquisition should strengthen AutoDesk’s construction management platform.
Meanwhile, Citigroup, Inc. (C) has entered into a sale agreement with independent wealth management firm Insigneo. The agreement is for the sale of the financial services and banking group, Puerto Rico-based Citi International Financial Services LLC, and Uruguay-based advisory firm Citi Asesores de Inversion Uruguay S.A. (Citi Asesores). The sale should allow the company to simplify its wealth management business.
Meta Platforms-owned Facebook (FB) is on course to secure approval for its proposed acquisition of CRM specialist Kustomer. Citing people familiar with the matter, Reuters reports that the company could secure E.U. approval after offering strong remedies to avert antitrust concerns. The company has already secured regulatory approval for the deal in Britain and Australia.
Shares of FedEx Corporation (FDX) popped 5% after the company delivered impressive Fiscal 2022 second-quarter results. Adjusted earnings landed at $4.83 a share, exceeding consensus estimates of $4.27 a share. Revenue was up 14% year-over-year to $23.5 billion, beating consensus estimates of $22.44 billion. FDX’s upcoming earnings report for Fiscal Q3 2021 is scheduled for March 17, 2022.
Lennar Corp. (LEN) shares fell 4.1% despite the company delivering stellar Fiscal fourth-quarter results. The company posted earnings of $4.36 a share, better than the $4.15 a share that analysts expected. Revenues jumped 24% year-over-year to $8.4 billion, exceeding consensus estimates of $8.2 billion. The average Lennar stock forecast of $125.83 implies 16.02% upside potential to current levels.
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