U.S. stock futures fell on Monday as lofty valuations in the tech sector continue to weigh down markets.
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Dow futures were 0.2% lower, S&P futures were 0.7% weaker and Nasdaq futures looked set to open 1.7% lower at the time of writing.
Viatris Inc (VTRS) was trading over 1% lower in the pre-market session after it posted disappointing Q4 earnings results. Other companies reporting today include Weibo (WB) and Pearson (PSO) before the bell, while Stitch Fix (SFIX), Casey’s (CASY) and Atlas (ATCO) are expected to release their results after the market closes.
Anchiano Therapeutics (ANCN) was among the most actively traded stocks at the time of writing, with over 3 million shares having already changed hands. Investors seem to be reacting to a letter sent out to shareholders about a potential merger.
ANCN was also the biggest gainer in pre-market trading, rising 110% before the open, followed by XSPA (+36%) and ERYP (+20%).
Biggest pre-market losers were CHCI (-17%), LATN (-16%) and LKCO (-15%).
In COVID-related news, Eli Lilly (LLY) closed 3.2% higher on Friday after receiving praise from the European Medicines Agency’s (EMA) Committee for its antibody treatment for confirmed COVID-19 cases. CEO David Ricks said that the EMA’s validation of the treatment was an “important milestone” in providing COVID patients around the world with potentially life-saving treatments. He added that the company is prepared to provide low- and middle-income countries doses at greatly reduced prices or zero charge.
Meanwhile, Kite Pharma, a subsidiary of Gilead Sciences (GILD), announced that the US Food and Drug Administration (FDA) has approved its first-of-its-kind treatment for relapsed or refractory follicular lymphoma. “As we look to bring the hope of survival to more patients in need, today’s FDA decision represents a real step forward in our commitment in hematologic malignancies,” said Kite CEO Christi Shaw.
Twilio (TWLO) announced the pricing of its $1 billion public offering of unsecured senior notes. The offering will close around March 9 and the proceeds will be used for general corporate purposes. The notes will be offered in two tranches of different maturities and interest rates. $500 million worth of notes carrying an annualized interest rate of 3.625% will mature in 2029, while another $500 million of senior notes with an interest rate of 3.875% will mature in 2031.
Shares of SeaWorld (SEAS) gained over 4% on Friday after the theme park operator announced the reopening of three of its amusement parks in Orlando, San Antonio, and San Diego. “We are excited to be able to continue to add remarkable new offerings to our in-park experiences this season, creating even more memorable experiences for our guests,” said interim CEO Marc Swanson.
In M&A news, Chevron (CVX) has agreed to buy the remaining limited partnership interests in Noble Midstream (NBLX) in an all-stock deal. Chevron will acquire all 33.925 million of the publicly held common shares, while shareholders of Noble will receive 0.1393 shares of Chevron common stock for each unit held. The deal is expected to close in Q2.
