Monday’s Pre-Market: Here’s What You Need To Know Before The Market Opens

U.S. stock futures rose on Monday as investors digest the much better-than-expected non-farm payrolls report that was released on Friday.

All three major indices were trading around 0.5% higher at the time of writing.

Carnival Corp (CCL), HD Supply (HDS) and Greenbrier (GBX) are expected to release their earnings results today with Duck Creek (DCT) and Planet 13 (PLNHF) expected to report after the market closes.

Chembio (CEMI) was the most actively traded stock in the pre-market with almost 3 million shares having already changed hands. CEMI shares were trading 34% higher than their close on Thursday at the time of writing.

The biggest gainer in the pre-market was International General Insurance Holdings (IGIC), rising 138%, followed by Nano-X Imaging (NNOX), which was up 53%.

Pre-market’s top laggards were Liberty TripAdviser Holdings (LTRPA), down 20%, Orphazyme (ORPH), down 13%, and GameStop (GME), down 12%.

Shares of Supernus Pharmaceuticals (SUPN) climbed 10% before the bell after the U.S. Food and Drug Administration (FDA) approved Qelbree, a treatment for ADHD in patients aged 6 to 17. “Based on the efficacy demonstrated in the clinical program, we believe Qelbree offers a unique new alternative for the treatment of ADHD. Qelbree provides prescribing physicians and patients living with ADHD a therapy that is not a controlled substance with proven efficacy and a tolerable safety profile,” said CEO, Jack Kattar.

Meanwhile, Emergent BioSolutions (EBS) rose over 3% in pre-market trading after receiving a $23 million contract modification from Biomedical Advanced Research and Development Authority (BARDA). The company plans to use the investment to acquire biologics manufacturing equipment specific to Johnson & Johnson’s COVID-19 vaccine. Meanwhile, Emergent plans to decrease the manufacturing of AstraZeneca’s COVID-19 vaccine bulk drug substance in-line with a mutual agreement between the U.S. government and AstraZeneca.

In M&A news, Q2 Holdings (QTWO) rose 2.8% on April 1 after agreeing to buy Minneapolis-based ClickSWITCH, a digital account switching solution provider for financial institutions and fintech companies. The financial terms of the deal were not disclosed. The acquisition will boost the company’s digital banking offerings and expand its market share. CEO Matt Flake said, “A major challenge that financial institutions and fintechs face is converting their clients to become primary account holders. We believe Q2’s acquisition of ClickSWITCH will enable us to help our customers efficiently solve this pain point and drive account profitability.”

Pacific Western Bank, a subsidiary of PacWest Bancorp (PACW) has agreed to buy Homeowners Association Services Division from MUFG Union Bank, N.A.  The existing management team and employees of the HOA Services Division will join Pacific Western Bank and the acquisition is expected to close in the Q4 2021. Certain assets and liabilities of the HOA Services Division will be acquired by Pacific Western Bank for a premium of 5.9% on deposits plus the net book values of certain assumed assets and liabilities for $250 million in cash.

Resideo Technologies (REZI) has announced the acquisition of Norfolk Wire & Electronics for an undisclosed amount. Norfolk will become a part of Resideo’s ADI Global Distribution business. CEO Jay Geldmacher said, “ADI is core to Resideo’s long-term growth, and this acquisition aligns with our strategy to identify and execute on tuck-in acquisitions that accelerate ADI’s expansion in adjacent categories.”