U.S. stock futures were trending lower on Monday as investors digested the impact of western nations ramping up sanctions on Russia. Fears in the equity market also appear to have been exacerbated by President Vladimir Putin placing his nuclear deterrent force on high alert.
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Dow futures (DJIA) were down 1.48%, S&P futures (SPX) were down 1.71%, and Nasdaq futures (NDX) were down 1.55% at the time of writing.
Upcoming Earnings
Praxis Precision Medicines (PRAX), TEGNA (TGNA), and VEON Ltd. (VEON) will report their quarterly results before the bell. 3D Systems Corp. (DDD), ACADIA Pharmaceuticals (ACAD), and MiMedx Group (MDXG) will report after the market close.
Market News
In M&A news, Kimberly-Clark Corporation (KMB) has acquired a majority stake in reusable period and incontinence underwear producer Thinx. While the terms of the deal remain under wraps, the acquisition is expected to strengthen the company’s position in the space and its product lineup. The acquisition should also enhance the company’s push to build a portfolio of period and light bladder leakage solutions.
Meanwhile, Zendesk, Inc. (ZEN) has terminated its merger agreement with Momentive Global Inc. Zendesk’s shareholders rejected the deal at a stockholder meeting. The two companies hoped to come together to create a powerful new Customer Intelligence company.
Alphabet, Inc.’s (GOOGL) Google has temporarily disabled some tools of Google Maps in Ukraine. The decision was made after discussions with regional authorities as part of measures aimed at protecting citizens amid the ongoing invasion by Russian forces. The most affected tools are those that provide real-time information about traffic conditions and how busy restaurants and stores are.
Shares of Foot Locker, Inc. (FL) fell 29.8% after the American athletic shoes and apparel retailer delivered disappointing Fiscal 2022 guidance and mixed Q4 2021 results. Adjusted earnings in the quarter landed at $1.67 a share, above consensus estimates of $1.48 a share. Quarterly sales landed at $2.34 billion, below consensus estimates of $2.36 billion. The company expects FY22 sales to increase by between 4% and 6%.
Global chip shortages will force Ford (F) to halt production at its Kansas City assembly plant. Reuters reports the automaker will halt production for a week, having already suspended operations at eight of its plants in North America. The automaker has also warned that it could produce its fewest number of vehicles this quarter due to chip shortages.
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