U.S. stock futures were trending lower on Thursday as European and U.S. stocks retreated following Wednesday’s rally. Meanwhile, commodity prices surged, exacerbating the worst inflation in 40 years. Crude prices soared past $110 per barrel as Russia’s invasion of Ukraine entered its seventh day. Investors are worried that the increasing cost of materials is likely to push central banks to tighten monetary policies to stabilize markets.
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Dow Futures (DJIA) were down 0.12%, S&P futures (SPX) were down 0.18%, and Nasdaq futures (NDX) were down 0.31%.
Upcoming Earnings
Admiral Group (AMIGY), Arbutus Biopharma Corp. (ABUS), and Aurora Mobile Ltd. (JG) are set to report their quarterly results before the bell. ACRES Commercial Realty (ACR), AeroVironment, Inc. (AVAV), and Agilon Health Inc. (AGL) will report after the market close.
Market News
Victoria’s Secret & Co. (VSCO) released better-than-anticipated Q4 results for the period ending January 29, 2022. Net sales rose 4% year-over-year to $2.18 billion, beating estimates of $2.14 billion. Earnings dropped 15.7% year-over-year to $2.7 billion but exceeded consensus estimates of $2.63 per share. For Q1 2022, the company expects revenue of between $1.425 billion and $1.495 billion.
Netflix (NFLX) has agreed to purchase Next Games, a Finland-based mobile games creator. The company expects to complete the transaction in Q2 2022. The video streaming giant’s VP of Games indicated that the acquisition of Next Games would expand the company’s internal game studio offerings. The deal values Next Games at around €65 million. Netflix will pay for the purchase in cash.
Palantir Technologies Inc. (PLTR) has announced the signing of a global strategic collaboration with technical professional services company Jacobs (J) to create data-driven tech solutions for national security and infrastructure markets. Initially, the partnership will focus on the water industry with the introduction of a common data analytics solution supporting private and public sector clients to solve water infrastructure challenges through plant data aggregation and analysis.
AstraZeneca (AZN) has acquired the exclusive rights for Neurimmune’s NI006, a treatment candidate that targets a condition leading to heart failure. NI006 is currently under evaluation in a phase Ib study. In addition, AstraZeneca has, through its rare disease division Alexion, received exclusive global rights for the development, production, and commercialization of NI006.
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