U.S. stock futures were down on Tuesday as investors await clarity from the Federal Reserve on whether it is time to raise interest rates sooner than anticipated. Investors also continue digesting commentary on whether the recent surge in inflation is sustainable.
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Dow futures were down 0.02%, S&P futures were down 0.06% and NASDAQ futures were down 0.18% at the time of writing.
Apollo Global Management, Inc. (APO), Avanos Medical, Inc. (AVNS), and Rockwell Automation, Inc. (ROK) are set to report their quarterly earnings before the market opens. Big 5 Sporting Goods Corp. (BGFV), Activision Blizzard, Inc. (ATVI), and Amcor PLC. (AMCR) will report after the market close.
Baosheng Media Group Holdings (BAOS) was the most active stock in the pre-market session, with 4.28 million shares changing hands at the time of writing. The stock was also up by 97.45%. However, it is still unclear what is causing the stock to spike as no fundamental news has been released to justify the pop.
Bone Biologics Corp. (BBLG) was one of the biggest gainers in the pre-market session, jumping 51.28% at the time of writing. It is also unclear what is causing the stock to spike, as no fundamental news has been released to justify the pop.
Chegg (CHGG) was one of the biggest losers in the pre-market session, falling 31.88% at the time of writing. The sell-off came after the company delivered disappointing Q3 results, with revenues missing estimates and Q4 guidance missing estimates.
In M&A news, The Coca-Cola Company (KO) has acquired the remaining 85% stake in sports performance hydration beverage company BODYARMOR for $5.6 billion in cash. The company had acquired an initial 15% stake in the company in 2018. With the acquisition, the beverage major should strengthen its sports drink offerings.
Walmart, Inc. (WMT) is in the process of launching a new range of accessible eyewear under the Elton John Eyewear line at the Sam’s Club. According to one analyst, Walmart has the potential to compete with Amazon Prime (AMZN), if it expands its general merchandise category.
The Clorox Company (CLX) delivered better-than-expected Fiscal first-quarter results after shrugging off pricing pressures and falling consumer demand. Adjusted earnings were down 54% year-over-year to $1.21 a share but above analysts’ estimate of $1.03 a share. Net sales were also down 6% at $1.81 billion, but exceeded consensus estimates of $1.7 billion.
Public Storage (PSA) delivered upbeat operating results for Q3 2021, with revenue and earnings coming above consensus estimates. Revenue in the quarter landed at $894.93 million above consensus estimates of $852.54 million. Core funds from operations totaled $3.42 a share, compared to $2.63 a share delivered in the same quarter last year, and above consensus estimates of $3.23 a share.
ON Semiconductor (ON) posted better-than-expected Q3 2021 results, driven by the implementation of a new strategy. Revenue increased 32% year-over-year to record highs of $1.74 billion and above consensus estimates of $1.71 billion. Non-GAAP diluted EPS also landed at record highs of $0.87, above consensus estimates of $0.74.
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