U.S. stock futures were down on Tuesday as economic risks posed by central banks moving to ease monetary policies continue to send jitters. Fears about the omicron COVID-19 variant also continue to affect investors’ sentiments.
Don't Miss Our New Year's Offers:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Dow futures (DJIA) were down 0.06%, S&P futures (SPX) were down 0.22% and Nasdaq futures (NDX) were down 0.53% at the time of writing.
Upcoming Earnings
Fire & Flower Holdings (FFLWD), HEXO (HEXO), and Perimeter Solutions (PRM) are set to report their quarterly results before the market opens. RCI Hospitality Holdings (RICK), Skillsoft (SKIL), and Lulu’s Fashion Lounge Holdings (LVLU) will report after the market close.
Premarket Movers
Alzamend Neuro (ALZN) was the most active stock in the pre-market session, with 1.61M shares changing hands at the time of writing. It is still unclear what is causing the increased market activity as no fundamental news has been released to justify the same.
MIND Technology (MIND) was the biggest gainer in the pre-market session, jumping 37.23% at the time of writing. The spike comes on the company confirming it has entered into a cooperative research and development agreement with the U.S. Navy.
Seachange International (SEAC) was the biggest loser in the pre-market session, falling 12.79% at the time of writing. The sell-off comes a day after the stock skyrocketed by more than 100% after it emerged that the company has held talks with social video platform Triller, a platform that has been used by Donald Trump.
Market News
MGM Resorts (MGM) has reached an agreement for the sale of operations of The Mirage Hotel & Casino to Hard Rock International. The company is to fetch $1.075 billion from the transactions, with the deal expected to close in the second half of next year. Under the terms of the agreement, MGM Resorts is to retain the Mirage name while licensing the hotel royalty-free for a maximum of three years.
United Airlines Holdings (UAL) has entered into a strategic partnership with Virgin Australia Group. The partnership, which will become operable early next year, seeks to enhance the traveling experience between the Americas and Australia. The partnership should also allow Virgin Australia to enhance its processes in the U.S.
Intel (INTC) plans to invest $7.10 billion to enhance its production capacity in Malaysia. Reuters reports that the U.S. Chip giant intends to build a state of the art facility that will handle its advanced semiconductor packaging technologies.
Meanwhile, NIKE, Inc. (NKE) has acquired RTFKT, a company best known for delivering next-generation collectibles and the merging of culture and gaming. The terms of the deal remain under wraps. The acquisition is poised to expand the sportswear and apparel giant into the burgeoning Non-Fungible Token space.
Walmart (WMT)-backed Symbotic has reached a deal with Softbank blank check firm SVF Investment Corp to go public. Reuters reports that the merger agreement could accord the robotics and automation startup an equity value of about $5.5 billion when it goes public. The merger is expected to close in the first half of next year.
To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a tool that unites all of TipRanks’ equity insights.
