Tuesday’s Pre-Market: Here’s What You Need to Know Before the Market Opens

U.S. stock futures were relatively flat on Tuesday as investors await key trade data and a host of corporate earnings reports. However, Wall Street remains cautious amid concerns that the Federal Reserve will raise interest rates faster than expected.

Dow futures (DJIA) were up 0.12%, S&P futures (SPX) were up 0.09% and Nasdaq futures (NDX) were up 0.09% at the time of writing.

A better-than expected-jobs report last week added to the concerns in the equity markets, affirming suggestions that the central bank will embark on aggressive monetary policy tightening. Looking ahead, investors await the release of key inflation data for January on Thursday.

Upcoming Earnings

Malibu Boats (MBUU), KKR & Co. (KKR), and Avient (AVNT) will report their quarterly results before the bell. Absolute Software (ABST), Chipotle (CMG), and DHI Group Inc. (DHX) are set to report their quarterly results after the market close.

Market News

Fiserv, Inc. (FISV) has reached an agreement to acquire cloud-native banking solutions developer Finxact for $650 million. The transaction is expected to close before year-end. The acquisition is likely to bolster the company’s account processing, digital, and payment solutions. It should also strengthen its efforts to offer modern, flexible, and highly personalized digital banking experiences.

CooperCompanies (COO) has reached an agreement for the acquisition of Cook Medical’s Reproductive Health business for $875 million. The company is to pay $200 million in four installments of $50 million each and $675 million upon completion of the deal. The acquisition should allow the company to expand its international fertility footprint.

Bumble (BMBL) has acquired French dating app Fruitz marking its first-ever acquisition since inception in 2014. The acquisition should allow the company to expand its product offerings to focus on empowering relationships. Following the acquisition, the company’s portfolio will include Fruitz, Badoo, and Bumble apps.

Tyson Foods, Inc. (TSN) shares popped 12.3% after the company delivered better-than-expected Fiscal Q1 results despite facing labor challenges and supply-chain constraints. Adjusted earnings landed at $2.87 a share, up 48% year-over-year and better than consensus estimates of $1.86 a share. Sales jumped 23.6% year-over-year to $12.93 billion, beating consensus estimates of $12.09 billion.

Chegg, Inc. (CHGG) popped 7% in extended trading hours after the education technology company delivered solid fourth-quarter 2021 results. Net revenues in the quarter landed at $207.5 million, beating consensus estimates of $195.2 million. Adjusted earnings came in at $0.38 a share, above consensus estimates of $0.31 a share.

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