Wednesday’s Pre-Market: Here’s What You Need To Know Before The Market Opens

U.S. stock futures were trading slightly higher on Wednesday as investors await the latest release of U.S. inflation data later today.

Dow and S&P 500 futures were around 0.3% stronger while Nasdaq futures were almost 0.5% higher at the time of writing.

KO, GM and CME will be reporting their earnings results before the bell and EFX, MGM and WU will release their results after the market closes.

Sundial Growers was most actively traded before the bell, with almost 12 million shares having already changed hands at the time of writing. Shares were up around 19% in the pre-market session.

Cancer Genetics was the top gainer in pre-market trading and looked set to open 225% higher, followed by BioHiTech (+64%) and Gamida Cell Ltd (+55%).

The biggest losers in the pre-market session were Applied UV Inc. (-20%), Aware Inc. (-16%) and SemiLEDS (-13%).

In corporate earnings news, Twitter (TWTR) rose 3.5% in pre-market trading on Wednesday after reporting better-than-expected Q4 results. Total revenues grew 28% to $1.29 billion, beating analysts’ expectations of $1.19 billion, while adjusted earnings increased 52% on a year-over-year basis to $0.38 per share, beating Street estimates of $0.31 per share. Total revenue for Q1 2021 is anticipated to be in the range of $940 million to $1.04 billion, versus analysts’ estimates of $965.14 million.

Cisco Systems (CSCO) dropped 4.6% before the bell on Wednesday, as Q2 revenues of $12 billion came in flat year-on-year, but ahead of analysts’ estimates of $11.9 billion. Meanwhile, EPS of $0.79 beat analysts’ expectations of $0.76. Cisco’s software business generated $3.6 billion in revenues, with 76% of that coming from software subscriptions. Cisco also increased its quarterly dividend by 3% to $0.37 per share.

Enphase Energy (ENPH) was up 5.6% in pre-market trading after reporting better-than-expected Q4 and FY 2020 earnings results. Q4 revenues increased 26% year-on-year to $264.8 million, beating forecasts by around $10.5 million, while diluted EPS of $0.51 came in ahead of analysts’ expectations of $0.40. FY revenues and earnings increased year-on-year to $774.4 million and $1.37, respectively, compared to $624.3 million and $0.95 a year earlier.

Boeing (BA) delivered twice as many aircraft in January compared to the same period last year as its 737 MAX returned to the skies after being grounded for the past 20 months following two fatal crashes. The plane maker also recorded four new orders for its 747-8 freighters from Atlas Air Worldwide Holdings last month. BA shares have gained 14% over the past three months.

In M&A news, Match Group (MTCH) gained 2.4% before the opening bell on the announcement that it has agreed to buy Seoul-based Hyperconnect in a cash plus stock deal worth $1.73 billion. Hyperconnect recorded more than $200 million in revenue last year, up 50% from 2019. The acquisition will result in Hyperconnect’s two flagship products, Azar and Kakuna Live, being added to Match Group’s portfolio. This move could boost its presence in key Asian markets.