U.S. stock futures were trending lower on Wednesday as the rapidly spreading Omicron variant continues to rattle investor sentiment. The emergence of the latest variant has recently caused an increase in volatility in global stock markets.
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Dow futures (DJIA) were down 0.08%, S&P futures (SPX) were down 0.17%, and Nasdaq futures (NDX) were down 0.34% at the time of writing.
Upcoming earnings
Live Ventures, Inc. (LIVE), MSC Industrial Direct Company (MSM), CarMax, Inc. (KMX), RF Industries (RFIL), and Cintas Corp. (CTAS) are set to report quarterly results before the market opens. Mission Produce (AVO) will report after the market close.
Pre-market movers
American Virtual Cloud Technologies (AVCT) was the most active stock in the pre-market session, with 3.51M 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.
BioRestorative Therapies (BRTX) was the biggest gainer in the pre-market session, jumping 52.52% at the time of writing. The spike comes on the company announcing a CRO agreement with PRC Clinic for a phase 2 clinical trial of BRTX-100, a novel treatment for chronic lumbar disc disease.
Rockley Photonics Holdings (RKLY) was the biggest loser in the pre-market session, falling 18.18% at the time of writing. The sell-off comes on the company announcing its intention not to proceed with its technical sale to Hengtong Rockley Technology Co. Ltd.
Market news
In M&A news, General Electric (GE) subsidiary GE Digital has inked a deal to acquire software company Opus One Solutions Energy Corporation. The financial terms of the deal remain under wraps, with the transaction expected to close in the next 30 days. The acquisition should allow GE Digital to integrate Opus One’s renewable energy planning capabilities.
Meanwhile, AT&T, Inc. (T) shares popped 1.2% after it announced it had agreed to sell its Xandr advertising business to Microsoft Corporation (MSFT). The financial terms of the deal remain under wraps and are subject to closing and regulatory conditions. The acquisition should help Microsoft strengthen its advertising business consisting of search engine Bing, MSN News, and LinkedIn.
Amazon.com, Inc. (AMZN) is embarking on a multi-city expansion plan across the U.S. The e-commerce giant intends to create 3,000 jobs across Austin, Chicago, and Phoenix. As part of innovative new programs, the company intends to create corporate and tech jobs which should create opportunities for candidates across all levels.
Shares of General Mills (GIS) fell 4.03% after the manufacturer of branded consumer foods delivered mixed Fiscal Q2 2022 results. Net sales jumped 6% year-over-year to $5 billion, exceeding consensus estimates of $4.81 billion. Adjusted diluted EPS landed at $0.99 per share, missing consensus estimates of $1.04. The company also increased its dividend payout by 1%.
BlackBerry (BB) delivered better-than-expected fiscal third-quarter results with earnings and revenues topping estimates. The company posted an adjusted loss of $0.05 against an expected loss of $0.07 a share. Revenues were down 15.6% year-over-year to $184 million but topped consensus estimates of $177.25 million.
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