U.S. stock futures were trading lower on Monday as investors remain cautious amid surging commodity prices and fears related to a rise in inflation.
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Dow futures were 0.6% weaker, S&P 500 futures were 0.8% lower, and Nasdaq futures were down 1.4% as investors contemplate whether tech shares have run up too far, too fast.
In earnings today, Dish Network (DISH) has already released better-than-expected Q4 earnings and BRK.B and DISCA are expected to report their results before the opening bell. Meanwhile, SBAC, RSG and WMB are set to release their quarterly numbers after the market closes.
Citius Pharma (CTXR) was most actively traded in the pre-market session, rising 14%, with over five million shares having already changed hands at the time of writing.
Pre-market top gainers were China SXT Pharmaceuticals (+270%), ReTo Eco-Solutions (+119%) and Xcel Brands (+43%).
Biggest losers in pre-market trading were National Beverage Corp (-49%), Ebix Inc (-33%) and Energous Co (-18%).
Shares of Boeing (BA) were trading 3.5% lower at the time of writing after it recommended the suspension of some of its 777 aircraft following the engine failure of a United Airlines 777 plane on Feb. 21. United Airlines said after the incident that it would temporarily and voluntarily remove 24 active planes of this type from its schedule. Meanwhile, Boeing has advised the suspension of operations of the “69 in-service and 59 in-storage 777s powered by Pratt & Whitney 4000-112 engines until the FAA identifies the appropriate inspection protocol.”
In corporate earnings news, Shell Midstream Partners LP (SHLX) closed 1.6% higher on Friday as stronger-than-expected Q4 revenues were driven by a recovery in volume transportation. Revenues of $130 million grew 18.2% year-over-year and exceeded analysts’ expectations of $118.2 million, while earnings of $0.29 per share lagged analysts’ estimates of $0.32 and declined 3.3% year-over-year. Both onshore and offshore transportation volumes increased on a quarter-on-quarter basis as production returned to normal levels following hurricane season and planned producer turnarounds.
Everbridge’s (EVBG) closed 14.5% higher on Friday as the company reported an 11.7% rise in global enterprise customers in the fourth quarter. Revenues increased 32% to $75.6 million on a year-over-year basis, topping analysts’ expectations of $72.5 million. Adjusted earnings, however, decreased 66.7% to $0.03 per share, but beat Street estimates of $0.02 per share. Meanwhile, revenues in the range of $75.3 million to $75.7 million are expected for Q1 2021, with an adjusted net loss per share of $0.12 to $0.10 projected.
Keysight Technologies (KEYS) fell almost 4% on Friday despite beating analysts’ Q1 expectations. Revenue increased 8% year-on-year to $1.18 billion, topping analysts’ estimates of $1.15 billion, while EPS of $1.43 came in ahead of analysts’ expectations of $1.37. CEO Ron Nersesian said, “Order and revenue growth in the quarter was driven by strong execution and robust demand for our broad portfolio of differentiated solutions across all regions.”
In M&A news, Kaleyra (KLR) was 1.7% higher in pre-market trading after announcing the acquisition of mGage in a cash-and-stock deal worth $215 million. The purchase price includes $195 million in cash and 1.6 million shares of Kaleyra common stock and is expected to close in Q2 2021. Kaleyra forecasts $350 million in revenue for fiscal year 2021, with more than 50 billion transactions being processed globally.
