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Business

Abiomed, Uber, SoFi, Pfizer and more

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Take a look at some of the biggest movers in the premarket:

Abiomed (ABMD) – Abiomed stock soared 51.6% in premarket trading after agreeing to be acquired by Johnson & Johnson (JNJ) in a nearly $16.6 billion deal. J&J will pay $380 per share for the maker of heart, lung and kidney treatments, and will add a contingent value right worth up to $35 per share if certain milestones are achieved. J&J shares fell 0.7%.

Uber Technologies (UBER) – Uber rallied 8.8% in the premarket after it reported better-than-expected quarterly revenue as gross bookings surged compared to a year ago. Uber did report a quarterly loss, but that was largely due to unrealized losses on equity investments such as its stake in Didi Global.

SoFi Technologies (SOFI) – SoFi surged 14.3% in premarket trading, following a smaller-than-expected quarterly loss and revenue that exceeded analysts’ forecasts. The fintech company also lifted its outlook after adding nearly 424,000 new members during the quarter, bringing its total to more than 4.7 million.

Pfizer (PFE) – Pfizer jumped 4% in premarket trading following a better-than-expected quarter and an improved financial outlook. Strong demand for Pfizer’s older drugs helped offset a drop in sales of its Covid-19-related products.

Goodyear Tire (GT) – Goodyear tumbled 8.3% in the premarket following a third-quarter earnings miss. The tire maker said its results were impacted by higher costs and a stronger U.S. dollar, although that was partially offset by higher prices.

Eli Lilly (LLY) – Eli Lilly beat top and bottom line estimates for its latest quarter, but the drugmaker’s stock fell 2.2% in the premarket as it cut its full-year forecast. Lilly is seeing a negative impact from a stronger dollar, increased cancer drug competition and lower insulin prices.

Hologic (HOLX) – Hologic rallied 7.6% in the premarket after the medical equipment maker reported better-than-expected quarterly profit and issued an upbeat outlook. Hologic said it saw “unprecedented strength” across its core businesses.

Stryker (SYK) – Stryker lost 4.9% in premarket action after the surgical equipment and medical device maker cut its financial outlook, citing the impact of inflation and a stronger U.S. dollar.

Avis Budget (CAR) – Avis Budget shares gained 3.7% in the premarket following better-than-expected quarterly earnings from the rental car giant amid continued strong travel demand.

Trex (TREX) – Trex shares tumbled 7.5% in premarket trading after the maker of decking and railing materials missed both top and bottom line estimates for its latest quarter. Trex said it reduced production levels and implemented layoffs during the quarter as it adjusted to falling sales.

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Business

Stock futures fall slightly to start August trading with market coming off best month since 2020

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Stock futures fell slightly following the market’s best month since 2020 as investors look ahead to another week of key earnings reports and economic data.

The Dow Jones Industrial Average futures fell by 67 points, or 0.2%. S&P 500 futures shed around 0.2% and Nasdaq 100 futures dipped by 0.3%.

On Friday, all major indexes gained, posting winning weeks and capping off the best month of the year so far and then some. The Dow gained 6.7% in July, while the S&P 500 added 9.1%. The Nasdaq Composite rose 12.4% as investors rushed into the tech stocks beaten up the most during this bear market. For each index, July’s performances were the best since 2020.

“We are seeing a relief rally in the stock market, as pessimism reached extreme levels, and as longer-term interest rates have been coming back down,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance.

“We believe the rally will last until later in the summer, but as stock prices rebound and it becomes increasingly clear that we are headed for a more typical recession (e.g. one with higher unemployment and nominal GDP dropping close to zero or negative), markets will again have another selloff,” he added. “But until that time, enjoy the rally as it’s likely catching a lot of people off guard.”

This week, investors have more economic data and company earnings to digest. On Monday, companies such as Activision Blizzard, Devon Energy, Loews and more report earnings. Later in the week Uber, Caterpillar, Starbucks, Eli Lilly, Amgen and others also have scheduled reports.

In addition, the Friday nonfarm payrolls report from the Bureau of Labor Statistics will give more insight into the strong labor market. So far this year, the solid growth of jobs has prompted economists to say the U.S. is currently not in a recession, even with two consecutive quarters of negative GDP.

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