US stock futures were mixed on Monday as investors await the outcome of a Federal Reserve meeting that is scheduled to begin on Tuesday. This week investors are also anticipating earnings releases from technology giants including Microsoft (MSFT), Apple (AAPL), and Amazon (AMZN).
While the Dow was up 0.1% before the bell, S&P and Nasdaq futures were down 0.08% and 0.3%, respectively.
Today, companies including Albertsons (ACI) and Otis Worldwide (OTIS) are expected to report earnings before the opening bell while Tesla (TSLA) and Cadence Design Systems (CDNS) are expected to report after the market closes.
Ocugen (OCGN) was the most actively traded stock in pre-market trading as the biopharmaceutical company announced the sale of 10 million shares of its common stock at a purchase price of $10 per share in a direct offering.
Scienjoy Holding Corp. (SJ) was the top gainer soaring 23.7% at the time of writing, as the Chinese mobile streaming platform announced that it had entered into a strategic agreement with Snipp Interactive, a provider of digital marketing solutions.
Alberton Acquisition Corp (ALAC), a special purpose acquisition company (SPAC), was the biggest laggard as the stock dropped 8.6% in pre-market trading. There was no fundamental news explaining the price drop for the stock.
In other news, it has been reported that Jidu Auto, the joint venture between Baidu (BIDU) and Geely, is planning to spend $7.7 billion in developing autonomous car technologies. While Baidu owns 55% of Jidu Auto, Geely owns the remaining 45% .
Meanwhile, Wing Aviation, a subsidiary of Alphabet Inc (GOOGL), has requested permission from the Federal Aviation Administration (FAA) to expand its drone operations to increase efficiency in drone deliveries, and enable the company to control drone flights from a central hub.
TG Therapeutics (TGTX) and Samsung Biologics are expanding a large-scale manufacturing contract for TGTX’s ublituximab, an investigational monoclonal antibody. The company is also in the process of preparing a Biologics License Application (BLA) for ublituximab for the treatment of relapsing forms of multiple sclerosis (RMS).
TG Therapeutics Executive Chairman and CEO Michael S. Weiss said, “Samsung is the global leader in biologics manufacturing and we are happy to have them as our partner as we look forward to the potential commercialization of ublituximab across both oncology and autoimmune indications.”
In earnings news, Honeywell (HON) reported 1Q results that beat Street estimates. The company also raised its FY21 guidance. Adjusted EPS of $1.92 came in above analysts’ estimates of $1.80 per share and exceeded the high-end of the company’s prior guidance range by $0.09. Revenues remained flat year-on-year at $8.45 billion, but still came in ahead of consensus estimates of $8.08 billion.
Honeywell’s Chairman and CEO, Darius Adamczyk said, “Honeywell delivered a strong start to 2021 with first-quarter results that exceeded our expectations. We are seeing promising signs of a rapid recovery in some of our markets, and we are poised to capitalize on new business opportunities as they arise…”
Skechers (SKX) posted record quarterly results in 1Q with sales of $1.43 billion up 15% year-on-year, beating Street estimates of $1.35 billion. The company reported adjusted diluted EPS of $0.68 that came in ahead of analysts’ estimates of $0.49 per share.
Skechers CEO, Robert Greenberg said, “Skechers new sales record in the first quarter is a remarkable achievement, especially given the lockdown measures in many key countries, including across Europe. This significant growth is the result of continued demand for Skechers product as consumers desire comfort and quality in their footwear and walking remains a top COVID-19 pandemic activity.”
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