Stock futures are ticking higher ahead of a busy week of earnings from big technology companies. Here’s what we’re watching ahead of Monday’s open:
- Pinterest shares dropped 13% premarket after U.S. payments giant PayPal Holdings said it isn’t currently pursuing a deal for the social-media platform, days after media reports that the companies were in early talks for a multibillion-dollar deal. PayPal shares climbed 6.1%.
- Bakkt , a cryptocurrency trading platform that went public through a SPAC deal last week, jumped 6.8% premarket. Rival crypto exchange Coinbase was also up, by 2%. Bitcoin itself was up more than 3% from its Friday 5 p.m. ET level.
- Trading in Digital World Acquisition , the SPAC that is merging with Donald Trump’s media company, was somewhat quieter after last week’s wild ride. Class A shares were up 5.3% premarket, after Friday’s 107% jump.
- Phunware , a penny stock also with Trump ties, was up 20% premarket, after Friday’s 471% surge. The small technology company isn’t profitable, but it has worked for the former president’s campaign.
- Cruise operator Carnival slipped 0.8%. Citi cut its rating of the stock to neutral from buy, though the bank also expects the company to shift from burning cash to generating cash over the next 12 months as fleet deployments ramp up.
- Analysts at Citi also cut the price target on Coupang shares to $32 from $39. The South Korea-based e-commerce company’s stock slipped 0.6%.
- Otis Worldwide gained 0.8% after the maker of elevators and escalators said its profit rose for the third quarter as sales grew in both the new-equipment and service segments.
- Kimberly-Clark is due to report earnings before the opening bell.
- Tesla shares added 4.4% premarket. Japan’s Panasonic showed off for the first time a larger lithium-ion battery that it plans to supply to the U.S. electric-vehicle maker.
- Facebook and Crane are among the companies reporting after Monday’s close.
Chart of the Day
- Propane prices haven’t been so high heading into winter in a decade, which is bad news for the millions of rural Americans who rely on the fuel to stay warm.
Write to James Willhite at james.willhite@wsj.com
Read More:Pinterest, Bakkt, Tesla, Facebook: What to Watch When the Stock Market Opens Today
2021-10-25 11:25:00