Friday’s Pre-Market: Here’s What You Need to Know Before the Market Opens

U.S. stock futures trended higher on Friday as investors await the University of Michigan’s consumer sentiment numbers for the month of June, expected to be released later today.

S&P and Dow futures were trading around 0.2% higher, while Nasdaq futures had gained about 0.1% at the time of writing.

Investors are awaiting the release of earnings figures from Cheetah Mobile (CMCM) before the bell, with Eaton Vance (EV), Perspecta (PRSP) and Patterson (PDCO) expected to report later in the day.

Amesite Inc. (AMST) was the most actively traded stock in pre-market trading as well as the biggest gainer as the stock jumped 55.6% at the time of writing. The artificial intelligence-driven platform and course designer, which provides online products and services in the United States has no fundamental news in support of the trading sentiment.

Orphazyme (ORPH) was the biggest laggard in pre-market trading as the stock plunged more than 52% at the time of writing with 3.5 million shares having changed hands at the time of writing. There was no fundamental news explaining the fall in price.

In earnings news, American fuel cell power company FuelCell Energy, Inc. (FCEL) reported a wider-than-expected loss in fiscal Q2. The company reported a loss of $0.06 per share, compared to the loss of $0.07 per share reported in the prior-year quarter. Analysts had expected a loss of $0.05 per share.

Revenue came in at $13.95 million, down 26% from the prior-year quarter, and lagged the Street’s estimates of $18.86 million. At quarter-end, the company reported a backlog of $1.32 billion, down 1.5% year-over-year, impacted by a fall in fuel prices.

FuelCell CEO Mr. Jason Few said, “We continue to increase our investment in research and development towards the commercialization of our solid oxide power generation, storage and hydrogen electrolysis platforms… We have increased our annualized production rate from 17 MWs at the end of fiscal 2020 to 32 MWs as of April 30, 2021.”

Meanwhile, the restaurant company Dave & Buster’s Entertainment, Inc. (PLAY) delivered better-than-expected quarterly results driven by the opening of a majority of its stores in the reported quarter with capacity limitations and reduced operating hours.

Earnings for the quarter stood at $0.40 per share, compared to a loss of $1.37 per share in the prior-year period. Analysts had estimated a loss of $0.16 per share.

Revenue climbed 66% year-over-year to $265.3 million and surpassed Street estimates of $257.98 million.

Dave & Buster’s CEO Brian Jenkins said, “We saw a significant improvement in demand across our store base in the first quarter, including at our recently re-opened New York and California stores…Our brand is back, we have a solid financial foundation, and we are ready to move full speed ahead into summer.”

In M&A news, Parsons Corporation (PSN) inked a $203 million deal to buy BlackHorse Solutions, a digital security firm that creates and delivers advanced technology and tradecraft solutions. Parsons Corporation is a technology-focused defense, intelligence, security, and infrastructure engineering company. The deal, which is subject to certain customary closing conditions, is expected to close this July.

Through this acquisition, Parsons’ portfolio of next-generation military, intelligence, and space operations will be complemented. Furthermore, the buyout will expand the company’s capabilities in cyber, digital operations, artificial intelligence, and other verticals.

Parson CEO Chuck Harrington said, “Adding BlackHorse increases our scale in the areas of cyber, electronic warfare, and information dominance, enhancing Parsons’ position to pursue and win upcoming large joint all-domain contract opportunities, which is a key component of our national defense strategy.”

In other news, Moderna (MRNA) has filed an emergency use authorization (EUA) application with the U.S. Food and Drug Administration for its COVID-19 vaccine in adolescents. Earlier in June, the pharmaceutical company also submitted a conditional marketing approval (CMA) request to European Medicines Agency (EMA).

Moderna CEO Stephane Bancel said, “We are pleased to announce that we have submitted an emergency use authorization request for our COVID-19 vaccine with the FDA for use in adolescents in the United States. We are encouraged that the Moderna COVID-19 vaccine was highly effective at preventing COVID-19 and SARS-CoV-2 infection in adolescents. We have already filed for authorization with Health Canada and the European Medicines Agency and will file with regulatory agencies around the world. We remain committed to helping to end the COVID-19 pandemic.”

Meanwhile, Pentair (PNR), the water treatment company, has provided updated guidance for 2021. For the second quarter, the company expects GAAP sales to be up 25% – 29% year-over-year. Furthermore, adjusted earnings per share are expected to be in the range of $0.75 to $0.80, while GAAP diluted earnings per share are estimated in the range of $0.71 to $0.76.

For the full year, Pentair expects GAAP sales to be up 17% – 19% year-over-year. Additionally, GAAP earnings per share are expected to be $3.05, up from the prior projection of $2.95, while adjusted earnings estimates have been lifted to $3.20 from previous expectations of $3.10.