U.S. stock futures were trending slightly higher on Friday as Treasury yields continued to bounce. The pre-market strength comes despite growing fears over the world’s economic growth in the face of COVID-19. The rise in Delta coronavirus variant cases has taken a significant toll on investor sentiment, triggering a flight to safety away from risky bets in the equity markets.
Dow futures climbed 0.45%, S&P futures rose 0.28%, and Nasdaq futures were up 0.12% at the time of writing.
MTY Food Group Inc. (MTYFF) is expected to report its quarterly earnings before the market opens.
ToughBuilt Industries Inc. (TBLT) was the most active stock in the pre-market, with about 4.07 million shares having changed hands at the time of writing. The stock was up 56.84%. The increased market activity comes after the company confirmed that its sales through Amazon.com increased 118% to $5.5 million in the first half of the year.
Carver Bancorp (CARV) was one of the biggest gainers in the pre-market, bouncing 25.45% at the time of writing. According to The Wall Street Journal, the spike comes a day after investors on the hunt for the next stock market winner piled into the stock. On Thursday, the stock was up by as much as 267% before finishing 107% higher for the day.
Nova Lifestyle Inc. (NVFY) was the biggest loser at the time of writing falling 20.26%. It is still unclear what is causing the stock to tank. The company, through its subsidiaries, designs, manufactures, and sells residential and commercial furniture to middle and upper-middle-income consumers.
In M&A news, Cisco (CSCO) has completed the acquisition of Social Labs. The multinational technology giant is yet to disclose the terms of the deal. The acquisition is expected to strengthen the company in terms of customizable and inclusive offerings. Access to actionable data insights on customers should also benefit Cisco.
Meanwhile, Kaleyra, Inc. (KLR) has confirmed the acquisition of Bandyer, a cloud-based multimedia communication company. With the acquisition, the company gains access to a dynamic portfolio of products that include the latest video communications technologies.
Tesla’s (TSLA) is on the cusp of being fined in Germany over claims of engaging in illegal building activity. Citing the Tagesspiegel newspaper, Reuters reports that the regional authority in Brandenburg has taken the company to task for constructing tanks for its factory in areas it was not supposed to.
Alphabet’s (GOOGL) is under regulatory scrutiny in France for allegedly failing to comply with orders on how to conduct copyright negotiations with publishers. France’s antitrust watchdog will issue a verdict in the coming days after some publishers in the country alleged the company did not carry out the copyright talks in good faith.
KB Home’s (KBH) board of directors has approved an increase of the company’s common stock repurchase authorization by 3 million shares. The company has upped the repurchase authorization to about five million shares. There is no expiration on the buyback, which is to be carried out in the open market or through private transactions.
