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

U.S. stock futures were trending lower on Tuesday as investors digest the ongoing standoff between Russia and Ukraine. Stocks remain under pressure, with safe havens receiving a boost as market participants react to sanctions imposed on Russia. Investors are also keeping an eye on the FED, with chairman Jerome Powell expected to testify tomorrow.

Dow futures (DJIA) were down 0.47%, S&P futures (SPX) were down 0.56%, and Nasdaq futures (NDX) were down 0.62% at the time of writing.

Upcoming Earnings

Everi Holdings Inc. (EVRI), Interface (TILE), and Outbrain (OB) are set to report their quarterly results before the bell. Rigel (RIGL), Stellus Capital (SCM), and Xenon (XENE) will report after the market close.

Market News

Magnite Inc. (MGNI) has completed the acquisition of Carbon, a platform that allows publishers to manage and monetize audiences in real-time. The financial terms of the deal remain under wraps. The acquisition should help bolster the company’s seller-first, privacy-focused, identity and audience solutions. By combining Magnite’s scale and global footprint, the process of finding audiences for media owners and advertisers should become easier and more efficient.

Deere (DE) has announced the acquisition of three factories from its joint venture with Hitachi. The two companies have also terminated their joint marketing and manufacturing agreement. However, Deere has signed a new license and supply agreement with Hitachi Construction Machinery, a subsidiary of Hitachi. As part of the new deal, Deere is to assume full control of the design of its excavator product portfolio.

Citigroup Inc. (C) shares fell 4.4% after the company confirmed it has about $10 billion worth of exposure in Russia. Regulatory filings indicate that Russia ranked 21 in the financial behemoth’s list of country exposure as of the end of last year.

Teladoc’s (TDOC) shares popped 7% after the company announced a strategic partnership with Amazon (AMZN) to enable easy access to healthcare services with a new Alexa-powered telehealth calling feature. The integration of virtual healthcare services on echo devices will allow customers in the U.S. to connect easily with doctors via the Teladoc call center.

Shares of Zoom Video Communications, Inc. (ZM) fell more than 11.8% in the extended trading session after the company delivered Fiscal Q1 2023 and full-year guidance that fell short of Wall Street expectations. However, the company posted stellar Fiscal Q4 2022 results. Revenue in the quarter was up 21% year-over-year to $1.07 billion, beating consensus estimates of $1.05 billion. Adjusted earnings landed at $1.29 a share, better than the $1.05 a share expected by analysts.

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