U.S. stock index futures traded flat on Tuesday in the run-up to the first of a couple of readings on inflation this week, while General Electric surged on its plan to split into three public companies.
At 8:00 a.m. ET, Dow E-minis were down 64 points, or 0.18%, S&P 500 E-minis were down 2.5 points, or 0.05% and Nasdaq 100 E-minis were up 22.75 points, or 0.14%.
The S&P 500 and the Nasdaq closed at all-time highs on Monday for the eighth straight session, while the Dow clocked its second consecutive record closing high.
A better-than-expected earnings season, positive developments around COVID-19 antiviral pills and the loosening of travel curbs have recently helped the market continue its record run.
Stocks making the biggest moves in the premarket:
General Electric Co (GE) — Shares of GE rallied more than 7% in the premarket after the company announced it will split up into three publicly traded entities focused on aviation, health care and energy. GE said it will spin off its healthcare unit by early 2023 and energy unit by early 2024.
Palantir Technologies Inc. (PLTR) — Palantir shares dipped 2% in the premarket even after the software and data analytics company’s third-quarter revenue beat the Wall Street forecast. The company reported revenue of $392 million versus $385 million expected, according to Refinitiv. Palantir’s earnings per share were in line with estimates.
Coinbase Global, Inc. (COIN) — Shares of the cryptocurrency exchange rose more than 2% in the premarket after bitcoin hit a new all-time high on Tuesday, rallying above $68,000 at one point. Ethereum also set a new record high and topped the $4,800 level.
Cinemark (CNK) — Shares of Cinemark gained more than 2% in early morning trading after Credit Suisse upgraded the movie theater stock to outperform from neutral. The firm said Cinemark is the “best positioned U.S. pure-play theater operator as the box office recovery ramps up into 2022.”
Nucor (NUE) — Nucor shares dipped more than 1% in early morning trading after Citi downgraded the steel stock to neutral from buy. After Nucor rallied Monday following the House’s passage of a massive infrastructure spending bill, Citi said the good news was already priced into Nucor shares.
Roblox Corporation (RBLX) — Roblox shares surged more than 25% in early morning trading after better-than-expected quarterly results. The online gaming platform reported revenue of $637.8 million versus $636.5 million expected from Wall Street analysts, according to Refinitiv.
TripAdvisor (TRIP) — TripAdvisor shares fell more than 8% premarket after the travel-booking company missed Wall Street expectations for its third-quarter financial results. The company earned an adjusted 16 cents per share on $303 million in revenue. Analysts surveyed by Refinitiv expected the company to earn 24 cents per share on $304 million in revenue.
Robinhood Markets, Inc. (HOOD) — Robinhood shares retreated more than 3% in early morning trading after the company announced a data security breach. Robinhood said the breach occurred late in the evening last Wednesday, and that the third party “obtained access to a limited amount of personal information for a portion of [Robinhood’s] customers.”
PayPal (PYPL) — PayPal shares fell more than 4% premarket after the digital payments company reported quarterly results. The company’s revenue of $6.18 billion fell short of the Refinitiv consensus estimate of $6.23 billion. PayPal also issued a fourth-quarter forecast that fell short of analysts’ expectations and provided disappointing guidance for next year.
SmileDirectClub, Inc. (SDC) — SmileDirect shares sunk more than 22% in early morning trading after the digital dentistry company reported weaker-than-expected. quarterly results. The company reported revenue of $138 million, short of the expected $182.5 million, according to estimates from StreetAccount.
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