Stock futures are ticking higher, suggesting that the major indexes will kick off Monday’s trading on the front foot after a bumpy week. Here’s what we’re watching ahead of the open.
- Shares of Uber , Lyft and DoorDash are all hitting the skids premarket. A California judge said the November ballot measure that allowed the companies to continue treating their drivers as independent contractors is unenforceable and unconstitutional. Uber dropped 4.7%, Lyft lost 4.5% and DoorDash shed 3.1%.
- General Motors shares dropped more than 2% premarket. The car maker is expanding its safety recall of the all-electric Chevy Bolt to include newer models.
- Madison Square Garden Entertainment reports a loss for the recent quarter but also noted a pickup in activity at its venues as Covid-19 measures were eased. Its shares gained 2% premarket.
- Shares of Coinbase jumped 3.5% ahead of the bell, and the price of bitcoin gained 3.4% from its 5 p.m. ET level on Friday. The cryptocurrency’s rise put it back above $50,000 for the first time since May.
- Pfizer gained 3.6% premarket. The FDA is expected this week to grant full approval of the Covid-19 vaccine from Pfizer and partner BioNTech, according to people familiar with the planning. Fellow mRNA Covid-19 vaccine maker Moderna was also up, by 2.8%.
- And Pfizer is also making waves on the deal front premarket: It is acquiring Trillium Therapeutics for $18.50 a share in cash, or implied equity value of $2.26 billion. Trillium’s shares closed Friday at $6.09 a share. Premarket they soared a staggering 192%.
- Crude prices are up around 3%, and shares of major energy producers are coming along for the ride. Occidental Petroleum gained 3.6%, Devon Energy rose 2.6%, Diamondback Energy climbed 3.2% and Exxon Mobil rose 2.2%.
- Palo Alto Networks will give an earnings update after the close.
Chart of the Day
- Wall Street firms are again packaging and selling mortgages that the government-backed firms can’t or won’t back.
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