Updated June 9, 2021 at 9:00 a.m. ET
Meme stocks have a few new candidates, both Clover Health Investments and Wendy’s rising pre-market, after rising in the previous session. We’ll see that before the opening bell on Wednesday.
- Healthcare company Clover Health is up 25% pre-launch, after up 86% on Tuesday. Hamburg-based chain Wendy is only up 0.3%, but that builds on Tuesday’s 26% increase.
- US stock futures rose slightly, suggesting tepid gains on the opening, led by technology stocks.
- Futures linked to the S&P 500 rose 0.2%. On Tuesday it hit its third highest closing price on record. Nasdaq 100 futures rose 0.4%, suggesting subdued gains for technology stocks after the opening bell. Read our full market report.
- Merit is due by GameStop,
Oxford Industries and Griffin after the end.
- US wholesale inventory for April, due at 10 a.m., are expected to rise 0.8% from the previous month.
Market movers in view
Campbell Soup’s shares fell 7.8% after lowering their guidance for the year for both sales and earnings per share.
Clean Energy Fuels rose 28% before launch. Comments related to the stock trended higher on WallstreetBets, according to topstonks.com.
Lordstown Motors was down 3.1% early on, after losing more than 16% in the previous session. The electric truck startup announced that it does not have enough cash to start full commercial production and has doubts whether it can continue to operate until the end of the year.
Headquarters of Lordstown Motors Corp. in Lordstown, Ohio, May 15, 2021.
Dustin Franz / Bloomberg News
- The original meme stock, GameStop,
2% added pre-market. Ecommerce entrepreneur Ryan Cohen is due to become chairman of the video game retailer on Wednesday, cementing his oversight of a company that is looking for a CEO and looking to meet the expectations of shareholders who are optimistic about its turnaround potential.
Brown-Forman’s shares fell 5.9% after the liquor maker’s profit fell below expectations, despite sales beating projections.
Sherwin Williams shares slipped 0.4% before the bell. The paint maker raised its sales and profit outlook due to “strong” demand, but said rising raw material costs had led to price increases.
- Vaccine makers were on the rise again, with Moderna gaining 0.7% ahead of the market and Novavax 0.6%.
- Almost $ 3 of $ 10 of global equity inflows went into ESG funds so far in 2021, according to Bank of America. Assets under management of the 1,900+ global ESG funds the company tracks reached a record $ 1.4 trillion in April, more than double what it was a year ago.
- In the Boston area alone, venture capitalists pumped $ 7.2 billion into life science companies as of May, reaching the $ 8.2 billion they invested last year, according to Crunchbase.
Chart of the day
- China’s tech crackdown primarily affects companies listed outside the country and is helping to create a large performance gap between China’s onshore and offshore stocks.
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