Futures pointed to a bullish open at the start of trading on Monday as Wall Street looks to recover from the slide that marked the end of last week. Here are some actions to watch Monday:
- Union Pacific (New York Stock Exchange: UNP) rose nearly 10% in premarket trading after the company announced the departure of its chief executive. Amid pressure from an activist investor, CEO Lance Fritz leaves the company and the rail operator has begun a search for a replacement.
- Fisker (FSR) rose in premarket trading after the release of fourth quarter results. The electric vehicle maker posted a higher-than-expected loss for the quarter, but investors focused on optimism about the launch of the company’s Ocean vehicle. “Ocean stocks continue to increase despite new competition and price cuts from competitors,” the company said.
- The release of quarterly results also gave Opera (OPRA) a boost, with shares jumping 9% before the opening bell. The Norway-based web browser beat expectations with its fourth-quarter earnings and revenue. Looking ahead, the company projected first-quarter revenue of between $83 million and $85 million.
- Viatris (VTRS) reported GAAP net income of $1B, compared to a loss of $263.8M in the same period last year. The gain came on the back of a one-time gain of $1.8 billion related to the sale of its biosimilars business. Revenue fell 11% to $3.9 billion. The company also announced that it has named Scott Smith as its new CEO, replacing Michael Goettler. Following the earnings report, the stock posted a pre-market drop of nearly 2%.
- Occidental Petroleum (OXY) is scheduled to report its quarterly results after the closing bell. The company is projected to earn $1.83 per share on revenue of $8.2B.
- Zoom Video Communications (ZM) is also scheduled to announce its earnings in the post-market period. Analysts expect the online video conferencing company to post EPS of $0.82 and revenue of $1.1 billion. The once-pandemic darling recently announced that it laid off 1,300 employees, or about 15% of its workforce.
For a look at the broader market, Seeking Alpha contributor Mott Capital Management takes a deep dive into the implications of recent higher-than-expected inflation numbers, saying that “Fantasyland and story time for bulls is over.”
