U.S. stocks rallied in yesterday’s session as cautiously optimistic traders look forward to a new stimulus deal and a potential vaccine in the Fall. The NASDAQ led the way with a 2.1% gain while the S&P 500 took second with a 1.4% advance. The Dow was the day’s laggard with a 1.1% gain.
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Futures are currently edging lower in early morning trading. The weekly jobless claims report is schedule for an 8:30 a.m. release today, and it could affect stocks before the open. A bullish report could potentially swing the market to gains.
Asian stocks were mostly down overnight with the exception of Japan’s Nikkei225, which posted a 1.8% gain. European stocks are also mostly in the red with the Eurozone Stoxx 600 down 0.3%.
This morning’s featured earnings slate includes Tapestry (TPR). Later, we’ll hear from Applied Materials (AMAT), Purple (PRPL), and Baidu (BIDU).
These stocks are trading actively today.
Yandex NV (YNDX)
Shares of the Russian search giant are on the rise this morning ahead of the company’s planned inclusion into the country’s MSCI Index. Yandex performed well through COVID-19 despite a decline advertising revenues thanks to a surge in other areas of its business, like eCommerce and food delivery. The stock is at all-time highs and, with Russian officially registering a vaccine earlier this week, it looks like the market is bullish on Yandex.
YNDX is one of the most active NASDAQ stocks this morning and its currently up 5.3% in the extended hours trading session.
Sciencjoy Holdings (SJ)
Sciencjoy announced a major acquisition this morning and the market is responding. The China-based firm says it will acquire a 100% equity interest in BeeLive through a cash-and-stock transaction worth rough US$43.2 million. BeeLive is a streaming platform in China which recently launched an Arabic-language product in the Middle East and a Thai-language product in Southeast Asia. Sciencejoy believes the acquisition will help it expand its global footprint.
SJ is up 125.2% in the extended hours trading session.
Sonim Technologies (SONM)
Sonim Technologies reported strong Q2 earnings yesterday evening and shares are rallying through the extended trading session. The company topped Wall Street estimates for both earnings and revenues, along with 66% sequential revenue growth in the second quarter. Sonim’s total revenues topped estimates by more than 55%.
Sonim is up 11.5% in the pre-market on active trading volume.
NTN Buzztime (NTN)
NTN Buzztime has entered into a definitive merger agreement with Brooklyn ImmunoTherapeutics LLC, a privately-held biopharma company specializing in cytokine-based cancer treatments. The all-stock transaction is pending shareholder approval but, if passed, the combined company would begin trading under the name Brooklyn ImmunoTherapeutics after the deal is finalized. The companies say they hope to close on the deal in the fourth quarter.
Brooklyn will absord NTN and become a public company. NTN is up 90.1% on news of the merger.
