Clover Health, Palantir, Coupang: What to Watch When the Stock Market Opens Today
Occasional meme stock Clover Health was soaring premarket after its earnings report
EBay reported 159 million active buyers for the June quarter, a 2% decline from a year earlier.
Updated Aug. 12, 2021 7:37 am ET
Stock futures wavered ahead of a series of earnings reports and weekly data on the labor market. Here’s what we’re watching before the opening bell.
Palantir Technologies rose 5% after surpassing analysts’ revenue forecasts for the second quarter.
Upstart manufacturer Lordstown Motors posted a $108 million loss for the second quarter, revised its financial outlook and said it was talking to strategic partners. Its shares added 1.8% premarket.
U.S.-listed shares of Coupang dropped 8.6%. The South Korea-based e-commerce company reported a widening loss in the second quarter, in part because of a fire at one of its warehouses.
Clover Health Investments leaped 17% ahead of the bell. The provider of health insurance services and occasional meme stock reported a loss of $318 million in the second quarter.
Opendoor Technologies gained 18% premarket. The online real-estate platform also reported earnings after Wednesday’s close.
Moderna shares rose 0.4% in premarket trading. The U.S. Food and Drug Administration is nearing a decision to authorize Covid-19 booster shots for certain people with weak immune systems, The Wall Street Journal reported. Moderna’s vaccine is one of three shots authorized for use in the U.S.
Baidu lost 2.1% in New York. The operator of China’s largest search engine posted a loss in the second quarter.
EBay shares slipped 1.5%. The online marketplace reported a decline in active buyers in the latest quarter, in another sign of softening e-commerce trends. Crafts marketplace Etsy was also down, by 0.6%, ahead of the bell.
Seagate Technology ticked up 0.4% after analysts at Goldman Sachs bumped up their target price for the stock.
Unity Software slipped 1.6% premarket. Shares of the company, which provides tools and services for videogame publishers, had jumped in response to a big rise in revenue reported on Tuesday.
Micron Technology fell 2.8%. Morgan Stanley analysts lowered their recommendation for the semiconductor stock from “overweight” to “equal weight”.
U.S.-listed shares of Dutch semiconductor manufacturer NXP Semiconductors fell 0.7%. “We expect supply to be a challenge for the foreseeable future,” Chief Executive Kurt Sievers told analysts in early August.
Universal Health Services lost 1.2%. On Wednesday, the company said it would borrow a total of $1.2 billion, due in 2026 and 2032, to refinance existing debt.
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