MGM Stock – Here’s What You Need To Know Before The Market Opens
US stock futures slid on Wednesday in anticipation of a speech by President Biden later in the day where he is expected to announce plans for additional stimulus payments. The US Federal Reserve is also expected to make a policy statement today.
Dow and Nasdaq futures were down 0.3% and 0.2%, respectively, while S&P futures were 0.03% lower at the time of writing.
RiceBran Technologies (RIBT) was the most actively traded stock in pre-market trading ahead of the release of its earnings expected on April 29. The food company looked set to open around 10% higher than yesterday’s close.
ADMA Biologics (ADMA) was the biggest gainer in pre-market trading as the stock soared 22.1% at the time of writing. The biopharmaceutical company received approval from the US Food and Drug Administration (FDA) to expand its manufacturing capacity for the production of Intravenous Immune Globulin (IVIG).
Protalix Biotherapeutics (PLX) was the biggest laggard dropping 43.7% as the company received a Complete Response Letter (CRL) from the US FDA regarding its Biologics License Application (BLA) for accelerated approval of pegunigalsidase alfa (PRX‑102) to treat adult patients with Fabry disease.
Earnings season continues with some big names set to release their results before the bell. These include Boeing ((BA)), General Dynamics (GD), Humana (HUM), Sanofi (SNY), Stanley Black & Decker (SWK), Teva Pharma (TEVA) and Yum! Brands (YUM).
In earnings news, Pinterest (PINS) reported monthly active users (MAUs) of 478 million in the first quarter, up by 30% year-on-year. Revenues of $485 million rose 78% year-on-year and beat analysts’ estimates of $471.7 million. PINS reported non-GAAP EPS of $0.11 per share versus a loss of $0.10 in the same quarter last year. Analysts were expecting EPS of $0.06 per share.
Pinterest’s CFO and Head of Business Operations said, “Q1 results were strong, building off the momentum of 2020. Continued rapid growth of our international business and increased adoption from medium and small advertisers drove 78% year-over-year revenue growth. While we continue to navigate COVID-19 uncertainty, we plan to stay focused on driving investments that deliver an inspirational Pinner experience and measurable advertiser value.”
Microsoft ((MSFT)) reported strong fiscal third-quarter results that exceeded analysts’ expectations and were driven by a 33% rise in commercial cloud revenue. The company reported 3Q adjusted earnings of $1.95 per share, up 39% year-over-year, that came in ahead of Street estimates of $1.78 per share. Revenue advanced 19% to $41.7 billion and surpassed analysts’ expectations of $41.03 billion.
Microsoft CEO Satya Nadella commented, “Over a year into the pandemic, digital adoption curves aren’t slowing down. They’re accelerating, and it’s just the beginning. We are building the cloud for the next decade, expanding our addressable market and innovating across every layer of the tech stack to help our customers be resilient and transform.”
Alphabet Inc. (GOOGL) delivered a blowout quarter in 1Q as the company posted better-than-expected 1Q results. Earnings of $26.29 per share beat Street estimates of $15.88 per share, while revenue surged 34% to $55.3 billion, beating analysts’ expectations of $51.7 billion.
Google and Alphabet CEO Sundar Pichai said, “Over the last year, people have turned to Google Search and many online services to stay informed, connected and entertained. We’ve continued our focus on delivering trusted services to help people around the world. Our Cloud services are helping businesses, big and small, accelerate their digital transformations.”
Meanwhile, Starbucks (SBUX) reported mixed results in the fiscal second quarter as the company posted revenues of $6.7 billion, up 11% year-on-year but falling short of analysts’ expectations of $6.78 billion. SBUX reported adjusted non-GAAP earnings per share of $0.62 that came in ahead of consensus estimates of $0.53 per share.
Starbucks’ President and CEO, Kevin Johnson said, “I am very pleased with our progress to date in fiscal 2021, as our second quarter results demonstrated impressive momentum in the business with full sales recovery in the U.S. Our strong results validate our ability to adapt to changes in our environment and the needs of our customers.”
In M&A news, applied solutions provider IDEX Corp. (IEX) has proposed the acquisition of Airtech Group Inc., US Valve Corp., and associated entities, for $470 million from investment funds that are managed by EagleTree Capital. IDEX CEO and President Eric Ashleman said, “The acquisition of Airtech expands our expertise in specialized, high-performing air moving technologies, increasing our ability to serve customers’ needs.”