Stock futures were trading flat on Tuesday following a 0.5% gain in the S&P 500, putting the broad market index just 1.2% below its all-time high of 4,796.56 reached earlier this year in January.
Alphabet Settles with States, Shares Rise
Alphabet, the parent company of Google, has agreed to pay $700 million and implement certain changes to its app store, Google Play, in a settlement with a group of states. These states had accused Google of operating its app store as an illegal monopoly. As a result of the settlement, Alphabet shares saw a slight increase.
Heico Reports Strong Fiscal Q4 Results
Heico, a supplier of airplane parts and electronics, saw a rise in fourth-quarter profit compared to the previous year. With an impressive 54% increase in revenue to $936.4 million, surpassing analysts’ estimates, Heico’s stock rose by 3.4%.
Bluebird Bio Announces Public Offering and Stocks Fall
Biotech company Bluebird Bio experienced a 13% drop in stock prices after announcing a public offering of $150 million worth of common stock.
Plug Power Downgraded by Piper Sandler
Plug Power, a clean energy company, was downgraded to Underweight from Neutral by Piper Sandler. Additionally, the price target on Plug Power’s shares was reduced to $2.30 from $6.50. As a result of this downgrade, Plug Power’s stock fell by 4.3% in premarket trading.
UBS Group Rises on Activist Investor’s Stake
Swiss banking giant UBS Group saw its stock rise by 2.1% after activist investor Cevian Capital revealed a stake of 1.3% in the company. Cevian Capital paid €1.2 billion ($1.31 billion) for this stake, stating that it sees significant value potential in UBS following its acquisition of rival Credit Suisse.
Earnings Reports to Watch Today
Several major companies are expected to release their earnings reports today, including FedEx, Accenture, FactSet Research Systems, Worthington Enterprises, and FuelCell Energy.