Stock futures pointed to higher opening on Tuesday, continuing the upward trend from the previous day after a three-session decline in equities.
Companies to Watch:
Amazon’s stock was up 0.4% in premarket trading as the online retailer began its much-anticipated Prime Day at 3 a.m. Eastern time. Historical data from Dow Jones Market Data suggests that Amazon stock tends to perform well following the conclusion of Prime Day events. Last year, members set a record by purchasing over 300 million items worldwide during this sales extravaganza.
Microsoft’s stock was slightly rising ahead of the market open after news broke that the software giant would be implementing additional job cuts in addition to the 10,000 positions it had previously announced to eliminate earlier this year.
Uber Technologies (UBER)
According to Bloomberg, Chief Financial Officer Nelson Chai is planning to leave ride-hailing company Uber, causing the stock to drop 0.3%. While Chai has informed CEO Dara Khosrowshahi about his decision, no specific timeline has been set yet. This potential departure marks the most significant executive exit since Uber became a public company in 2019.
Cleaning products and lubricants manufacturer WD-40 reported better-than-expected fiscal third-quarter earnings and sales, leading to a 4% increase in its premarket trading. The company also reconfirmed its fiscal-year guidance.
Iovance Biotherapeutics (IOVA)
Shares of cancer immunotherapy developer Iovance Biotherapeutics fell 11% in premarket trading following the announcement of a $150 million underwritten public offering of common shares.