Stock futures traded higher on Tuesday as dovish comments from Federal Reserve policymakers helped boost risk appetite. The impacts of the ongoing Israel-Hamas war were also being assessed by Wall Street as it enters its fourth day.
Unity Software (U) Announces Executive Retirement
Unity Software (U) saw a 6.7% increase in premarket trading following the announcement that John Riccitiello, president, chief executive, and chairman of the game development platform company, would be retiring. This comes after Unity faced backlash from customers due to a controversial price hike plan. The company had to apologize and make some changes to the plan.
Defense Stocks Soar Amid Israel-Hamas Conflict
Northrop Grumman (NOC), along with other defense stocks, led the S&P 500 on Monday in response to the Hamas attack on Israel. Northrop experienced an 11% jump and continued to rise by an additional 1% in premarket trading. Lockheed Martin (LMT), which saw an 8.9% increase on Monday, rose 0.6% in premarket trading.
PagerDuty (PD) Plans to Offer Convertible Senior Notes
Provider of incident management software, PagerDuty (PD), saw a decline of 6.2% after announcing its $350 million plan to offer convertible senior notes.
Ventyx Biosciences (VTYX) Reports Lower-Than-Expected Trial Results
Ventyx Biosciences (VTYX) released topline results from its trial of VTX002 in patients with moderate-to-severely active ulcerative colitis. However, the results were at the lower end of the company’s guidance, causing the stock to sink 21% in premarket trading.
PepsiCo (PEP) to Report Third-Quarter Earnings
PepsiCo (PEP) is scheduled to report its third-quarter earnings on Tuesday. Analysts expect the beverage and snack maker to post a profit of $2.15 a share, up from $1.97 a year earlier, on sales of $23.41 billion, up from almost $22 billion. The report will be closely watched as it may provide insights into the impact of Ozempic and other weight-loss drugs.