Stock futures pointed higher Wednesday ahead of data on U.S. consumer inflation. Economists expect inflation to have moderated in June but not enough to influence the Federal Reserve to pull back on raising interest rates when it meets later this month.
These stocks were poised to make moves Wednesday:
VMware
(ticker: VMW) was rising 1.6% in premarket trading after the European Commission approved
Broadcom
‘s (AVGO) acquisition of the software company in a deal valued at around $80 billion at current prices.
Nvidia
(NVDA) gained 0.4% in premarket trading on a report that said Arm was discussing bringing in Nvidia as an anchor investor while the chip designer moves ahead with plans for an initial public offering later this year. One person familiar with the discussions told the Financial Times that
Nvidia
was looking for Arm’s total valuation at $35 billion to $40 billion, while Arm wanted to be closer to $80 billion. Nvidia offered to buy Arm for $66 billion in 2020 but abandoned the bid last year when it was challenged by regulators.
Domino’s Pizza
(DPZ) rose 8.9% after the pizza chain said it entered into a new global agreement with
Uber
(UBER) that allows U.S. customers to order Domino’s products through Uber Eats and Postmates apps with delivery by Domino’s.
Uber
stock rose 1.9%.
Cinemark
(CNK) was upgraded to Buy from Neutral at
B. Riley,
and the stock’s price target was raised to $23 from $20. Shares of Cinemark, the movie theater operator, were up 4.6% to $16.67 in premarket trading.
A report from The Wall Street Journal said Kim Kardashian was in talks to buy back the minority stake of her beauty company, SKKN by Kim, she had sold to
Coty
(COTY). The sale price hasn’t been determined, the Journal noted, adding that discussions could still break down before a final deal is reached. The business was valued at $1 billion when Coty acquired a 20% stake three years ago. Shares of Coty were rising 3.4% in premarket trading.
Cisco Systems
(CSCO) fell 1.5% to $51.35 after shares of the networking giant were downgraded to Neutral from Buy with a $56 price target by analysts at BofA.
Jefferies Financial Group
(JEF) gained 1.1% after the investment banking firm was upgraded to Equal Weight from Underweight at
Morgan Stanley.
Terex
(TEX), a manufacturer of equipment used in construction, mining, maintenance, and other industries, said its board approved a 13% increase to its quarterly dividend to 17 cents a share. It’s the second time this year
Terex
has raised its dividend. In February, the dividend was raised to 15 cents a share from 13 cents. The stock was rising 1.1% in premarket trading.
Tesla
(TSLA) gained 0.8% to $271.83 after the price target on shares of the electric-vehicle giant were raised to $278 from $215 at
Citi.
Write to Joe Woelfel at [email protected]
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