KB Home, GM, Ally Financial: What to Watch When the Stock Market Opens Today
By James Willhite
Here's what we're watching ahead of the opening bell on
-- U.S. stock futures edged lower Wednesday ahead of key
inflation data and a vote by lawmakers on impeaching President
Trump during his final week in office. Contracts linked to the
S&P 500 slipped 0.3%, and the Nasdaq-100 futures were down
What's Coming Up
Griffon, Element Solutions and Primoris Services are among the
companies participating in the CJS Securities New Ideas for the New
Year Investor Conference.
The Fed releases its beige book report on U.S. economic
conditions at 2 p.m. ET.
Market Movers to Watch
-- Homebuilder KB Home's shares climbed 4.8% ahead of the bell
after it reported earnings that beat expectations, though the
effects of the pandemic on orders and housing starts dragged on
-- General Motors shares drove 3.5% higher premarket after
having closed at a record high on Tuesday.
-- Cryptocurrency miner Marathon Patent Group's shares dropped
19%. It announced a $250 million stock offering that it said would
be used to fund operations and expansion.
-- Ally Financial shares jumped more than 6% premarket after it
authorized a share repurchase plan and a dividend on its stock.
-- Los Angeles-based electric-vehicle company Canoo's shares
shot 16% higher premarket.
-- Visa shares edged up 0.3% premarket after the credit-card
giant abandoned its $5.3 billion planned acquisition of
financial-technology firm Plaid amid a Justice Department antitrust
lawsuit that challenged the deal.
-- Covid-19 vaccine maker Moderna's stock dropped 1.1%
Shares of blank-check company ArcLight Clean Transition more
than doubled on Tuesday to close at $25.20. The jump came after it
said it had agreed to acquire and take public electric vehicle
company Proterra in a deal that gives it an enterprise value of
about $1.6 billion.
Chart of the Day
Sudden excitement about the flurry of startups going public
through blank-check companies is enriching some of the biggest
players in finance, particularly hedge funds.
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Biden Is Expected to Name Gary Gensler for SEC Chairman
(END) Dow Jones Newswires
January 13, 2021 08:10 ET (13:10 GMT)
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