Stock futures are down all across the board. This follows mixed earnings data from various sectors in yesterday’s session. The market is also awaiting economic data on the labor markets and on consumer spending. This data will be indicative of the impact of the COVID-19 pandemic on the economy, and the possible short-term direction of the equity markets. However, even under current conditions, there are stocks that are showing significant activity ahead of market opening, driven by upcoming earnings and a host of other factors. Some of the key stocks to watch are as below:
Norwegian Cruise Line Holdings Ltd [NYSE: NCLH]
This stock is quite volatile this morning, after a strong performance yesterday when it closed with gains of 20.68%. Its current activity is driven by news that the company is to offer $250 million in a share deal. According to MarketWatch, the deal will have Barclays, Goldman Sachs, JP Morgan, and Citigroup as book runners. Norwegian Cruise Line has stated that it will use the money for general corporate purposes. The news of the share deal comes at a time when the cruise ship industry has been hit hard by the COVID-19 pandemic. It will be interesting to see how the market interprets this news when markets open. Data on labor and consumer spending could move the entire market and reinforce the direction of NCLH stock.
MGM Resorts International [NYSE: MGM]
MGM Resorts is another stock showing significant activity just as markets are about to open. This follows the company’s announcement that it would be releasing its Q2 results on July 30th, 2020. The company is set for an active few weeks ahead as investors take positions ahead of its earnings report. In today’s session, MGM Resorts could also be affected by adverse movements in the main U.S indices that are already showing signs of weakness in early morning trading.
Perrigo Company PLC [NYSE: PRGO]
Perrigo Company PLC is another active stock with significant price action ahead of market opening. At the time of writing, the stock is up by a percentage, even while the key indices point towards a relatively bearish day. This stock’s activity is driven by yesterday’s announcement of its Q2 results on the 5th of August 2020. For the next few weeks, investors will be taking positions ahead of the earnings call, and this could add to the activity of this stock in the near-term.