January 18, 2021
Markets PAID

KB Home, GM, Moderna: What to Watch When the Stock Market Opens Today

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Here’s what we’re watching ahead of the opening bell on Wednesday.

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 and the Nasdaq-100 were both down 0.2%.

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 3.3% ahead of the bell after it reported earnings that beat expectations, though the effects of the pandemic on orders and housing starts dragged on revenue.

A home under construction at the KB Home Cottages at Harbor Pointe development in Harbor City, Calif., June 22, 2019.

A home under construction at the KB Home Cottages at Harbor Pointe development in Harbor City, Calif., June 22, 2019.

Photo: Bloomberg News


Visa
shares added 1% 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.


General Motors
shares drove 3.4% higher premarket after having closed at a record high on Tuesday.

—Cryptocurrency miner
Marathon Patent Group
‘s shares dropped more than 19%. It announced a $250 million stock offering that it said would be used to fund operations and expansion.

—Los Angeles-based electric-vehicle company
Canoo
‘s shares shot more than 24% higher premarket.

—Covid-19 vaccine maker
Moderna
‘s stock dropped 2.6% premarket.

Market Fact

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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