Gores Guggenheim, Exxon, Carnival, PG&E: What to Watch When the Stock
U.S. stock futures were mixed, with contracts on the Dow Jones Industrial Average up, the Nasdaq-100 down and the S&P 500 flat. Here’s what we’re watching as Monday’s trading gets under way.
- Blank-check company Gores Guggenheim climbed 4.7% premarket. It is nearing a deal to combine with Polestar that would value the Swedish electric-vehicle maker at $21 billion.
- Crude prices are at the highest level in nearly three years, and shares of major producers are also rising premarket. Occidental Petroleum added 2.5%, Exxon Mobil gained 1.3% and ConocoPhillips rose 1.5%.
- Cruise operator Carnival ‘s shares were up 1.8% premarket after it said it had set sail from the Port of Los Angeles over the weekend for the first time since last year. On Friday, it reported its third-quarter voyages had been cash-flow positive. Rival Royal Caribbean inched 0.8% higher.
- Major airlines were also getting a boost ahead of the bell amid hopes for a further economic reopening from the pandemic. United Airlines , Delta Air Lines and American Airlines each ticked up 0.7%, and Southwest Airlines rose 1%.
- But then, not everyone is excited for people to return to their normal routines. Zoom Video Communications fell 1% premarket.
- PG&E shares slipped 2.3% premarket. A California prosecutor has filed an array of criminal charges against utility in connection with the Zogg Fire, which killed four people.
- Aurora Cannabis and Concentrix are among the companies reporting earnings Monday.
Chart of the Day
- Day traders are targeting some companies that recently closed SPAC mergers, reinvigorating some of the meme-stock excitement that helped make such deals popular early in the year.
Write to James Willhite at james.willhite@wsj.com
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