U.S. stock futures are little changed as markets come off last week’s record highs; Oracle (ORCL) reports earnings after the bell; Super Micro Computer (SMCI) stock is jumping in premarket trading after it received an extension from Nasdaq to fulfill reporting requirements; shares of Interpublic Group (IPG) are surging after being acquired by Omnicom Group (OMC) to form the world’s largest advertising company; and Palantir (PLTR) shares are rising further after it announced a partnership with Anduril Industries to launch an artificial intelligence (AI) consortium. Here’s what investors need to know today.
1. US Stock Futures Flat After Record Highs Last Week
U.S. stock futures are little changed after the S&P 500 and Nasdaq hit record closing highs Friday as investors poured over labor market data. Bitcoin (BTCUSD) is down nearly 3% at just above $98,000, yields on the 10-year Treasury note are flat, and oil and gold futures are about 1% higher. Federal Reserve officials are in a blackout period this week while investors are watching for October wholesale inventories data today.
2. Oracle Stock Rises Ahead of Earnings Report
Oracle (ORCL) stock is about 2% higher in premarket trading as investors anticipate the database giant’s earnings report scheduled to be released after markets close. Analysts surveyed by Visible Alpha project that Oracle will report revenue of $14.13 billion, up 9% year-over-year, and net income of $3.05 billion or $1.07 per share, up from $2.50 billion or 89 cents per share. Last quarter, Oracle beat expectations as the company said demand for training AI large language models in the cloud surged.
3. Super Micro Computer Stock Soars on Nasdaq Listing Extension
Super Micro Computer (SMCI) stock is up 10% in premarket trading after the company said it had received an extension from Nasdaq to allow it until February to meet the requirements to maintain its listing on the stock exchange. Nasdaq had threatened to delist the company if it didn’t file its required annual report, with Supermicro responding by bringing on BDO USA as its new auditor. Supermicro stock soared a week ago after the server market announced that an investigation found no misconduct in the company’s accounting practices.
4. Interpublic Stock Surges on Omnicom Acquisition
Interpublic Group of Companies (IPG) stock is soaring 15% in premarket trading after it was acquired by rival Omnicom Group (OMC) in an all-stock deal that will form the world’s largest advertising company, with annual net revenue of more than $25 billion. The Wall Street Journal had reported over the weekend that the companies were in advanced talks on a deal that could be valued at between $13 billion and $14 billion, excluding debt. Shares of Omnicom Group are 5% lower.
5. Palantir Stock Surges Further on AI Partnership With Anduril
Palantir (PLTR) stock is up 7% in premarket trading after it announced a partnership with defense technology firm Anduril to create a consortium to help the U.S. government integrate AI tools into military and national security capabilities. The partnership will focus on two primary AI problems: data readiness and processing data at scale, the companies said. The announcement comes after Palantir said its entire suite of software products had been approved for U.S. government use, sending its stock to all-time highs. Palantir stock is up nearly 350% this year through Friday.
