Stock futures are trading with a mixed tone during the early hours of Monday, following the Nasdaq Composite's record high on Friday, surpassing its 2021 peak. Dow futures (INDU) fell by 0.3%, S&P futures (SPX) by 0.1%, and Nasdaq 100 futures (NDX:IND) also by 0.1%, as investors digest a remarkable and relentless period of performance in the stock market, with the S&P 500 completing a run of 16 positive weeks out of the last 18 for the first time since 1971.
Goldman Sachs initiated coverage on Super Micro Computer (SMCI, Financial) shares with a Neutral rating, highlighting the company's significant role as an "AI winner" due to its roster of customers using GPU-specialized servers. This announcement comes as Super Micro is slated to join the S&P 500, causing its shares to rise 16% in premarket trading.
Sea's (SE, Financial) stock surged about 12% premarket after the e-commerce company's fourth quarter results beat estimates, marking its first full year of annual profit since its IPO in 2017. The company's revenue grew about 4.8% year-over-year to $3.6B, with e-commerce revenue growing 23.2% year-over-year to $2.6B.
Bitcoin (BTC-USD) surged past the $65,000 mark, edging closer to its all-time high of $69,000 set in November 2021. This rally triggered a surge in stocks linked to cryptocurrencies, with several stocks witnessing significant gains in premarket trading, including Bit Digital (BTBT, Financial), Cleanspark (CLSK, Financial), and Coinbase (COIN, Financial).
JetBlue (JBLU, Financial) rose 4% after reaching an agreement with Spirit Airlines (SAVE, Financial) to terminate their 2022 $3.8 billion merger agreement, following a federal judge's block on the combination on antitrust grounds. Spirit sank 16% on the news.
FuboTV (FUBO, Financial) was upgraded to Buy from Neutral by Seaport Global despite mildly disappointing guidance on new subscriber growth for 2024. The upgrade reflects a belief in the attractive risk-reward profile for FUBO shares moving forward.
Nektar Therapeutics (NKTR, Financial) announced a private placement financing for $30M, selling 25M shares in the form of pre-funded warrants at $1.2 apiece, aiming to extend its cash runway into at least mid-2026.
