Markets

US Stock Futures Dip; Major Stocks Including Verve Therapeutics and Plug Power Decline in Pre-Market Trade

Published November 13, 2023

On Monday morning, U.S. stock futures indicated a downturn in the market, with pre-market activity showing declines, particularly in Nasdaq futures, which dropped by roughly 50 points.

Biotechnology company Verve Therapeutics, Inc. VERV, experienced a downturn in pre-market trading upon releasing first human proof-of-concept data for in vivo base editing. The data came from the ongoing heart-1 phase 1b clinical trial of their VERVE-101 medication. Despite recently reporting a narrower-than-expected loss for Q3, shares of Verve Therapeutics plunged 14.1% to $13.50 during pre-market hours.

In today's session, several other prominent stocks faced pre-market losses. Notably, Plug Power Inc. PLUG, a provider of hydrogen fuel cell solutions, saw a steep 4.8% fall to $3.36 following a 40% drop on Friday due to disappointing Q3 results and concerns about the company's longevity.

Similarly, Instacart (Maplebear Inc.) CART, which operates through Carolina Trust BancShares, saw its shares decline by 4.7% to $24.02, despite a prior increase of 3% on Friday. Maplebear reported a 6% year-over-year rise in Q3 revenue, reaching $7.494 billion.

The health care products distributor Henry Schein, Inc. HSIC, with a global presence in 32 countries, reported a 4% pre-market dip in its shares to $61.50 following its latest earnings report.

ICL Group Ltd ICL, specializing in minerals and chemicals, saw a 3.5% reduction to $4.72 in its shares during pre-market trading despite recently exceeding earnings expectations.

Also on the downside, shares of cryptocurrency miner Hut 8 Mining Corp. HUT, involved in a merger with US Bitcoin Corp (USBTC), decreased by 3.2% to $2.10.

Microvast Holdings, Inc. MVST, though reporting a substantial 107.5% year-over-year increase in Q3 revenue, witnessed a roughly 3% drop in share price to $1.35 in pre-market trade.

Finally, digital workplace communications provider AudioCodes Ltd. AUDC observed a 2.5% fall to $9.59 during the same period.

Investors are keeping a close eye on these movements as they set the stage for the trading day's sentiment and could potentially signal broader market trends.

Stocks, Markets, Trading, Earnings, PreMarket, Nasdaq, VERV, PLUG, CART, HSIC, ICL, HUT, MVST, AUDC, Crypto