Wall Street set for more gains
U.S. stock futures were rising again on Tuesday morning, after all the major indices finished with gains on Monday, helped by traders’ bets that the Omicron variant of coronavirus may cause milder illness than earlier thought, renewing confidence in travel and consumer demand.
As of 5:30 a.m. ET, futures tied to the blue-chip Dow Jones were marked 341 points, or 0.97% to 35,553.
S&P 500 futures jumped 57.75 points, or 1.26% to 4,647.75 while the tech-heavy Nasdaq 100 futures rallied 273.25 points, or 1.72% to 16,116.
On Monday, the Dow closed up 646.95, or 1.87% to finish at $35,227.03 while the broader S&P 500 climbed 53.24 points, or 1.17% to end at 4,591.67 points. The Nasdaq Composite advanced 139.68 points, or 0.93% to 15,225.15.
BuzzFeed’s stock drops 11% in its first day’s trading
BuzzFeed (NASDAQ: BZFD) plummeted in its first day of trading Monday after a SPAC merger.
BuzzFeed closed $1.06, or 11.02% lower to $8.56 a share. The drop came on the same day that BuzzFeed CEO Jonah Peretti rang the opening bell on the Nasdaq exchange.
In a statement issued earlier Monday, Peretti said, “Our next chapter as a public company will help BuzzFeed Inc. become a hub for even more brands and creators, visionary founders and CEOs, high-quality content for the tech platforms, and so much more.”
The merger deal with special purpose acquisition company 850 Fifth Avenue Partners garnered BuzzFeed just $16 million after a majority of investors pulled out.
As of writing, BuzzFeed stock was up 24 cents, or 2.80% to $8.80 per share in the pre-market trading session Tuesday.
Intel to spin off Mobileye via an IPO
Intel (NASDAQ: INTC) is considering spinning off its Mobileye business via an initial public offering next year, the chipmaker announced on Monday.
Intel said it will maintain majority ownership of Mobileye, and added that the two companies will continue to work together on automotive technologies.
After the IPO, Mobileye’s executives are expected to remain in place with Mobileye’s co-founder Amnon Shashua continuing his role as the company’s CEO.
Intel bought Mobileye in 2017 for $15.3 billion, in a move aimed at expanding into new markets.
Intel said the spinoff would “unlock the value of Mobileye for Intel shareholders by creating a separate publicly traded company and will build on Mobileye’s successful track record and serve its expanded market.”
As of writing, Intel shares were up 3.91, or 7.67% to $54.90 per share in the pre-market trading session.
