Stock futures edge lower
U.S. stock futures were lower early Friday, with Nasdaq 100 futures pointing to another rough session for the technology sector, which closed sharply lower on Thursday.
As of 5:30 a.m. ET, the tech-heavy Nasdaq 100 futures gave away 146.75 points, or 0.92% to 15,723.75. S&P 500 futures dropped 16 points, or 0.34% to 4,652.75 while Dow futures were down 23 points to 35,879.
On Wednesday, the Dow fell 29.79 points to end the session at 35,897.64 after the Bank of England unexpectedly hiked interest rates, while the European Central Bank announced that plans to end its massive pandemic stimulus program in March 2022.
The Nasdaq Composite plunged 385.15 points, or 2.47% to 15,180.44 while S&P 500 tumbled 41.18, or 0.87% to close at 4,668.67.
Cerner shares soar on reports Oracle may acquire it
Shares of Cerner (NASDAQ: CERN) surged before the opening bell on Friday following a report that enterprise software maker Oracle (NYSE: ORCL) is looking to potentially buy the electronic-medical-records company.
Oracle is exploring an acquisition that would value Cerner at around $39 billion, the Wall Street Journal first reported, citing people with knowledge of the matter.
According to the report, a deal could be finalized soon. If the agreement is reached, the Journal noted that it would be Oracle’s biggest-ever acquisition and rank as one of the largest takeovers of the year.
Cerner stock spiked $13.51, or 17% to $93 a share in the premarket trading session. Oracle stock was down $3.96, or 3.84% to $99.26 a share.
Rivian shares crater on Q3 net loss, trimmed production target
Meanwhile, shares of Rivian Automotive (NASDAQ: RIVN) were sliding 9.05% to $99.02 in pre-market trading on Friday after the electric-vehicle maker reported rising losses in its first earnings release as a public company.
The company said late Thursday that it recorded a third-quarter loss of $1.2 billion, or $12.21 per share, up from a loss of $288 million, or $2.88 per share, in the same period last year.
Revenue came in at $1.2 billion as the company made its first vehicle deliveries in September. Analysts expected Rivian to post a loss of $12.04 per share on revenue of $900,000.
Rivian, which made its market debut in November, told shareholders that it would fall short of its target of producing 1,200 vehicles in 2021 by a “few hundred vehicles.”
