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Friday, August 6, 2021

Zoom Video, Five9, Exxon, IBM: What to Watch When the Stock Market Opens Today

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Global stocks are broadly lower, along with government-bond yields and commodity prices, amid renewed anxiety around the Delta variant of Covid-19 and inflation. Here’s what we’re watching ahead of Monday’s open. Full market wrap here.

  • Five9

    investors are high-fiving each other this morning. Videoconferencing service

    Zoom Video Communications

    plans to acquire the cloud-based customer-service software provider in an all-stock deal valued at $14.7 billion. Five9 shares jumped 8.1% premarket; Zoom slid 1.1%.

A sign for Zoom Video Communications ahead of the company’s Nasdaq IPO in New York, April 18, 2019.



Photo:

Mark Lennihan/Associated Press

  • U.S. crude prices are down 3.9% this morning, and the shares of major producers are slip-sliding on down with them.

    Occidental Petroleum

    was down 5.8% premarket,

    ConocoPhillips

    shed 4.1%,

    Exxon

    Mobil fell 3.1% and

    Devon Energy

    dropped 5.2%.

  • Bank shares were also suffering from the downbeat atmosphere.

    Morgan Stanley

    dropped 2.4%,

    JPMorgan Chase

    fell 2.6% and

    Goldman Sachs

    dropped 2.5% premarket.

  • Shares of

    Retail Properties of America

    bucked the dim mood of the day to inch up 0.7% premarket. It is merging with

    Kite Realty Group Trust

    in an all-stock deal. Kite’s shares haven’t budged.

  • A SPAC deal and a price slip : Shares of blank-check company

    Investindustrial Acquisition

    gave up earlier gains to edge down 0.5% premarket. Italian luxury group Ermenegildo Zegna plans to raise around $880 million by combining with the U.S. SPAC.

  • Pershing Square Tontine Holdings,

    the blank-check company led by hedge-fund manager

    William Ackman,

    said it won’t proceed with its proposed acquisition of a 10% stake in Universal Music Group. The SPAC’s shares added 0.6% ahead of the bell.

  • Trading app Robinhood Markets said it expects to raise about $2 billion in its initial public offering, which would give it a market value of about $33 billion, according to a securities filing Monday.
  • IBM,

    Steel Dynamics,

    J.B. Hunt Transport Services

    and

    PPG Industries

    are among the companies reporting earnings Monday.

Chart of the Day
  • Growth likely hit a high point in the second quarter and will slow as the boosts from fiscal stimulus and reopenings fade, economists say.

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