U.S. Stock Futures Lower as GDS Holdings Limited Shares Surge in Pre-Market Trading
On March 11, 2024, U.S. stock futures were lower, with the Dow futures falling by around 100 points. However, there was significant movement in pre-market trading, with shares of GDS Holdings Limited (GDS) seeing a sharp rise.
GDS Holdings Limited, a leading developer and operator of high-performance data centers in China, saw its shares jump 17.7% to $7.54 in pre-market trading. This surge came as Hillhouse Capital, Boyu Capital, and CDH Investments were reportedly in advanced discussions to invest in the company’s data center business outside China, according to Bloomberg.
In addition to GDS Holdings, several other big stocks recorded gains in today’s pre-market trading session:
– Graphite Bio, Inc. (GRPH) climbed 19.4% to $3.75 in pre-market trading. The company declared a special dividend in connection with a proposed merger with Lenz Therapeutics.
– Kingsoft Cloud Holdings Limited (KC) shares gained 13.7% to $3.06 in pre-market trading. The company is expected to report fourth-quarter financial results on March 20, 2024.
– Revance Therapeutics, Inc. (RVNC) shares rose 9.5% to $6.58 in pre-market trading. The company recently announced the pricing of a $100 million public offering of 16 million shares of common stock at a price of $6.25 per share.
– NuScale Power Corporation (SMR) gained 9.1% to $5.99 in pre-market trading. The company is expected to release fourth-quarter results on March 14, 2024.
– Hesai Group (HSAI) gained 9% to $6.28 in pre-market trading. The company is expected to report its fourth-quarter unaudited financial results on March 11, 2024.
– MicroStrategy Incorporated (MSTR) gained 7.6% to $1,533.99 in pre-market trading amid continued strength in Bitcoin.
– Marathon Digital Holdings, Inc. (MARA) gained 6.7% to $25.06 in pre-market trading amid continued strength in Bitcoin.
– Coinbase Global, Inc. (COIN) rose 6.4% to $273.15 in pre-market trading amid continued strength in Bitcoin. On Friday, Goldman Sachs upgraded the stock from Sell to Neutral and announced a $282 price target.
Overall, it was a mixed morning for U.S. stock futures, but the surge in GDS Holdings Limited shares and the gains in other big stocks in pre-market trading provided some positive momentum for investors. Stay tuned for more updates as the trading day progresses.
