Kidpik, Biogen, Block, Ally Financial: What to Watch When the Stock Market Opens Today

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Stock futures are edging up ahead of inflation data that are expected to register the largest annual jump in consumer prices in decades.

  • Shares of e-commerce clothing company Kidpik rocketed 26% higher premarket, building on Tuesday’s 27% gain. No clear catalyst for the penny stock’s gains: even their website was down for scheduled maintenance. Trading in the stock was briefly paused on Tuesday due to volatility.
  • Block shares gained 1.7% premarket. The company formerly known as Square’s acquisition of Afterpay has cleared its final regulatory hurdle and will be implemented on Feb. 1, the Australian buy-now-pay-later provider said.
  • Biogen dropped 10% ahead of the bell. Medicare officials said they would cover Biogen’s controversial Alzheimer’s disease drug Aduhelm on the condition that patients are in clinical trials and have early-stage symptoms.
  • General Motors added 1.2% premarket. The auto maker’s new CarBravo marketplace will let U.S. GM dealers sell used cars online, a move that adds new competition to the used-vehicle market and reflects a strategic shift for GM.
  • Results are due from Jefferies Financial Group this morning.
  • Ally Financial shares rose 2.9% premarket. The financial services company’s board approved a dividend hike and a share-repurchase program.
  • DoorDash gained 2.8%. Evercore ISI Group lifted its rating on the stock and set a price target of $256 a share. On Tuesday it closed at $143.64.
  • KB Home  and  E2open Parent Holdings  are due to report after Wednesday’s close.
Chart of the Day

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