Nasdaq Futures Rise Despite Dada Nexus Plunge
This morning, U.S. stock futures showed promise, with Nasdaq futures surging by approximately 70 points on Tuesday.
Dada Nexus Share Prices Plummet
Shares of Dada Nexus Limited DADA took a nosedive during pre-market trading following the company’s disappointing performance in the fourth quarter.
Share Repurchase Program and Market Response
In response to the downturn, the company announced a share repurchase program totaling up to $40 million in American Depository Shares over a two-year span ending in March 2026.
The announcement, however, failed to stem the tide as Dada Nexus shares plummeted by 9.1% to $2.30 in pre-market trading.
Other Major Stocks Affected
Joining Dada Nexus in the red were several other big players which also recorded losses in today’s pre-market trading session:
- GDS Holdings Limited GDS saw a 6.1% drop to $7.86 during pre-market trading. The company is slated to report its unaudited financial results for the fourth quarter and full year of 2023 today.
- Star Bulk Carriers Corp. SBLK experienced a 4.4% decline to $23.30 in pre-market trading.
- FinVolution Group FINV dropped 3.9% to $4.74 in pre-market trading after posting subpar quarterly sales.
- M&T Bank Corporation MTB fell by 3.7% to $137.00 during pre-market trading. The bank is expected to unveil its first quarter 2024 earnings on Monday, April 15, 2024.
- Tilray Brands, Inc. TLRY suffered a 3.3% decrease to $2.08 in pre-market trading following a 7% slide on Monday, attributed to Germany’s approval of cannabis legalization for adult use.
- MINISO Group Holding Limited MNSO slipped 2.6% to $20.12 in pre-market trading despite reporting better-than-expected second-quarter financial results recently.
Now Read This: Cramer Isn’t ‘Knocking’ This Pharma Firm Anymore: ‘As A Matter Of Fact, I’m Going In’
Don’t forget to check out our premarket coverage here
