Pinterest shares slumped after PayPal said it isn’t pursuing a deal for the social-media company

PayPal shares climbed after it denied it was pursuing a deal to acquire Pinterest.


Yichuan Cao/Zuma Press

Stock futures are ticking higher ahead of a busy week of earnings from big technology companies. Here’s what we’re watching ahead of Monday’s open:

  • Pinterest shares dropped 16% premarket after U.S. payments giant PayPal Holdings said it isn’t currently pursuing a deal for the social-media platform, days after media reports that the companies were in early talks for a multibillion-dollar deal. PayPal shares climbed 5.1%.
  • Bakkt , a cryptocurrency trading platform that went public through a SPAC deal last week, jumped 9.3% premarket. Rival crypto exchange Coinbase was also up, by 2%. Bitcoin itself was up more than 3% from its Friday 5 p.m. ET level.
  • Trading in Digital World Acquisition , the SPAC that is merging with Donald Trump’s media company, was picking up again after last week’s wild ride. Class A shares were up 14% premarket, after Friday’s 107% jump.
  • Phunware , a penny stock also with Trump ties, was up 28% premarket, after Friday’s 471% surge. The small technology company isn’t profitable, but it has worked for the former president’s campaign.
  • Cruise operator Carnival slipped 1.4%. Citi cut its rating of the stock to neutral from buy, though the bank also expects the company to shift from burning cash to generating cash over the next 12 months as fleet deployments ramp up.
  • Otis Worldwide gained 1.3% after the maker of elevators and escalators said its profit rose for the third quarter as sales grew in both the new-equipment and service segments.
  • Kimberly-Clark  shares dropped 2.7%. The paper-products maker lowered its full-year earnings guidance as the company said supply-chain challenges have raised costs.
  • Tesla shares added 4% premarket. Japan’s Panasonic showed off for the first time a larger lithium-ion battery that it plans to supply to the U.S. electric-vehicle maker.
  • Clearway Energy gained 1.3% premarket after it agreed to sell its thermal-energy business to KKR for $1.9 billion.
  • Facebook  and Crane are among the companies reporting after Monday’s close.
Chart of the Day

Write to James Willhite at

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