5 Things to Know Before the Stock Market Opens

MicroStrategy (MSTR) shares are extending their gains in premarket trading as bitcoin has reclaimed its levels above $70,000; the company behind former President Donald Trump’s social media platform Truth Social starts trading today; Krispy Kreme (DNUT) shares are soaring on a plan to sell its doughnuts nationwide in McDonald’s (MCD); meme stock GameStop (GME) is set to post fourth-quarter results after the bell; and Nvidia partner SK Hynix (000660.SK) reportedly plans to invest roughly $4 billion to build an advanced chip-packaging facility in Indiana. U.S. futures are higher ahead of durable goods and consumer confidence data due today. Here’s what investors need to know today. 

1. MicroStrategy Gains as Bitcoin Reclaims $70,000-Plus Level

MicroStrategy (MSTR) shares were up about 3% in premarket trading, after rising more than 20% on Monday, following a rebound in the price of bitcoin to levels above $70,000. MicroStrategy is a software company that has morphed into the world’s largest corporate holder of bitcoin. The company said that, as of March 18, it held 214,246 bitcoin. Another cryptocurrency-related stock, Coinbase Global (COIN), was also gaining ground after rising nearly 10% Monday.

2. Trump Media & Technology to Start Trading

The company behind former President Donald Trump’s social media platform Truth Social starts trading today. Called Trump Media & Technology Group Corp., it begins trading on the Nasdaq under the stock ticker symbol “DJT,” which stands for the former president’s initials. It said Monday it completed its merger with blank check company Digital World Acquisition Corp. (DWAC). Trump, who is involved in several high-profile court cases and has incurred hundreds of millions of dollars in legal expenses and penalties, is the new company’s dominant shareholder with nearly 80 million shares worth around $4 billion as of Monday. 

3. Krispy Kreme Jumps on Plan to Sell Doughnuts in McDonald’s Nationwide

Krispy Kreme (DNUT) shares soared more than 15% in premarket trading after the company said it is planning to sell its doughnuts at fast-food giant McDonald’s (MCD) restaurants nationwide by the end of 2026. The rollout will start in the second half of this year, but it will take roughly two and a half years as Krispy Kreme more than doubles its distribution to satisfy the partnership. Krispy Kreme Chief Executive Officer (CEO) Josh Charlesworth said the partnership would double the company’s points of access.  For the duration of the agreement, McDonald’s will be the exclusive fast-food partner for Krispy Kreme in the U.S.

4. Meme Stock GameStop to Report Q4 Results

GameStop (GME) will be reporting its fiscal fourth-quarter results after the market closes on Tuesday. Analysts surveyed by FactSet expect the videogame retailer to post fourth-quarter earnings of 30 cents a share and revenue of $2.05 billion. GameStop missed revenue estimates for the third quarter as sales declined in three of its four global markets. GameStock shares, which surged 15% Monday, remain volatile even as they are well off their heights in early 2021.

5. Nvidia Partner SK Hynix Reportedly Plans to Invest $4B in Indiana Plant 

South Korea’s SK Hynix (000660.SK) reportedly plans to invest roughly $4 billion to build an advanced chip-packaging facility in West Lafayette, Ind., a boost to the Biden administration’s ambitions to restore America’s standing as a semiconductor power. The Wall Street Journal reported that the South Korean memory chip maker is building its facility with nearby access to Purdue University, home to one of the U.S.’s biggest semiconductor and microelectronics-engineering programs. A mix of state and federal tax incentives is expected to be made available to help finance the project, which may create around 800 to 1,000 new jobs, the report said. SK Hynix is currently serving as the exclusive partner to AI darling Nvidia’s (NVDA) most advanced graphic-processor units.

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