Stock futures declined Tuesday as Wall Street looked to corporate earnings for indications on the strength of the post-pandemic recovery.
Here are some of the top movers during premarket trading Tuesday.
1. Kansas City Southern KSU | Up 16%
Shares of Kansas City Southern (KSU) - Get Kansas City Southern Report jumped after The Wall Street Journal reported that Canadian National made a roughly $30 billion bid for the railroad operator. CN swooped in to top an agreed takeover by rival Canadian Pacific, (CP) - Get Canadian Pacific Railway Limited Report likely kicking off a bidding war.
2. International Business Machines IBM | Up 3.1%
Shares of International Business Machines (IBM) - Get International Business Machines Corporation Report advanced after the tech firm posted higher revenue ahead of a landmark split of the business this year.
IBM's total cloud revenue for the first quarter jumped 21% year-over-year to $6.5 billion.
"Strong performance this quarter in cloud, driven by increasing client adoption of our hybrid cloud platform, and growth in software and consulting enabled us to get off to a solid start for the year," said Chief Executive Arvind Krishna.
3. United Airlines UAL | Down 3.2%
Revenue for the quarter came in slightly below estimates, amid higher fuel costs and low demand for air travel due to the coronavirus pandemic.