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Roblox, AMC, General Electric, Tesla Hack - 5 Things You Must Know Wednesday

Nasdaq futures fall following the tech-heavy index's 3.69% jump on Tuesday; AMC Entertainment and Oracle report earnings; Roblox to begin trading Wednesday.

Here are five things you must know for Wednesday, March 10:

1. -- Stock Futures Fluctuate After Nasdaq Surge

Stock futures were mostly higher Wednesday but Nasdaq futures declined following a surge in shares of major tech companies.

Contracts linked to the Dow Jones Industrial Average gained 109 points, S&P 500 futures were up 2 points and Nasdaq futures fell 28 points.

Stocks finished higher Tuesday and the tech-heavy Nasdaq rebounded as investors turned again to riskier high-growth equities. The Nasdaq, helped by falling bond yields, soared 3.69% and moved back into positive territory for the year. It was the index's biggest gain in four months.

The 10-year Treasury traded at 1.561% on Wednesday, following the first auction this week of a total of $120 billion in new government debt.

The market's rotation to value and cyclical stocks and away from expensive growth shares, which has dinged tech giants over the past week - apart from Tuesday when Tesla  (TSLA)  jumped 19.64% and Apple  (AAPL)  rose more than 4% - likely will continue with the House poised to pass the $1.9 trillion coronavirus relief bill on Wednesday and send it to President Joe Biden for his signature. 

Investors have begun piling into stocks expected to benefit from Biden's stimulus plan and a reopening of the economy as more Americans receive COVID-19 vaccinations. 

General Electric  (GE)  early Wednesday said it reached an agreement to combine its jet-leasing business with Ireland's AerCap  (AER)  in a deal valued at $30 billion.

2. -- Wednesday's Calendar: AMC Entertainment and Oracle Earnings

Earnings reports are expected Wednesday from AMC Entertainment  (AMC) , Oracle  (ORCL) , Bumble  (BMBL) , Tupperware Brands  (TUP) , Campbell Soup  (CPB) , Cloudera  (CLDR) , Vera Bradley  (VRA) , Express  (EXPR) , United Natural Foods  (UNFI)  and Sumo Logic  (SUMO)

The U.S. economic calendar for Wednesday includes the Consumer Price Index for February at 8:30 a.m. ET and Oil Inventories for the week ended March 5 at 10:30 a.m.

3. -- Roblox's Reference Price for Direct Listing Set at $45

A reference price of $45 was set for the direct listing of gaming platform Roblox  (RBLX) , which will begin trading Wednesday on the New York Stock Exchange.

Roblox won't be raising fresh capital. The company will be offering about 199 million shares.

A reference price, unlike a share price in a traditional initial public offering, isn’t a direct indicator of the company’s market capitalization. But at $45 a share, Roblox would have a market value of about $30 billion, Bloomberg reported, citing a person familiar with the matter.

In its S-1 IPO prospectus, Roblox reported that daily active users soared 82% to 31.1 million in the nine months ended Sept. 30, 2020, from 17.1 million a year earlier.

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Revenue jumped 68% to $588.7 million from $349.9 million. The company recorded a loss of $203.2 million in the latest nine-month period, widening from $46.3 million a year earlier.

Free cash flow totaled $292.6 million in the latest period, up from $6 million a year earlier.

4. -- Hackers Breach Businesses Including Tesla and Cloudflare

A group of hackers said they viewed live and archived surveillance footage from hundreds of businesses including Tesla and Cloudflare  (NET)  by gaining administrative access to Silicon Valley startup Verkada, according to reports.

Swiss software developer Tillie Kottmann, who has gained attention for finding security flaws in mobile apps and other systems, showed Reuters recordings from inside a Tesla factory in China and showroom in California. Additional footage came from an Alabama jail, hospital rooms, a police interview area and a community gym.

Kottmann declined to identify other members of the group.

Bloomberg, which was the first to report the breach, disclosed how one video from inside a Tesla warehouse in Shanghai showed workers on an assembly line. The hackers said they obtained access to 222 cameras in Tesla factories and warehouses.

Kottmann told Bloomberg the data breach was intended to show the pervasiveness of video surveillance and the ease with which systems could be broken into. Kottmann previously claimed credit for hacking chip giant Intel and carmaker Nissan.

Kottmann said the group's reasons for hacking are “lots of curiosity, fighting for freedom of information and against intellectual property, a huge dose of anti-capitalism, a hint of anarchism - and it’s also just too much fun not to do it.”

In a statement, Verkada said it "disabled all internal administrator accounts to prevent any unauthorized access. Our internal security team and external security firm are investigating the scale and scope of this issue, and we have notified law enforcement."

SpaceX plans to launch a Falcon 9 rocket from the Cape Canaveral Space Force Station early Thursday, after a delay the company said was made to allow for “additional time for pre-launch checks.”

The launch carrying 60 Starlink satellites had been scheduled to take place Tuesday evening.

In a tweet, SpaceX said, "Now targeting Thursday, March 11 at 3:13 a.m. EST for launch of Starlink - taking some additional time for pre-launch checks."

The launch will send about 60 more internet satellites as part of SpaceX’s Starlink constellation, which now exceeds 1,200 spacecrafts in low-Earth orbit.

Elon Musk, the CEO of Tesla, also serves in the same role at SpaceX.

Earlier this month, SpaceX's Starship, a rocket designed to be fully reusable, managed to take off and land at a test facility in Texas Wednesday but blew up minutes after touching down.