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Futures Rebound From Latest Chinese Regulatory Scare As Tencent Crashes

US equity futures rebounded from the latest China regulatory scare which saw shares of Tencent plunge as much as 11% after Chinese state media criticized online gaming as “opium for the mind,” fueling investor concerns that the companies’ popular games could be swept up into a broader regulatory crackdown. As China watcher Victor Shih noted, this showed that “even when you comply with every party dictate, you can be labeled an ‘opium’ or ‘poison‘.” But even though Eminis dipped briefly below 4380 when the Tencent news hit overnight, they have since rebounded and were trading up 15.50 or 0.35%, rising to 4,395. Dow futures were up 160 points or 0.461% and Nasdaq futs added 0.08% or 11 points.

Here are some of the biggest U.S. movers today, courtesy of BBG:

  • Clorox (CLX) falls 8.5% after the household products company reported net sales and adjusted earnings per share for the fourth quarter that missed even the lowest analyst estimate.
  • CureVac (CVAC) Arcturus Therapeutics (ARCT) both climb after Sanofi said it plans to buy Translate Bio for $38 a share.
  • Eli Lilly & Co. (LLY) falls 1.7% after reporting second-quarter adjusted earnings that missed analysts’ estimates.
  • HollySys Automation (HOLI) surges 18% after announcing its board is studying a nonbinding offer of $23/share in cash from Superior Emerald (Cayman).
  • International Game Technology (IGT) jumps 9% after the company’s second- quarter results handily beat the average analyst estimate.
  • Micron Technology (MU) rises 2% as some analysts say the first quarterly dividend is a sign of increased stability.

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