Connect with us

Finance

Stocks making the biggest moves in the premarket: Nike, Spirit Airlines, Occidental Petroleum and more

Published

on

Take a look at some of the biggest movers in the premarket:

Nike (NKE) – Nike fell 2.4% in premarket trading despite reporting better-than-expected quarterly profit and revenue. The athletic apparel and footwear maker forecast current-quarter revenue below analysts’ estimates amid increased promotional activity and ongoing disruptions in its profitable Chia market.

Spirit Airlines (SAVE) – Spirit added 4% in the premarket as the battle to buy the airline intensifies. JetBlue (JBLU) responded to Frontier Group’s (ULCC) latest improved offer by sweetening its own bid, adding a monthly pre-payment of 10 cents per share between January 2023 and the deal’s close, as well as a $50 million breakup fee increase to $400 million and a $2.50 per share payment when the deal is approved. Frontier rose 2.7%, while JetBlue edged lower by 0.3%.

Advertisement

Morgan Stanley (MS), Goldman Sachs (GS), Bank of America (BAC), Wells Fargo (WFC) – These banks raised their dividends after passing their annual stress tests, but JPMorgan Chase (JPM) and Citigroup (C) kept their payouts flat. Morgan Stanley gained 3.3% in premarket action, Goldman rose 1.7%, Bank of America added 1.1% and Wells Fargo gained 0.7%.

Occidental Petroleum (OXY) – Occidental Petroleum gained 4% in premarket trading after Berkshire Hathaway (BRK.B) revealed additional purchases of Occidental Petroleum shares, increasing its stake to 16.4%.

Robinhood Markets (HOOD) – Robinhood fell 3.7% in premarket action after FTX CEO Sam Bankman-Fried threw cold water on a Bloomberg report that FTX might be interested in buying the trading platform company. Bankman-Fried told CNBC that although he is impressed by Robinhood and has been excited about potential partnerships, there are no active M&A talks taking place.

Jefferies Financial (JEF) – Jefferies slid 4.4% in the premarket after quarterly profit fell short of analysts’ forecasts, although the investment firm’s revenue did exceed estimates. Revenue was down 30% from a year ago amid what Jefferies calls a “challenging” capital markets environment.

Las Vegas Sands (LVS), Wynn Resorts (WYNN) – Shares of the casino operators moved higher in the premarket as China eased Covid-19 quarantine rules for international arrivals. Las Vegas Sands rallied 6.3%, while Wynn Resorts jumped 6.5%.

Advertisement

Playtika (PLTK) – The Israel-based mobile game developer saw its shares rise 3.2% in premarket trading following an Axios report that Joffre Capital was buying a majority stake.

Roivant Sciences (ROIV) – Shares of the biopharmaceutical company jumped 7.9% in the premarket after it unveiled a new biotech company called Priovant Therapeutics in partnership with Pfizer (PFE). Pfizer will hold a 25% stake in Priovant, which will focus on novel therapies for autoimmune diseases.

Snowflake (SNOW) – Snowflake gained 3.4% in premarket action after Jefferies upgraded the cloud computing company’s stock to “buy” from “hold.” Jefferies likes Snowflake’s growth potential and noted its “rock solid” fundamentals and “near flawless” execution. Snowflake had gained more than 32% during a five-session win streak before retreating 2.2% yesterday.

Source: CNBC

Advertisement

Follow us on Google News to get the latest Updates

Trending