Take a look at some of the biggest movers in the premarket:
Spirit Airlines (SAVE) – Spirit shares rose 3.9% in premarket trading after it agreed to be acquired by JetBlue (JBLU) for $33.50 per share in cash. That follows yesterday’s rejection by shareholders of Spirit’s previous deal to merge with Frontier Airlines parent Frontier Group (ULCC). Frontier shares added 1.2% while JetBlue stock was little changed.
Stanley Black & Decker (SWK) – The tool maker’s stock slumped 12.3% in the premarket after quarterly results missed analysts’ estimates on the top and bottom lines, and the company slashed its full-year forecast. Stanley Black & Decker said the softening of demand accelerated during the last part of the quarter, although it does expect demand to normalize.
Solar stocks – Shares of solar companies popped in the premarket after Democratic Sen. Joe Manchin agreed to support a bill that would grant a variety of clean energy incentives. Sunrun (RUN) surged 11.2%, Sunnova (NOVA) rallied 12.9%, First Solar (FSLR) jumped 9.9% and SunPower (SPWR) leaped 11.9%.
Comcast (CMCSA) – Comcast slid 5.7% in premarket trading despite beating top and bottom line estimates for the second quarter. The NBCUniversal parent saw no growth in broadband subscribers, which it attributed to strong pandemic signups pulling new business from future quarters.
Southwest Airlines (LUV) – The airline reported better-than-expected profit and revenue for the second quarter, and said demand continued to be strong. The stock sank 6.1% in the premarket, however, after it issued mixed guidance and a prediction of continued rising costs.
Harley-Davidson (HOG) – The motorcycle maker’s shares jumped 5% in the premarket after it reported better-than-expected second-quarter profit and revenue. Harley also reaffirmed its prior full-year guidance despite a two-week production suspension during the quarter due to a supplier issue.
Meta Platforms (META) – Meta shares slid 4.2% in the premarket after the Facebook and Instagram parent reported lower-than-expected earnings and revenue for the second quarter. Meta’s decline in revenue was its first ever, amid a pullback in digital advertising.
Ford (F) – Ford rallied 6.3% in premarket trading as it beat profit and revenue estimates for the second quarter. Ford earned 68 cents per share, compared to a consensus estimate of 45 cents a share, as the automaker had more cars to sell with prices remaining elevated.
Qualcomm (QCOM) – Qualcomm shares sank in premarket action despite a top-and-bottom-line beat for the chip maker. Qualcomm cut its forecast for smartphone shipments and issued a weaker-than-expected current-quarter outlook.
Best Buy (BBY) – Best Buy lost 3.8% in the premarket after the electronics retailer cut its full-year sales and profit forecast. Best Buy said demand for consumer electronics is softening due to higher prices for food and fuel.
Etsy (ETSY) – Etsy shares rallied 9.1% in premarket trading after the online marketplace operator reported better-than-expected quarterly sales and profit. Etsy was helped by an increase in ad sales as well as higher transaction fees.
Teladoc Health (TDOC) – The telehealth company’s stock plummeted 25.3% in premarket action as it posted a wider than expected quarterly loss due to a $3 billion impairment charge.
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