Check out some of the biggest manufacturers in the pre-market:
Twitter (TWTR) – Twitter shares jumped 4.5% in the market after the company’s board of directors adopted the so-called poison pill to prevent Tesla’s CEO (TLSA) Elon Musk from increasing his stake in the company over 15%. This follows Musk’s offer of $ 54.20 per share for Twitter last week.
Sirius XM (SIRI) – Satellite broadcaster shares fell 2% in pre-marketing after Morgan Stanley lowered them to “under weight” from “equal weight”. Morgan Stanley said the winds in the car market will have a negative impact on Sirius XM and noted the superiority of shares over the past year.
Nektar Therapeutics (NKTR) – The stock of the drug manufacturer rose 24.4% in premarkets after stopping all studies involving its key drug for cancer. Experimental treatment did not give the desired results in many studies.
Bank of America (BAC) – Bank of America reported quarterly earnings of 80 cents a share, 5 cents a share above forecasts. Revenues also exceeded Street’s estimates of consumer lending. Shares of Bank of America rose 1.1% on the preliminary market.
Bank of New York Mellon (BK) – The bank surpassed the estimates by one penny per share, with a quarterly profit of 86 cents per share. Revenues were essentially in line with analysts’ forecasts. Its results were supported in part by higher interest rates.
Synchrony Financial (SYF) – The financial services company reported quarterly earnings of $ 1.77 per share, exceeding the consensus estimate of $ 1.54 per share. Revenues were also above forecasts. Synchrony’s board also approved the addition of $ 2.8 billion to the company’s share repurchase plan, as well as a 5% increase in dividends to 23 cents per share. Synchrony added 1% to premarkets.
Southwest Gas (SWX) – The company said its board allowed it to review a full range or strategic alternatives after receiving what it called an “indication of interest” well above investor Carl Icahn’s offer of $ 82.50 a share. .
Didi Global (DIDI) – Shares of Didi reported an 18.3% loss before the market, after the Chinese-based vehicle company reported a 12.7% drop in revenue for the fourth quarter compared to a year earlier. Didi also said a shareholders’ meeting would be held on May 23 to vote to remove it from the New York Stock Exchange.
Wendy’s (WEN) – Wendy’s fell 1.8% in the pre-market after BMO Capital downgraded the restaurant operator’s stock rating to “market performance” from “superior”. BMO said Wendy’s is less well positioned for a tougher consumer spending environment than some of its industry counterparts.
Progressive (PGR) – The Progressive has been downgraded to “underweight” by “neutral” Piper Sandler, who believes the insurance company is likely to miss consensus earnings estimates due to too much optimism about rising car insurance rates. Progressive fell 1.6% in pre-market trading.
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