Check out some of the largest moving companies on the pre-market:
Tesla (TSLA) – Tesla shipped nearly 185,000 vehicles in the first quarter, a record for the company and more than 10,000 via consensus forecast. The share rose 7.6% in the pre-market.
GameStop (GME) – The video game retailer announced plans to sell up to 3.5 million shares in an “at-the-market” offering. The proceeds are intended to strengthen the balance sheet and accelerate the ongoing transformation. GameStop also announced that revenue for the first nine weeks of the current quarter was up 11% over the same period last year. GameStop fell 15.1% in premarket trading.
Roblox (RBLX) – The video game development platform company’s stocks rose 3.5% prior to entering the market as Goldman began reporting with a “Buy” rating and Morgan Stanley initiated reporting with a “Overweight” rating. Both companies cite robust growth prospects, with Goldman finding that Roblox is able to outsource the cost of game development to developers.
Royal Caribbean (RCL), Norwegian Cruise Line (NCLH), Carnival (CCL) – The Centers for Disease Control and Prevention have updated their US cruise ship resumption guidelines, although no specific resumption date has been set. Royal Caribbean grew by 1.5% in the pre-market, Norwegian by 2.5% and Carnival by 2.2%.
Johnson & Johnson (JNJ) – J & J will take over manufacturing at a contract manufacturer Emergent Biosolutions (EBS) facility after a quality control issue ruined a batch of J & J’s Covid-19 vaccine. The Wall Street Journal reports that AstraZeneca (AZN) production of the Covid-19 vaccine will be relocated to accommodate the switch. Separately, J&J expanded a study with its Covid-19 vaccine to include 12 to 17-year-olds.
Tribune Co. (TPCO) – Tribune received a takeover bid of US $ 680 million – valued at US $ 16.50 per share – from Chairman of Choice Hotels, Stewart Bainum, and Swiss billionaire Hansjorg Wyss. This surpasses a $ 635 million deal that the newspaper publisher previously agreed with hedge fund Alden Global Capital.
Pinterest (PINS) – The picture-sharing website operator is in talks to buy photo app company VSCO, according to the New York Times. A potential deal price could not be determined, but VSCO was last valued at $ 550 million. The Pinterest share rose 1.6% in the pre-market.
General Motors (GM), Ford Motor (F) – Wells Fargo began coverage of both automakers as “overweight,” indicating Ford’s faster turnaround under new CEO Jim Farley and GM’s leadership in electric vehicles and connectivity. GM shares rose 1.7% in the pre-market while Ford rose 1.5%.
Pioneer Natural (PXD) – Pioneer Natural has signed an agreement to purchase privately owned rival slate producer DoublePoint Energy for approximately $ 6.4 billion, continuing the trend towards consolidation in the slate industry. Pioneer shares fell 4.4% in premarket trading.
Moderna (MRNA) – Moderna received approval from the Food and Drug Administration to fill Covid-19 vaccine bottles with up to 15 doses, up from the previous 10 doses. Moderna expects shipping of the 15-can vials to begin within a few weeks, and inventory in premarket stores increased by 1.5%.
Morgan Stanley (MS) – Morgan Stanley said it would increase its dividend once the Federal Reserve lifts restrictions. The Fed is expected to release the next round of bank stress test results in June. Morgan Stanley rose 1.4% in the pre-market.
Planet Fitness (PLNT) – The fitness chain plans to add up to 100 new locations in the coming fiscal year, bringing the current total to more than 2,100. CFO Tom Fitzgerald told the Wall Street Journal that the company is also looking to increase investment in its app.
Lamb Weston (LW) – The food service company’s shares rose 1.9% in the pre-market after Bank of America Securities upgraded them from “neutral” to “buy” and set a price target of $ 84 per share to $ 100 each Share had raised. BofA said the company is poised to move closer to pre-Covid business levels and improve demand.