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Find out which companies are making the headlines before the bell:
Boeing (BA) – Boeing added 1.2% in the pre-market, following news of its intention to invest in a PSPC merger slated for later this year by Virgin Orbit, Richard’s satellite launch company Branson. Virgin Orbit is considering merging with blank check firm NextGen Acquisition (XOS), whose shares jumped 6% after the announcement.
Coinbase (COIN) – Coinbase jumped 3.2% in pre-market trading, as shares of the cryptocurrency exchange benefiting from bitcoin hit their highest level since early May. Shares of business analysis firm MicroStrategy (MSTR) – which has large bitcoin holdings – rose 3.9%.
Pfizer (PFE), BioNTech (BNTX) – Drugmakers are expected to receive full FDA approval for their Covid-19 vaccine today, according to multiple reports. The vaccine had received emergency use authorization in late 2020. Pfizer added 3.9% to the pre-market action while BioNTech jumped 7.7%. Moderna (MRNA) is also in the process of seeking full FDA approval for its Covid-19 vaccine and its shares have risen 2.9%.
Trillium Therapeutics (TRIL) – Pfizer has announced it will buy the share of the cancer treatment specialist it does not already own in a transaction worth $ 2.26 billion or 18.50 $ per share in cash. This compares to Trillium’s Friday close of $ 6.09 per share. Pfizer had invested $ 25 million in Trillium in September 2020. Shares of Trillium have nearly tripled in pre-market trading.
General Motors (GM) – General Motors has extended the recall of its Chevy Bolt electric car to include newer models, a move that will cost the automaker an additional $ 1 billion. The recall will address an issue that may increase the risk of battery fire. GM fell 2.1% in pre-market.
Uber (UBER), Lyft (LYFT), DoorDash (DASH) – These actions are under scrutiny after a California judge ruled the state’s “gig workers” law was unconstitutional. California voters approved a voting measure last November that allowed these companies to treat workers as independent contractors rather than employees. The companies – which have lobbied heavily for adoption of the measure – are planning to appeal. Uber fell 5.8% in pre-market trading, Lyft slipping 4.5% and DoorDash also losing 4.5%.
Didi Global (DIDI) – The China-based rideshare company may be forced to sell shares containing special rights to the Chinese government, according to a Financial Times report. Didi grew 1.9% in pre-market.
PayPal (PYPL) – PayPal will allow UK customers to buy, hold and sell cryptocurrency starting this week, its first rollout of cryptocurrency services outside of the US. PayPal added 1% in the pre-market.
Robinhood (HOOD) – The company behind the popular trading app was added to the coverage of a handful of investment firms following its IPO in late July, including Goldman Sachs (neutral rating ), Mizuho (buy), JMP Securities (outperformance), Barclays (even weight) and Piper Sandler (neutral). Robinhood added 2.7% in pre-release.
JD.com (JD) – The Chinese e-commerce company posted better-than-expected earnings and revenue for the second quarter while adding a record number of new users.
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