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Take a look at some of the biggest players in the pre-market:
Dish Networks (DISH) – The satellite TV provider rose 3.2% in pre-market trading after reporting quarterly profit of $ 1.24 per share, well above the consensus estimate of 75 cents per share. Income is also higher than estimated. Dish lost 133,000 pay-TV subscribers in the quarter, down from 194,000 a year earlier.
Boeing (BA) – Boeing shares fell 3.2% in the pre-market after an engine failure on a United Airlines (UAL) Boeing 777. US regulators have ordered inspection of jets using the same Pratt & Whitney engine that failed on the United flight, and Boeing has recommended airlines suspend use of these jets until inspections can be completed .
Cooper Tire (CTB) – Cooper Tire shares jumped 13.1%, following news that it was accepted by rival Goodyear Tire (GT) for $ 2.8 billion in cash and shares. The deal is worth $ 54.36 per share to Cooper Tire shareholders, 24% above Cooper’s closing price on Friday. Goodyear shares fell 5%.
Starboard Value Acquisition (SVAC) – The special purpose acquisition company announced a merger agreement with data center company Cyxtera Technologies, in a transaction valued at $ 3.4 billion, assumed debt included. The current owners will integrate their stakes in the combined company, and shares of Starboard Value Acquisition have jumped 12.1% in pre-market trading.
Principal Financial (PFG) – Activist investor Elliott Management has taken a stake in Principal Financial, according to a Bloomberg report, and plans to push for the life insurer to change. The hedge fund is said to be close to closing a deal to win board seats and will launch a strategic review. Main Financial shares were up 6.2% in pre-market operations.
People’s United Financial (PBCT) – The bank has agreed to be bought by M&T Bank (MTB) in an all-equity deal valued at $ 7.6 billion. The combined bank will have around $ 200 billion in assets. People’s United shares jumped 6.2% before market.
Discovery Communications (DISCA) – The cable company gained 76 cents per share for the fourth quarter, 4 cents per share above estimates. Revenue also exceeded Wall Street’s forecast, and Discovery said its streaming service Discovery + is on track to reach 12 million subscribers by the end of the month.
Tesla (TSLA) – Tesla made about $ 1 billion in paper profits on its bitcoin investments, according to a research note by Wedbush analyst Dan Ives. He said Tesla was on track to derive more bitcoin than the sale of electric vehicles throughout 2020. Tesla fell 2.3% in pre-market trading.
Zillow (Z) – Zillow has rolled out a “virtual tour” feature for listed properties, which links images and videos to floor plans. The Real Estate Website Operator is now available in 25 regions of the United States and is an alternative to pre-recorded video tours. Zillow shares lost 1.9% in pre-market share.
Kohl’s (KSS) – A group of private equity firms now control a 9.5% stake in the retailer, and the Wall Street Journal reports the group is trying to take control of the board. The group is the same that has teamed up to push for change at retailer Bed Bath & Beyond (BBBY). Kohl’s was up 7.4% pre-market.
GameStop (GME) – GameStop shares jumped 10.9% in pre-market trading, following news that Keith Gill – who rose to fame on Reddit’s WallStreetBets forum – has doubled his stake in the retailer of video games with 100,000 shares.
Tapestry (TPR) – The luxury goods retailer was up 1.2% in pre-release after Credit Suisse upgraded the stock to “outperform” it from “neutral”. Credit Suisse said the handbag category was poised for a strong rebound as lockdowns ease, and also said Tapestry’s investments in new growth channels over the past year are paying off. .
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