Take a look at some of the biggest drivers in the premarket:
Southwest Airlines (LUV) – The airline canceled more than 1,800 flights over the weekend, citing bad weather, air traffic control issues and staff shortages. Southwest took issue with speculation that its high level of cancellations compared to other airlines was due to employee protests over a Covid-19 vaccine warrant. Southwest fell 2.8% in pre-market trade.
Robinhood (HOOD) – Shares of the trading platform fell 2.1% pre-market, following a filing with the Securities and Exchange Commission that detailed the risks of increased regulation of the cryptocurrency trading as well as possible new rules regarding order flow payment.
SoFi Technologies (SOFI) – Shares of the fintech company rose 3.1% pre-market after Morgan Stanley launched a hedge with an “overweight” rating, calling it a “powerful story of revenue growth” then that it is gaining market share in the consumer credit space.
Apple (AAPL) – Apple has asked a judge to delay changes to its App Store that would require it to allow developers to bypass Apple’s integrated payment system. The changes stem from the case involving the creator of “Fortnite” Epic Games and are expected to go into effect on December 9, but Apple is asking that its appeal be cleared first.
Merck (MRK) – Drugmaker and partner Ridgeback Biotherapeutics has announced that it has submitted an emergency use authorization application to the Food and Drug Administration for its oral treatment Covid-19 molnupiravir. This follows the positive results of the study that were unveiled earlier this month.
Starbucks (SBUX) – The coffee chain’s shares rose 1% in pre-market after Deutsche Bank upgraded the stock to “buy” from “hold”, citing “incredible” US momentum and prospect sustained unit growth in China.
Aspen Technology (AZPN) – The industrial software maker has announced a merger deal with two of Emerson Electric’s (EMR) software companies in an agreement worth around $ 11 billion. The cash and stock deal is valued at around $ 160 per share, with Aspen Technology holders receiving $ 87 per share in cash and 0.42 combined company shares for each share they now own. Aspen Technology had grown nearly 13% in the past two sessions since the first reports of talks between the two companies surfaced.
Deere & Co. (DE) – Workers at the heavy equipment manufacturer represented by the United Auto Workers Union have rejected a tentative deal. Union members say they want bigger increases and benefits than those offered in the rejected six-year deal, based on large profits for Deere.
Xpeng (XPEV) – The Chinese electric vehicle maker said it exceeded 100,000 cars produced, six years after the company’s launch. Shares rose 1.4% pre-market, while Chinese rival Nio (NIO) gained 1.7%.
ConocoPhillips (COP) – Shares of the power producer were downgraded to “neutral” from “buy” at Goldman Sachs, which cited the assessment of the decision. The stock has gained 88% this year and is up another 1.2% in pre-market.
Cleveland-Cliffs (CLF) – Shares of the steel and iron producer rose 2.1% in pre-market trading after announcing the acquisition of scrap metal processor Ferrous Processing and Trading for around $ 775 million.