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Take a look at some of the biggest players in the pre-market:
Tesla (TSLA) – Tesla delivered nearly 185,000 vehicles in the first quarter, a record for the company and more than 10,000 on consensus forecast. The stock jumped 7.6% in pre-release.
GameStop (GME) – The video game retailer has announced plans to sell up to 3.5 million shares in an ‘on the market’ offering, with the intention of using the proceeds to strengthen its balance sheet and accelerate its ongoing transformation. GameStop also said sales for the first nine weeks of its current quarter were up 11% from the same period a year ago. GameStop fell 15.1% in pre-market trading.
Roblox (RBLX) – Shares of the video game development platform company jumped 3.5% in pre-market action, as Goldman began coverage with a ‘buy’ rating and Morgan Stanley launched a hedge with an “overweight” rating. Both companies cite solid growth prospects, with Goldman noting that Roblox is able to outsource game development costs to creators.
Royal Caribbean (RCL), Norwegian Cruise Line (NCLH), Carnival (CCL) – The Centers for Disease Control and Prevention have updated their guidelines for resuming cruises to the United States, although they have not set specific date for the recovery. Royal Caribbean gained 1.5% in pre-release, with Norwegian up 2.5% and Carnival up 2.2%.
Johnson & Johnson (JNJ) – J&J will resume manufacturing at a plant owned by contract manufacturer Emergent Biosolutions (EBS) after a quality control issue ruined a batch of J&J’s Covid-19 vaccine. The Wall Street Journal reports that to enable the change, production of AstraZeneca’s (AZN) Covid-19 vaccine will be moved elsewhere. In addition, J&J has expanded a trial of its Covid-19 vaccine to include young people aged 12 to 17.
Tribune Co. (TPCO) – Tribune has received a $ 680 million takeover bid – valued at $ 16.50 per share – from Choice Hotels chairman Stewart Bainum and Swiss billionaire Hansjorg Wyss. This exceeds a $ 635 million deal the newspaper publisher previously made with hedge fund Alden Global Capital.
Pinterest (PINS) – The image-sharing website operator is in talks to buy photo apps company VSCO, according to the New York Times. A potential transaction price could not be determined, but VSCO was recently valued at $ 550 million. Pinterest shares rose 1.6% in the pre-market.
General Motors (GM), Ford Motor (F) – Wells Fargo has started covering both automakers with “overweight” ratings, indicating Ford’s faster turnaround under new CEO Jim Farley and leadership position GM’s in electric vehicles and connectivity. GM shares added 1.7% in pre-market share, while Ford was up 1.5%.
Pioneer Natural (PXD) – Pioneer Natural has reached a deal to buy rival private shale producer DoublePoint Energy for around $ 6.4 billion, continuing the trend of consolidation in the shale industry. Pioneer shares fell 4.4% in pre-market trading.
Moderna (MRNA) – Moderna has received approval from the Food and Drug Administration to fill vials of Covid-19 vaccine with up to 15 doses, up from 10 previous doses. Moderna said he plans to start shipping the 15-dose vials in a few weeks, and his inventory has increased 1.5% in the trade before market.
Morgan Stanley (MS) – Morgan Stanley has said it will increase its dividend as soon as restrictions are lifted by the Federal Reserve. The Fed is expected to release the next round of bank stress test results in June. Morgan Stanley grew 1.4% in pre-release.
Planet Fitness (PLNT) – The fitness chain plans to add up to 100 new locations in the next fiscal year, which will add to its current total of more than 2,100. CFO Tom Fitzgerald told The Wall Street Journal that the company also wanted to boost investment in its app.
Lamb Weston (LW) – Shares of the foodservice firm were up 1.9% in the pre-market after Bank of America Securities outclassed it to “buy” from “neutral” and raised the target to price at $ 100 per share of $ 84 per share. BofA said the company was on the cusp of moving closer to pre-Covid activity levels, with demand for improvement.
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