Check out some of the biggest movers in the premarket:
Dish Networks (DISH) – The satellite TV provider rose 3.2% in premarket trading after reporting quarterly earnings of $ 1.24 per share, well above the consensus estimate of 75 cents per share. Sales were also above estimates. Dish lost 133,000 net pay-TV subscribers in the quarter, compared to a decline of 194,000 a year earlier.
Boeing (BA) – Boeing shares fell 3.2% in the premarket after an engine failed on a United Airlines (UAL) Boeing 777 jet. US regulators have ordered inspections of jets with the same Pratt & Whitney engine that failed on the United flight, and Boeing has recommended that airlines suspend use of those jets until the inspections can be completed.
Cooper Tire (CTB) – Cooper Tire shares were up 13.1% after news that it had agreed to buy rival Goodyear Tire (GT) for $ 2.8 billion in cash and stock. The deal is worth $ 54.36 a share to Cooper Tire shareholders, 24% above Cooper’s closing price on Friday. Goodyear shares were down 5%.
Starboard Value Acquisition (SVAC) – The special acquisition company announced a deal to merge with data center company Cyxtera Technologies, in a transaction worth $ 3.4 billion including assumed debt. The current owners will roll their equity stakes in the combined company, and Starboard Value Acquisition shares rose 12.1% in premarket trading.
Principal Financial (PFG) – Activist investor Elliott Management has taken a stake in Principal Financial, according to a Bloomberg report, and plans to push the life insurer for change. The hedge fund is said to be close to a deal to acquire board seats and will launch a strategic review. Major financial stocks gained 6.2% in premarket trading.
People’s United Financial (PBCT) – The bank agreed to be bought by M&T Bank (MTB) in an all-stock deal worth $ 7.6 billion. The combined bank will have approximately $ 200 billion in assets. People’s United shares were up 6.2% for the market.
Discovery Communications (DISCA) – The cable channel company earned 76 cents a share for the fourth quarter, 4 cents a share above estimates. Sales also exceeded Wall Street’s forecasts, and Discovery said the Discovery + streaming service had 12 million subscribers by the end of the month.
Tesla (TSLA) – Tesla has made approximately $ 1 billion in paper profits on its bitcoin investments, according to a research note by Wedbush analyst Dan Ives. He said Tesla is on track to get more out of bitcoin than it does with electric vehicle sales in all of 2020. Tesla fell 2.3% in premarket trading.
Zillow (Z) – Zillow has rolled out a “virtual tour” feature for listed properties that links photos and videos to floor plans. The real estate website operator is now available in 25 US regions and is an alternative to pre-recorded video tours. Zillow shares lost 1.9% in premarket action.
Kohl’s (KSS) – A group of private equity firms now own a 9.5% stake in the retailer, and The Wall Street Journal reports that the group is trying to take control of its board of directors. The group is the same group that teamed up to drive change at retailer Bed Bath & Beyond (BBBY). Kohl’s rose 7.4% premarket.
GameStop (GME) – GameStop shares were up 10.9% in premarket trading, after news that Keith Gill – who rose to fame on Reddit’s WallStreetBets forum – doubled his share of the video game retailer to 100,000 shares.
Tapestry (TPR) – The luxury goods retailer rose 1.2% in premarket action after Credit Suisse upgraded inventory to “outperform” from “neutral.” Credit Suisse said the handbag category is poised for a strong recovery as lockdowns abate, and also said Tapestry’s investments in new growth channels over the past year are paying off.