Check out some of the biggest movers in the premarket:
Illumina (ILMN) – Illumina released preliminary guidance for the current quarter and full year that exceeded current analyst estimates. The life sciences company said the expected results are being driven by record orders in the gene sequencing and related business. Illumina jumped 9.2% in premarket action.
Cara Therapeutics (CARA) – Cara Therapeutics shares rose 11.4% premarket after news that the biopharmaceutical company’s shares will be added to the S&P SmallCap 600 index, effective Wednesday.
Snap (SNAP) – Snap shares gained 1.5% in premarket action following an upgrade at Atlantic Equities, which now rates Snapchat parent stock as “overweight” versus the earlier “neutral.” The company cites valuation as a key factor, as does Snap’s transformation from a messaging-centric platform to a broad content platform.
Mudrick Capital Acquisition (MUDS) – The special purpose acquisition company is disclosing Topps – best known for baseball cards and Bazooka gum – in a merger that values the company at $ 1.3 billion. Topps chairman and former Disney CEO Michael Eisner will roll his full stake in the new company. Mudrick rose 18.5% in premarket trading.
Credit Suisse (CS) – The bank will take a $ 4.7 billion hit from its transactions with hedge fund Archegos Capital Management and has announced the departure of Chief Risk Officer Lara Warner and Brian Chin, head of investment banking. Credit Suisse also started an investigation into Archegos-related losses.
Moderna (MRNA) – Moderna entered into an agreement with contract manufacturer Catalent (CTLT) to nearly double production of Moderna’s Covid-19 vaccine at Catalent’s plant in Bloomington, Indiana, according to The Wall Street Journal.
Phillips 66 (PSX) – The power producer said it will report a larger-than-expected loss in the first quarter as a result of harsh winter weather in central and southern US states that paralyzed its Gulf Coast petrochemicals. Phillips was down 1.3% in premarket trading.
Southwest Airlines (LUV) – Southwest has recalled 209 pilots from voluntary departure, with plans to return them to active duty on June 1. The move comes into demand for travel pending a summer recovery.
Tesla (TSLA) – Tesla stock is worth just $ 150 a share, according to Roth Capital senior research analyst Craig Irwin. Irwin called Tesla only a “small player” in the US and European markets, telling CNBC that people mistakenly believe Tesla has no competition.
Niu Technologies (NIU) – The Beijing-based company reported sales of 149,649 e-scooters in the first quarter, compared to 40,160 in the same quarter a year ago. Shares of Niu Technologies were up 1% in premarket trading.
BlackRock (BLK) – Credit Suisse called the asset manager a “top choice” and said it expects “robust organic growth” from BlackRock as a result of an attractive business mix.
GameStop (GME) – The video game retailer’s share is down 1% in premarket trading after a volatile session Monday following news that GameStop planned to issue up to 3.5 million shares.
Signet Jewelers (SIG) – The jewelry store has announced a deal to purchase Rocksbox for jewelry subscriptions for an undisclosed amount.