Check out some of the biggest movers in the premarket:
BowX Acquisition (BOWX) – The special purpose acquisition company will disclose office company WeWork in a deal worth $ 9 billion, including debt. Starwood Capital, Fidelity Management and others are involved in the deal as so-called “PIPE” investors. BowX rose 3.6% in the premarket.
Ford Motor (F) – The automaker will shut down production of its popular F-150 pickup truck at a Michigan plant over the weekend due to the global shortage of semiconductors.
MSG Entertainment (MSGE) – The owner of the New York Knicks and Rangers, as well as Madison Square Garden and other locations, is purchasing MSG Networks (MSGN) in an exchange agreement. The transaction will unite the two entities after a split was announced in 2018 and went official last year. MSG Networks was down 4.9% in premarket promotions.
JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C), Wells Fargo (WFC) – These and other bank stocks are under scrutiny after the Federal Reserve announced plans to ease restrictions on bank dividends and share buybacks. to lift. That will happen after the stress tests in June, when the banks show that they can hold sufficient capital. JPMorgan achieved 1.1% in premarket trading, with Bank of America at 1.5%, Wells Fargo at 1.3% and Citi at 1.3%.
Annaly Capital Management (NLY) – Annaly has entered into an agreement to sell its commercial real estate business to investment firm Slate Asset Management for $ 2.33 billion. The real estate finance company expects the deal to be completed by the end of the third quarter. Annaly won 1% in the premarket.
Altria (MO) – Shares of the tobacco company rose 1.3% in premarket trading after Jefferies upgraded it to “buy” from “hold”. The company said Altria’s opportunities in so-called RRPs (reduced-risk products) are undervalued.
Microsoft (MSFT) – Microsoft is now in advanced talks to buy messaging platform Discord for $ 10 billion or more, according to The Wall Street Journal. Bloomberg had reported earlier this week that the two sides had spoken but that no deal was imminent and that Discord was leaning towards an IPO.
Root Inc. (ROOT) – Root surged 3.9% in premarket trading after rising 4.9% on Thursday. The auto insurer is “misunderstood,” said Citron Research founder Andrew Left, who calls it a “disruptive technology company.” Root has seen its share price cut in half since its initial public offering in October.
Uber (UBER), Lyft (LYFT) – A judge in Massachusetts has ruled that Uber and Lyft can challenge drivers’ classification as independent contractors. The ride-hailing companies had tried to have the case dismissed by the state attorney general. The judge did not rule on whether drivers should be regarded as self-employed contractors or as employees entitled to benefits. Uber rose 1.1% in premarket trading.
Nio (NIO) – Nio will discontinue electric vehicle production at its factory in Hefei, China, due to the global shortage of semiconductors. The suspension starts on Monday and lasts for five days, prompting Nio to lower its Q1 delivery forecast from 20,000 to 20,500 in the first quarter of 19,500. Nio plummeted 5% in premarket action.
Progress Software (PRGS) – Progress Software reported quarterly profit of 91 cents a share, 13 cents a share above estimates. Sales also exceeded expectations. The business application software company also raised its full-year outlook. Progress Software achieved 2.6% in premarket trading.
Zoom Video (ZM) – Deutsche Bank began reporting on the video messaging platform company with a ‘hold’ rating, based primarily on its valuation after stocks surged in 2020. what it calls “best in class” products.