Check out some of the biggest movers in the premarket:
Peloton (PTON) – Peloton calls new advice from the Consumer Product Safety Commission “inaccurate and misleading” and says its treadmills are safe when safety recommendations are followed. The CPSC said consumers with young children or pets should stop using the treadmills after its investigation into the death of a child yielded dozens of injuries. The stock fell 6.7% in premarket trading.
Coca-Cola (KO) – Coca-Cola reported quarterly profit of 55 cents per share, beating estimates by 5 cents per share. Sales were also above Wall Street forecasts and operating margins improved year-on-year. The beat came despite the continued pressure on out-of-home sales as a result of the pandemic.
GameStop (GME) – GameStop CEO George Sherman will step down on July 31, or sooner if a successor is found sooner. The company said in a filing from a Securities and Exchange Commission that it has evaluated executive leadership to ensure it is fit for a changing business landscape. Separately, Keith Gill, the man known as “Roaring Kitty,” exercised options to buy an additional 50,000 shares of the video game retailer at a strike price of $ 12 per share, according to a Bloomberg report. Gill now owns 200,000 GameStop shares. GameStop jumped 8.6% in premarket trading.
Harley-Davidson (HOG) – The motorcycle maker earned $ 1.68 a share for the last quarter, well above the consensus estimate of 88 cents a share. Sales were essentially in line with forecasts. Harley also raised its full-year forecast for engine sales and profit margins, saying the steps it has taken to reform its business have produced positive results. Separately, Harley said it would appeal a European Union ruling that could subject it to a massive rate hike on European sales. Shares gained 8.4% in premarket action.
Herman Miller (MLHR) – The office furniture maker’s stock fell 12% in premarket action after it announced a deal to buy furniture and accessories company Knoll (KNL) for $ 1.8 billion in cash and stock. The deal is worth $ 25.06 a share, compared to Knoll’s Friday closing price of $ 17.23, and Knoll’s stock was up more than 28% in the premarket.
M&T Bank (MTB) – The bank made $ 3.41 per share for the last quarter, compared to a consensus estimate of $ 3 per share. Sales also exceeded estimates. Among other things, the bank noted improvements in its private mortgage banking and trust business, and its share rose 1.4% in premarket trading.
Coinbase (COIN) – Coinbase is down 2% in the premarket, with two notable transactions related to the stock in the news. Cathie Wood’s ARK funds bought more shares Friday, according to her company’s daily trading summary, while regulatory documents show that Coinbase CEO Brian Armstrong sold approximately $ 292 million worth of stock on Coinbase’s first day of trading.
Church & Dwight (CHD) – The consumer goods manufacturer’s inventory declined 1.9% for the market after Morgan Stanley downgraded it to “underweight” of “equal weight,” with rising raw material costs being a key factor driving profits below could put pressure.
Tribune Publishing (TPCO) – Swiss billionaire Hansjorg Wyss has canceled a bid for Tribune, according to The Wall Street Journal. As a result, Choice Hotels chairman Stewart Bainum is looking for a new partner in his bid for the newspaper publisher as he tries to outbid hedge fund Alden Capital for Tribune.
Tesla (TSLA) – Texas police officers investigating the deadly crash of a Tesla vehicle say they are almost certain there was no one behind the wheel at the time. It is still uncertain whether the car’s “Autopilot” system was engaged when the accident occurred on Saturday. Tesla fell 1.9% in the premarket.
First Solar (FSLR) – The solar company rose 3.1% in premarket trading after upgrading to “buy” from “neutral” from Citi. The company points to “multiple positive catalysts,” including a possible 10-year extension of the federal solar tax credit.