Stocks that make the biggest moves on the pre-market: AstraZeneca, ViacomCBS, SunRun & more
Check out some of the largest moving companies on the pre-market:
AstraZeneca (AZN) – The drugmaker’s stock fell 2.9% in premarket trading after an independent regulatory body told U.S. health officials that the company presented potentially incomplete efficacy data from its Covid-19 vaccine study. The Data Safety Monitoring Board said it wanted AstraZeneca to work with them to review the data to make sure it is correct and up-to-date.
ViacomCBS (VIAC) – ViacomCBS will raise $ 3 billion from stock offerings following a recent surge in its share price. The media company will sell $ 2 billion of Class B common stock and $ 1 billion of mandatory convertible preferred stock. Media companies with streaming services – like the recently rebranded Paramount + – have increased their spending on new content. Viacom fell 5.3% before entering the market.
SunRun (RUN) – The solar energy company’s stock rose 2.5% in premarket trading after Goldman Sachs upgraded it from neutral to buy, indicating accelerated growth and valuation. SunRun was up 3.2% on Monday after being rated “positive” by Susquehanna Financial in new reporting.
Microsoft (MSFT) – Microsoft is in talks to buy the Discord video game chat community for more than $ 10 billion, according to people familiar with the matter who spoke to Bloomberg. One person familiar with the matter said that Discord is more likely to go public than sell itself.
Boeing (BA) – Boeing has signed a two-year revolving loan agreement for $ 5.28 billion, which is higher than the $ 4 billion the jet maker was originally aiming for. Boeing shares fell 1% in the pre-market.
Baidu (BIDU) – Baidu made its debut on the Hong Kong Stock Exchange after a secondary listing that raised $ 3.1 billion for the China-based internet company. Baidu’s US shares fell 2.3% in premarket trading.
Bilibili (BILI) – Bilibili is set to raise $ 2.6 billion after pricing a secondary listing in Hong Kong, according to people with direct knowledge of the matter who spoke to Reuters. The price for the stock of the online video site operator is said to be 2.6% below the close of trading on Monday in US trading.
Tencent Music Entertainment (TME) – Tencent Music reported quarterly results that were slightly below Wall Street’s forecasts. The music streaming service also announced a multi-year licensing agreement with Warner Music and the formation of a joint venture music label with Warner in China. Tencent shares fell 3.2% in premarket trading.
Peloton (PTON) – Peloton recently bought three companies in a series of acquisitions, according to a Bloomberg report. The fitness equipment manufacturer’s acquisitions included artificial intelligence, wearables and hardware.
Apollo Global (APO) – The private equity firm’s shares rose 1.4% in the pre-market after Citi upgraded the stock from neutral to buy. Apollo’s recent corporate governance moves should reduce headlines and other risk factors, according to Citi.
Discovery (DISCA) – Discovery lost 3% in premarket trading after UBS downgraded the media company’s stock from neutral to sell, a valuation determined after the stock had almost quadrupled in the past 12 months. According to UBS, the risk / reward profile is more difficult at the current level.
Pfizer (PFE) CEO Albert Bourla told the Wall Street Journal that the drug company will expand its mRNA vaccine business to combat viruses and pathogens other than coronavirus. Bourla said the company had a decade of experience working with Germany’s BioNTech (BNTX) on the Covid-19 vaccine and is now ready to take action on its own.