Stocks making the biggest moves in the premarket: GlaxoSmithKline, CureVac, Airbnb and more
Take a look at some of the biggest movers in the premarket:
GlaxoSmithKline (GSK) – The drugmaker's U.S.-listed shares jumped 3.1% in the premarket following a Bloomberg report that the company's $54 billion consumer products unit is attracting buyout interest from private-equity firms. Glaxo would only say it is "far advanced" with plans to separate the consumer business.
CureVac (CVAC) – The drugmaker's shares tumbled 15.5% in the premarket after the company said it would discontinue the development of its most advanced Covid-19 vaccine candidate. The decision came after the European Medicines Agency told the company it would not fast-track the approval process.
Airbnb (ABNB) – Cowen upgraded Airbnb to "outperform" from "market perform," saying the Street is underestimating 2022 bookings growth and that the increase in alternative lodging will be a permanent part of the travel landscape. Airbnb shares gained 2.4% in the premarket.
Signet Jewelers (SIG) – The jewelry retailer announced the acquisition of rival Diamonds Direct for $490 million in cash, and said the deal would add immediately to earnings. Signet rallied 3.1% in premarket action.
Nike (NKE) – Nike rose 1.3% in premarket trading after Goldman Sachs initiated coverage with a "buy" rating, citing a healthy industry backdrop as well as strong growth initiatives by the athletic footwear and apparel maker.
Fastenal (FAST) – The industrial products maker matched estimates with quarterly earnings of 42 cents per share, with revenue essentially in line with forecasts. Fastenal said it continued to experience inflation related to materials and transportation costs, and its shares fell 1% in the premarket.
Southwest Airlines (LUV) – Southwest Airlines said it is hoping to normalize its schedule by Wednesday, after canceling 28% of its flights this past weekend and 10% on Monday. Southwest has cited bad weather in Florida and staffing issues for the higher level of cancellations.
MGM Resorts (MGM) – MGM Resorts was upgraded to "outperform" from "neutral" at Credit Suisse, which set a price target for the resort operator's stock at $33 per share. Credit Suisse feels MGM has not been given enough credit by the market for its ongoing transformation. MGM rallied 2.4% in premarket trading.
Tesla (TSLA) – Tesla sold just over 56,000 vehicles made in China during September, the largest monthly total since it started production in Shanghai two years ago. Tesla rose 1% in premarket trading.
Square (SQ) – Square was upgraded to "overweight" from "neutral" at Atlantic Equities, which cites valuation, strong growth prospects and a disruptive business model. The payment service's stock rose 1.6% in the premarket.
Moderna (MRNA) – Moderna added 1% in premarket trading, ahead of Thursday's Food and Drug Administration panel meeting on the company's application for approval of booster shots utilizing its Covid-19 vaccine. Briefing documents are scheduled to be posted this morning, shedding some light on the prospects for approval.
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