HomeBusinessNike, Spirit Airlines and more

Nike, Spirit Airlines and more

Take a look at some of the biggest pre-market movers:

Nike (NKE) – Nike fell 2.4% in premarket trading despite reporting better-than-expected quarterly earnings and revenue. The sportswear and footwear maker forecast current-quarter revenue below analysts’ estimates amid increased promotional activity and continued disruptions in its profitable Chia market.

Spirit Airlines (SAVE) – Spirit added 4% in the pre-market as the battle to buy the airline intensifies. JetBlue (JBLU) responded to Frontier Group’s (ULCC) latest enhanced offer by softening its own offer, adding a monthly prepayment of 10 cents per share between January 2023 and the deal’s close, as well as an increase in break fees of $50 million to $400 million and a payout of $2.50 per share when the deal is approved. Frontier rose 2.7%, while JetBlue edged down 0.3%.

Morgan Stanley (MS), Goldman Sachs (GS), Bank of America (BAC), Wells Fargo (WFC) – These banks increased their dividends after passing their annual stress tests, but JPMorgan Chase (JPM) and Citigroup (C ) kept their payments flat. Morgan Stanley gained 3.3% in premarket shares, Goldman rose 1.7%, Bank of America added 1.1% and Wells Fargo gained 0.7%.

Occidental Petroleum (OXY) – Occidental Petroleum gained 4% in premarket trading after Berkshire Hathaway (BRK.B) disclosed additional purchases of Occidental Petroleum shares, boosting its stake to 16.4%.

Robinhood Markets (HOOD) – Robinhood fell 3.7% in premarket stock after FTX CEO Sam Bankman-Fried threw cold water on a Bloomberg report that FTX may be interested through the purchase of the trading platform company. Bankman-Fried told CNBC that while he’s impressed with Robinhood and excited about potential partnerships, there aren’t any active discussions about mergers and acquisitions.

Jefferies Financial (JEF) – Jefferies fell 4.4% pre-market after quarterly profit fell short of analysts’ forecasts, although the investment company’s earnings beat estimates. Revenue was down 30% from a year ago in what Jefferies calls a “challenging” capital markets environment.

Las Vegas Sands (LVS), Wynn Resorts (WYNN) – Shares of casino operators rose in the pre-market as China eased Covid-19 quarantine rules for international arrivals. Las Vegas Sands rebounded 6.3%, while Wynn Resorts jumped 6.5%.

Playtika (PLTK) – The Israel-based mobile game developer saw its shares rise 3.2% in premarket trading following a report from Axios that Joffre Capital was buying a majority stake.

Roivant Sciences (ROIV) – Shares of the biopharmaceutical company jumped 7.9% in the pre-market after unveiling a new biotechnology company called Priovant Therapeutics in partnership with Pfizer (PFE). Pfizer will own a 25% stake in Priovant, which will focus on new therapies for autoimmune diseases.

Snowflake (SNOW) – Snowflake gained 3.4% in premarket shares after Jefferies upgraded the cloud company’s stock to “buy” from “hold.” Jefferies likes Snowflake’s growth potential and noted its “rock-solid” fundamentals and “almost flawless” execution. Snowflake had gained more than 32% during a five-game winning streak before falling 2.2% yesterday.

Must Read