Check out the companies making headlines before the bell:
GameStop (GME) – The videogame retailer – one of the so-called “meme” stocks – lost another 3.1% in the premarket following a nearly 14% tumble yesterday to its lowest close since March. GameStop had seen its stock slide last week after reporting a wider quarterly loss.
AMC Entertainment (AMC) – The movie theater operator’s stock slid 6% in premarket trading, after extending a losing streak to 3 days with a more than 15% plummet Monday. Last week, CEO Adam Aron sold most of his holdings in AMC while CFO Sean Goodman sold all of his AMC stock.
Beyond Meat (BYND) – The maker of plant-based meat substitutes saw its stock jump 4.8% in premarket action, putting it in a position to break a 3-day losing streak. Piper Sandler upgraded the stock to “neutral” from “underweight,” saying a nationwide launch at McDonald’s (MCD) could happen within less than 3 months.
Pfizer (PFE) – The drugmaker said a final study of its antiviral Covid-19 pill showed it to be 89% effective in preventing hospitalizations and deaths in high-risk patients, similar to what earlier studies had shown. It added that the drug appears to be effective against the omicron variant.
Tesla (TSLA) – Tesla shares slid 1.5% in premarket trading after CEO Elon Musk sold more of his holdings to cover tax bills generated by the exercising of stock options. Tesla has dropped more than 20% from its all-time high and its overall market value has fallen back under the $1 trillion mark.
Weibo (WB) – Weibo slid 5.3% in the premarket after the China-based social networking company was fined 3 million yuan (about $471,000) by regulators, who said some of Weibo’s accounts and content violated various laws and regulations.
Terminix Global (TMX) – The pest control company’s shares soared 21.9% in the premarket after it agreed to be acquired by British rival Rentokil for $6.7 billion in cash and stock.
Alcoa (AA) – The aluminum producer’s shares rallied 4.2% in premarket trading following news that the stock will be added to the S&P Midcap 400 Index prior to the opening of trading next Monday. It replaces Hill-Rom Holdings, which is being acquired by Baxter International (BAX).
Dell Technologies (DELL) – The computer maker’s stock was downgraded to “in line” from “outperform” at Evercore, which notes Dell’s nearly 60% appreciation this year ahead of what it sees as a moderating personal computer market. Dell lost 1.7% in the premarket.
Ralph Lauren (RL) – The apparel maker slid 3% in the premarket after a Goldman Sachs double downgrade to “sell” from “buy” on the thesis that brand momentum indicators are fading.
Neogen (NEOG) – The food safety company’s stock surged 12.1% in premarket trading after it announced a deal to combine itself with the food safety division of 3M (MMM).
CORRECTION: This article has been updated to show that AMC CEO Adam Aron sold most of his holdings in the company last week, while CFO Sean Goodman sold all of his AMC stock.
Source: Finance - cnbc.com
