Stocks making the biggest moves in the premarket: Tesla, Beyond Meat, Coinbase and more
Take a look at some of the biggest movers in the premarket:
Tesla (TSLA) – Tesla will ask shareholders to authorize the issuance of additional shares at the upcoming annual meeting so it can pay a stock dividend, according to a company tweet. The additional shares would enable the company to split its stock. Tesla jumped 5.4% in the premarket.
Beyond Meat (BYND) – Beyond Meat slid 5.1% in the premarket after Piper Sandler downgraded the stock to “neutral” from “underweight.” Piper points to increasing competition for plant-based meat substitutes, as well as lower positive expectations for the impact of a nationwide McDonald’s (MCD) launch.
Coinbase (COIN) – The cryptocurrency exchange operator is reportedly near a deal to buy 2TM, the parent of Brazilian cryptocurrency brokerage Mercado Bitcoin, according to a local newspaper. The paper said a deal could be closed by the end of April. Coinbase rallied 4.2% in the premarket.
Apple (AAPL) – Apple will reportedly cut planned iPhone SE output by 20% next quarter, according to a report by Japan’s Nikkei news service citing weaker-than-expected demand. Apple fell 1.2% in premarket trading.
Poly (POLY) – The communications technology company agreed to be acquired by HP Inc. (HPQ) for $40 per share, compared to Poly’s Friday close of $26.20 per share. The companies expect the deal to close before the end of this year.
Foot Locker (FL) – The athletic footwear and apparel retailer’s stock fell 1.7% in premarket trading after Cowen downgraded it to “market perform” from “outperform.” Cowen said despite an inexpensive valuation, investors may be underappreciating the potential impact of inflation.
Barclays (BCS) – Barclays lost 3.1% in premarket action after the British bank disclosed a loss of nearly $592 million stemming from mishandled bond trades. It also said it would delay a planned share buyback as a result.
AMC Entertainment (AMC) – AMC CEO Adam Aron told Reuters the company would strike more “transformational” deals, following its $27.9 million investment in gold and silver mine operator Hycroft Mining (HYMC) earlier this month. AMC added 2.2% in the premarket, while Hycroft – a microcap stock with a market value of $77.3 million as of Friday’s close – surged 32.8%.
Uber Technologies (UBER) – Uber won a new 30-month license to operate in London. The ride-hailing service had been engaged in a dispute with regulators over the past five years over safety issues and had lost its license to operate twice over that period.
Hasbro (HAS) – Hasbro turned down a settlement offer with activist investor Alta Fox Capital over board nominees, according to people familiar with the matter who spoke to Reuters. Alta Fox holds a 2.5% stake in the toymaker, and the two sides have been negotiating to avoid a proxy contest.