Take a look at some of the biggest pre-market drivers:
Dish Networks (DISH) – The satellite TV provider rose 3.2% in the pre-market after reporting quarterly earnings of $ 1.24 per share, well above the consensus estimate of 75 cents per share. Revenue was also above estimates. Dish lost 133,000 pay-TV subscribers during the quarter, compared to a drop of 194,000 the previous year.
Boeing (BA) – Boeing shares fell 3.2% in the premarket after an engine on a United Airlines (UAL) Boeing 777 failed. US regulators ordered jet inspections using the same Pratt & Whitney engine that failed United’s flight, and Boeing recommended that airlines suspend the use of these jets until the inspections could be completed.
Cooper Tire (CTB) – Cooper Tire shares jumped 13.1% after news that it agreed to be acquired by rival Goodyear Tire (GT) for $ 2.8 billion in cash and shares. The deal is worth $ 54.36 per share for Cooper Tire shareholders, 24% above Cooper’s closing price on Friday. Goodyear’s shares fell 5%.
Starboard Value Acquisition (SVAC) – The special purpose acquisition company announced a merger agreement with data center company Cyxtera Technologies, in a $ 3.4 billion transaction, including assumed debt. The current owners will transfer their shareholdings to the combined company, and the shares of Starboard Value Acquisition jumped 12.1% in the pre-market negotiations.
Principal Financial (PFG) – Activist investor Elliott Management has taken a stake in Principal Financial, according to a Bloomberg report, and plans to make changes to the life insurer. The hedge fund is close to an agreement to obtain board seats and will begin a strategic review. Principal Financial’s shares gained 6.2% in the pre-market.
People’s United Financial (PBCT) – The bank has agreed to be purchased by M&T Bank (MTB) in a $ 7.6 billion all-share transaction. The combined bank will have about $ 200 billion in assets. People’s United shares jumped 6.2% before the market.
Discovery Communications (DISCA) – The cable company earned 76 cents per share in the fourth quarter, 4 cents per share above estimates. Revenue also surpassed Wall Street forecasts and Discovery said its Discovery + streaming service was on track to have 12 million subscribers by the end of the month.
Tesla (TSLA) – Tesla has made about $ 1 billion in paper profits from its bitcoin investments, according to a research note by Wedbush analyst Dan Ives. He said Tesla is on a path to earn more from bitcoin than from selling electric vehicles throughout the year 2020. Tesla fell 2.3% in the premarket.
Zillow (Z) – Zillow has launched a “virtual tour” feature for listed properties, which links photos and videos to floor plans. The real estate website operator is now available in 25 regions of the United States and is an alternative to pre-recorded video tours. Zillow’s shares lost 1.9% in the pre-market share.
Kohl’s (KSS) – A group of private equity firms now controls a 9.5% stake in the retailer, and The Wall Street Journal reports that the group is trying to take control of the board. The group is the same group that came together to push for changes at the retailer Bed Bath & Beyond (BBBY). Kohl’s rose 7.4% in the pre-market.
GameStop (GME) – GameStop’s stock jumped 10.9% in the premarket after news that Keith Gill – who became famous on Reddit’s WallStreetBets forum – doubled his stake in the video game retailer to 100,000 shares.
Tapestry (TPR) – The luxury goods retailer rose 1.2% in pre-market stocks after Credit Suisse raised the stock from “neutral” to “superior performance”. Credit Suisse said the stock market category is poised for a strong recovery as blockages ease, and also said Tapestry’s investments in new growth channels last year are paying off.