Take a look at some of the biggest drivers in the pre-market:
Illumina (ILMN) – Illumina issued a preliminary guidance for the current quarter and for the entire year that exceeded current analysts’ estimates. The life sciences company said its projected results are being driven by applications for registration in its gene sequencing and related businesses. Illumina jumped 9.2% in pre-market shares.
Cara Therapeutics (CARA) – Cara Therapeutics shares rose 11.4% in the premarket after news that the biopharmaceutical company’s shares will be added to the S&P SmallCap 600 index, effective Wednesday.
Snap (SNAP) – Snap shares gained 1.5% in the pre-market share after a surge in Atlantic Equities, which now classifies Snapchat’s parent company shares as “overweight” compared to previous “neutral” shares. The company cites evaluation as a key factor, as well as the transformation of Snap from a message-centric platform to a broader content platform.
Mudrick Capital Acquisition (MUDS) – The special purpose acquisition company is going public in Topps – better known for baseball cards and Bazooka gum – in a merger that values the company at $ 1.3 billion. Topps president and former Disney CEO Michael Eisner will transfer all of his stake to the new company. Mudrick rose 18.5% in pre-market trading.
Credit Suisse (CS) – The bank will receive a $ 4.7 billion blow from its dealings with the hedge fund Archegos Capital Management and announced the departure of risk director Lara Warner and investment bank director Brian Chin. Credit Suisse also launched an investigation into Archegos-related losses.
Moderna (MRNA) – Moderna entered into an agreement with contract manufacturer Catalent (CTLT) to nearly double production of Moderna’s Covid-19 vaccine at Catalent’s Bloomington, Indiana plant, according to The Wall Street Journal.
Phillips 66 (PSX) – The energy producer said it would report a greater-than-expected loss in the first quarter, due to the severe winter in the central and southern states of the United States that paralyzed its petrochemical operations on the Gulf Coast. Phillips fell 1.3% in the pre-market.
Southwest Airlines (LUV) – Southwest has withdrawn 209 voluntary license pilots, with plans to return them to active service on June 1. The move comes in anticipation of a summer recovery in travel demand.
Tesla (TSLA) – Tesla shares are only worth $ 150 per share, according to Craig Irwin, senior research analyst at Roth Capital. Irwin called Tesla just a “secondary player” in the American and European markets, telling CNBC that people mistakenly assume that Tesla has no competition.
Niu Technologies (NIU) – The Beijing-based company reported sales of 149,649 sales of electronic scooters during the first quarter, compared with 40,160 in the same quarter a year ago. Niu Technologies shares were up 1% in the pre-market.
BlackRock (BLK) – Credit Suisse has named the asset management firm “the best choice”, saying it expects BlackRock’s “robust organic growth” from an attractive business combination.
GameStop (GME) – The video game retailer’s shares fell 1% in the premarket after a volatile session on Monday, after news that GameStop planned to issue up to 3.5 million shares.
Signet Jewelers (SIG) – The jewelry retailer announced an agreement to purchase Rocksbox jewelry subscription services for an undisclosed amount.