Take a look at some of the biggest drivers in the pre-market:
BowX Acquisition (BOWX) – The special purpose acquisition company will go public with office-sharing company WeWork in a $ 9 billion deal, including debt. Starwood Capital, Fidelity Management and others are involved in the business as so-called “PIPE” investors. BowX rose 3.6% in the pre-market.
Ford Motor (F) – The automaker will halt production of its popular F-150 pickup over the weekend at a Michigan plant, due to global semiconductor shortages.
MSG Entertainment (MSGE) – The owner of the New York Knicks and Rangers, as well as Madison Square Garden and elsewhere, is buying MSG Networks (MSGN) in a stock exchange agreement. The transaction brings the two entities together after a division was announced in 2018 and became official last year. MSG Networks fell 4.9% in pre-market stocks.
JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C), Wells Fargo (WFC) – These and other bank stocks are on alert after the Federal Reserve announced plans to lift restrictions on bank dividends and repurchase of shares. This will occur after the June stress tests, if banks show that they can hold enough capital. JPMorgan gained 1.1% in the pre-market, with Bank of America up 1.5%, Wells Fargo up 1.3% and Citi up 1.3%.
Annaly Capital Management (NLY) – Annaly struck a deal to sell its commercial real estate business to investment firm Slate Asset Management for $ 2.33 billion. The expectation of the real estate finance company is that the deal will be concluded by the end of the third quarter. Annaly gained 1% in the pre-market.
Altria (MO) – Tobacco producer shares rose 1.3% in the pre-market, after Jefferies updated them to “buy” from “hold”. The company said that Altria’s opportunities in so-called RRPs (low-risk products) are underestimated.
Microsoft (MSFT) – Microsoft is now in advanced negotiations to buy the Discord messaging platform for $ 10 billion or more, according to The Wall Street Journal. Bloomberg had reported earlier this week that the two sides had spoken, but that no deal was imminent and that Discord was leaning towards an initial public offering.
Root Inc. (ROOT) – Root rose 3.9% in the premarket, after a 4.9% increase on Thursday. The auto insurance company is “poorly understood”, according to Citron Research founder Andrew Left, who calls it a “disruptive technology company”. Root has seen its stock price drop by half since the initial public offering in October.
Uber (UBER), Lyft (LYFT) – A Massachusetts judge ruled that the contestation of Uber and Lyft’s classification of drivers as independent contractors can proceed. Hitchhiking companies were looking for the case brought by the state attorney general to be dismissed. The judge did not decide whether drivers should be classified as self-employed or employees entitled to benefits. Uber rose 1.1% in the pre-market.
Nio (NIO) – Nio will suspend the production of electric vehicles at its plant in Hefei, China, due to the worldwide shortage of semiconductors. The suspension will start on Monday and last for five days, which has led Nio to reduce its first quarter delivery forecast to 19,500 vehicles, from 20,000 to 20,500 earlier. Nio fell 5% in the pre-market share.
Progress Software (PRGS) – Progress Software reported quarterly earnings of 91 cents per share, 13 cents per share above estimates. Revenue also exceeded forecasts. The enterprise application software company also raised its forecast for the entire year. Progress Software gained 2.6% in pre-market trading.
Zoom Video (ZM) – Deutsche Bank started covering the video messaging company with a “wait” rating, based mainly on the valuation after stocks soared in 2020. Deutsche Bank is optimistic in the long term with based on growth drivers, scale and what you call “best in class” products.