Take a look at some of the biggest drivers in the pre-market:
Tesla (TSLA) – Tesla delivered nearly 185,000 vehicles during the first quarter, a record for the company and more than 10,000 on consensus forecasts. The shares jumped 7.6% in the pre-market.
GameStop (GME) – The video game retailer announced plans to sell up to 3.5 million shares in an “on the market” offer, with plans to use the proceeds to strengthen its balance sheet and accelerate its ongoing transformation. GameStop also said that sales in the first nine weeks of the current quarter increased 11% over the same period last year. GameStop plummeted 15.1% in the pre-market.
Roblox (RBLX) – Shares in the video game development platform company jumped 3.5% in the pre-market share, when Goldman started coverage with a “buy” rating and Morgan Stanley started coverage with a rating of “overweight”. Both companies cite robust growth prospects, with Goldman noting that Roblox is able to outsource game development costs to creators.
Royal Caribbean (RCL), Norwegian Cruise Line (NCLH), Carnival (CCL) – The Centers for Disease Control and Prevention have updated their guidelines for resuming cruise ship travel in the United States, although they have not set a specific date for the resumption. Royal Caribbean gained 1.5% in the pre-market, with Norwegian up 2.5% and Carnival up 2.2%.
Johnson & Johnson (JNJ) – J&J will take over manufacturing at a factory owned by contract manufacturer Emergent Biosolutions (EBS) after a quality control problem ruined a batch of J&J’s Covid-19 vaccine. The Wall Street Journal reports that, to accommodate the move, production of AstraZeneca’s (AZN) Covid-19 vaccine will be moved elsewhere. Separately, J&J expanded a trial of its Covid-19 vaccine to include children aged 12 to 17.
Tribune Co. (TPCO) – Tribune received a $ 680 million takeover bid – worth $ 16.50 per share – from Choice Hotels president Stewart Bainum and Swiss billionaire Hansjorg Wyss. This goes beyond a $ 635 million deal that the newspaper’s editor had previously agreed to with the hedge fund Alden Global Capital.
Pinterest (PINS) – The operator of the image sharing site is in talks to buy the photo app company VSCO, according to The New York Times. It was not possible to determine the potential price of the deal, but VSCO was most recently valued at $ 550 million. Pinterest shares were up 1.6% in the pre-market.
General Motors (GM), Ford Motor (F) – Wells Fargo began coverage of both automakers with “overweight” ratings, pointing to Ford’s quicker recovery under new CEO Jim Farley and the leadership position of GM in electric vehicles and connectivity. GM shares rose 1.7% in the pre-market share, while Ford rose 1.5%.
Pioneer Natural (PXD) – Pioneer Natural has struck a deal to buy rival shale producer DoublePoint Energy for about $ 6.4 billion, continuing the trend of consolidation in the shale industry. Pioneer shares fell 4.4% in the pre-market.
Moderna (MRNA) – Moderna has received approval from the Food and Drug Administration to fill the Covid-19 vaccine vials with up to 15 doses, above the previous 10 doses. Moderna said it expects to start shipping the 15-dose vials within a few weeks, and its stock rose 1.5% in the pre-market.
Morgan Stanley (MS) – Morgan Stanley said it would increase its dividends as soon as the restrictions were lifted by the Federal Reserve. The Fed is scheduled to release the next round of bank stress test results in June. Morgan Stanley rose 1.4% in the pre-market.
Planet Fitness (PLNT) – The fitness network is planning to add up to 100 new locations in the next fiscal year, adding to its current total of more than 2,100. CFO Tom Fitzgerald told The Wall Street Journal that the company also wants to increase investment in its app.
Lamb Weston (LW) – The food service company’s shares gained 1.9% in the pre-market after Bank of America Securities updated it to “buy” from “neutral” and raised the target price from $ 84 to $ 100 per share. BofA said the company is positioned to move closer to business levels prior to Covid, with improved demand.