Stocks making the biggest moves in the premarket: GameStop, Box, WW International & more

Market Insider

Take a look at some of the biggest movers in the premarket:

GameStop (GME) – The video game retailer said board member and Chewy co-founder Ryan Cohen would become chairman of the board of directors following its annual meeting. GameStop gained 2.2% in premarket trading.

Box (BOX) – The cloud computing company announced a $500 million investment from funds run by private-equity firm KKR (KKR), which will receive convertible preferred stock. Box will use the proceeds to repurchase up to $500 million of its common stock. Box shares tumbled 5.6% premarket.

WW International (WW) – Morgan Stanley downgraded the stock to “equal-weight” from “overweight,” noting its significant outperformance over the past 12 months and that shares of the company formerly known as Weight Watchers are now within about 5% of its price target. The stock fell 3.1% in premarket trading.

Conagra Brands (CAG) – The company behind food brands like Duncan Hines, Birds Eye and Healthy Choice reported quarterly earnings of 59 cents per share, a penny a share above estimates. Revenue topped forecasts as well. Conagra continues to see elevated demand stemming from more people staying at home during the pandemic. Conagra rose 1.1% in premarket trading.

Constellation Brands (STZ) – The maker of Corona beer and a variety of spirits brands beat Wall Street estimates on both the top and bottom lines for its latest quarter, saying it performed well despite pandemic-related challenges.

Costco (COST) – Costco reported a 16% rise in same-store sales for March, including a 13.9% increase at U.S. locations. The warehouse retailer also saw online sales surge 57.7% compared to a year earlier.

Apple (AAPL) – Apple is delaying some production of MacBooks and iPads due to the shortages of computer chips and other components, according to Japan’s Nikkei news service. The shortage has not yet impacted product availability for consumers. Apple gained 1% in the premarket. (AMZN) – A unionization vote at an Amazon warehouse in Alabama saw 55% turnout among the roughly 5,800 workers, with initial results expected to be announced within a few days.

Bilibili (BILI) – Bilibili is denying a Reuters report that the online video site operator is in talks to buy a 24% stake in Yoozoo Games. The report had said the potential deal would see Bilibili buy both the stake as well as Yoozoo’s headquarters for about $765 million. Bilbili shares rose 2.1% in premarket action.

Twitter (TWTR) – Twitter held talks in recent months to buy audio-based social network Clubhouse for about $4 billion, according to a Bloomberg report. The talks stalled for an unknown reason, however, and are no longer ongoing. Twitter shares gained 1% in the premarket.

Tesla (TSLA) – Tesla issued refunds to customers that it had double-billed for new car purchases, according to customers who spoke to CNBC. The company also sent apology emails offering $200 in credit at Tesla’s online store.

Emergent BioSolutions (EBS) – Emergent was the subject of a warning by a top federal health official last June, according to a New York Times report. The official warned of quality control and other issues at the contract manufacturer, which recently had to dispose of millions of doses of Johnson & Johnson’s (JNJ) Covid-19 vaccine because of contamination.

Progress Software (PRGS) – The business software company announced a $300 million offering of convertible debt. Progress shares fell 1.8% in premarket trading.

Academy Sports + Outdoors (ASO) – A nine million share block of the sporting goods and outdoor recreation retailer’s stock is being offered through JPMorgan Chase, according to sources who spoke to StreetAccount. The shares tumbled 5% in premarket action.

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