Stocks making the biggest moves in the premarket: Tesla, Beyond Meat, Coinbase and more

Market Insider

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

Tesla (TSLA) – Tesla will ask shareholders to authorize the issuance of additional shares at the upcoming annual meeting so it can pay a stock dividend, according to a company tweet. The additional shares would enable the company to split its stock. Tesla jumped 5.4% in the premarket.

Beyond Meat (BYND) – Beyond Meat slid 5.1% in the premarket after Piper Sandler downgraded the stock to “neutral” from “underweight.” Piper points to increasing competition for plant-based meat substitutes, as well as lower positive expectations for the impact of a nationwide McDonald’s (MCD) launch.

Coinbase (COIN) – The cryptocurrency exchange operator is reportedly near a deal to buy 2TM, the parent of Brazilian cryptocurrency brokerage Mercado Bitcoin, according to a local newspaper. The paper said a deal could be closed by the end of April. Coinbase rallied 4.2% in the premarket.

Apple (AAPL) – Apple will reportedly cut planned iPhone SE output by 20% next quarter, according to a report by Japan’s Nikkei news service citing weaker-than-expected demand. Apple fell 1.2% in premarket trading.

Poly (POLY) – The communications technology company agreed to be acquired by HP Inc. (HPQ) for $40 per share, compared to Poly’s Friday close of $26.20 per share. The companies expect the deal to close before the end of this year.

Foot Locker (FL) – The athletic footwear and apparel retailer’s stock fell 1.7% in premarket trading after Cowen downgraded it to “market perform” from “outperform.” Cowen said despite an inexpensive valuation, investors may be underappreciating the potential impact of inflation.

Barclays (BCS) – Barclays lost 3.1% in premarket action after the British bank disclosed a loss of nearly $592 million stemming from mishandled bond trades. It also said it would delay a planned share buyback as a result.

AMC Entertainment (AMC) – AMC CEO Adam Aron told Reuters the company would strike more “transformational” deals, following its $27.9 million investment in gold and silver mine operator Hycroft Mining (HYMC) earlier this month. AMC added 2.2% in the premarket, while Hycroft – a microcap stock with a market value of $77.3 million as of Friday’s close – surged 32.8%.

Uber Technologies (UBER) – Uber won a new 30-month license to operate in London. The ride-hailing service had been engaged in a dispute with regulators over the past five years over safety issues and had lost its license to operate twice over that period.

Hasbro (HAS) – Hasbro turned down a settlement offer with activist investor Alta Fox Capital over board nominees, according to people familiar with the matter who spoke to Reuters. Alta Fox holds a 2.5% stake in the toymaker, and the two sides have been negotiating to avoid a proxy contest.

Articles You May Like

3 More Stocks to Buy Before the Election Chaos
Talen, Constellation and Vistra tumble after government rejects Amazon nuclear data center agreement
Why the October Jobs Report Was so Bullish
Alphabet Earnings: Waymo’s Growth Sets GOOGL Stock on Fire
What the stock market typically does after the U.S. election, according to history