Stocks making the biggest moves in the premarket: GameStop, AMC Entertainment, Express & more

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

GameStop (GME) – GameStop shares surged 40% in premarket trading, continuing its meteoric recent rise. The video game retailer’s stock is worth about 3-1/2 times more than it was when 2021 began, amid a battle between GameStop enthusiasts and short sellers. GameStop is also benefiting from a boost in video game demand amid the pandemic.

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AMC Entertainment (AMC) – The movie theater operator secured $917 million in new financing, as it deals with the pandemic’s impact on movie theater attendance. The liquidity will allow it to keep operating without resorting to a bankruptcy filing. AMC shares soared 40% in premarket trading.

Express (EXPR) – Express is jumping in premarket trading, following a 53 percent increase during Friday’s session. The apparel retailer earlier this month announced a deal to add $140 million in financing. Express shares rocketed 125% in premarket trading.

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Kimberly-Clark (KMB) – The consumer products company reported quarterly profit of $1.69 per share, beating estimates by 9 cents a share. Revenue also came in above Wall Street forecasts. Kimberly-Clark continues to benefit from a pandemic-induced surge in demand. Additionally, the company announced an increase in its quarterly dividend to $1.14 per share from $1.07 a share. The company’s shares were up 1.6% as of 7:41 a.m. ET.

NCR (NCR) – NCR is close to a deal to buy ATM operator Cardtronics (CATM) for $1.7 billion, or $39 per share, according to people familiar with the matter quoted by The Wall Street Journal. Investment firms Apollo Global (APO) and Hudson Executive Capital had previously offered $35 per share for Cardtronics, but the paper said they are declining to raise that offer. Cartronics shares slid 3.3% in the premarket, while NCR shares slid 1.5%.

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Merck (MRK) – The drugmaker is ending its Covid-19 vaccine program, due to inferior immune responses generated by its vaccine candidates. Merck will continue to development treatments for the Covid-19 virus. Merck shares fell 1.1% in premarket trading.

TS Innovation Acquisitions (TSIA) – The special purpose acquisition company is taking smart-lock and building management software maker Latch public through a merger. TS Innovation is backed by New York commercial real estate firm Tishman Speyer. The deal values Latch at $1.56 billion and is expected to close during the second quarter. TS Innovation’s shares spiked 80% in the premarket.

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Ion Acquisition Corp. (IACA) – The special purposes acquisition company is taking Taboola public at a $2.6 billion valuation through a merger. Taboola is a provider of promoted internet content technology. Ion shares jumped 29% in the premarket.

Philips (PHG) – Philips reported a 7% rise in quarterly earnings, with the Dutch health technology company benefiting as the pandemic spurred demand for hospital equipment.

Blackstone (BX) – The private-equity firm’s Alight Solutions unit is near a deal to be taken public through a merger with a SPAC owned by veteran investor Bill Foley, according to people familiar with the matter who spoke to Reuters. The deal would value the provider of benefits services at $7.3 billion, including debt.

BlackBerry (BB) – BlackBerry is poised to extend its seven-session winning streak, rising 31% in premarket trading after last week’s 43% gain. The communications software maker has seen its stock rise following a report that it’s resolved a patent royalty dispute with Facebook (FB).

Pfizer (PFE) – Pfizer will be shipping fewer vaccine vials to fulfill its commitment to the federal government, according to the New York Times. The paper said the drug company successfully convinced the Food and Drug Administration to acknowledge that the vials contained six doses and not five as originally thought.

Regeneron Pharmaceuticals (REGN) – Regeneron is gaining ground this morning, up nearly 4% following an upgrade at BMO Capital. BMO raised its rating on the drugmaker to “outperform” from “market perform,” citing valuation.

American Eagle Outfitters (AEO) – American Eagle was upgraded to “outperform” from “sector perform” at RBC Capital, which points to positive momentum at the apparel retailer’s Aerie division. The retailer’s shares rose 2.1% in the premarket.

Uber Technologies (UBER) – Uber laid off about 185 people from its newly acquired Postmates division, according to people with knowledge of the matter who spoke to The New York Times. That represents about 15% of the Postmates workforce, as Uber works to consolidate the food delivery service with its Uber Eats operation.

(With inputs from CNBC)

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