Dish Networks, Boeing, Cooper Tire and more

Take a look at some of the major engines on the premarket:

Dish Networks (DISH) – Satellite TV provider rose 3.2% in premarket trading after posting quarterly earnings of $ 1.24 a share, well above the consensus estimate of 75 cents per share. Revenues were also above estimates. Dish lost 133,000 net pay TV subscribers during the quarter, compared with a 194,000 drop a year earlier.

Boeing (BA) – Boeing shares fell 3.2% in the previous market after an engine failed on a United Airlines (UAL) Boeing 777 aircraft. US regulators have ordered inspections of planes using the same Pratt & Whitney engine that failed on United’s flight, and Boeing has recommended that airlines suspend use of those planes until inspections can be completed.

Cooper Tire (CTB) – Cooper Tire shares rose 13.1%, following news that it had agreed to be acquired by rival Goodyear Tire (GT) for $ 2.8 billion in cash and shares. The deal is worth $ 54.36 a share to Cooper Tire shareholders, 24% above Cooper’s closing price on Friday. Goodyear shares fell 5%.

Starboard Value Acquisition (SVAC) – The special purpose acquisition company announced an agreement to merge with data center company Cyxtera Technologies, in a transaction worth $ 3.4 billion, including assumed debt. The current owners will transfer their equity interests to the combined company, and Starboard Value Acquisition shares increased 12.1% in premarket operations.

Principal Financial (PFG): Activist investor Elliott Management has taken a stake in Principal Financial, according to a Bloomberg report, and plans to drive change at the life insurer. The hedge fund is said to be close to a deal for board seats and will launch a strategic review. Principal Financial shares gained 6.2% in premarket trading.

People’s United Financial (PBCT) – The bank agreed to be bought by M&T Bank (MTB) in a stock deal valued at $ 7.6 billion. The combined bank will have about $ 200 billion in assets. Shares of People’s United rose 6.2% before trading.

Discovery Communications (DISCA): The cable channel company earned 76 cents a share during the fourth quarter, 4 cents a share above estimates. Revenue also beat Wall Street forecasts, and Discovery said its Discovery + streaming service was on track to have 12 million subscribers by the end of the month.

Tesla (TSLA) – Tesla has made about $ 1 billion in paper earnings from its investments in bitcoin, according to a research note from Wedbush analyst Dan Ives. He said Tesla is on a trajectory to do more with bitcoin than with EV sales in all of 2020. Tesla fell 2.3% in pre-market trading.

Zillow (Z) – Zillow has implemented a “virtual tour” feature for listed properties, linking images and videos to floor plans. The real estate website operator is now available in 25 US regions and is an alternative to pre-recorded video tours. Zillow shares lost 1.9% in pre-market shares.

Kohl’s (KSS): A group of private equity firms now control a 9.5% stake in the retailer, and The Wall Street Journal reports that the group is attempting to take control of the board of directors. The group is the same group that partnered to drive change at retailer Bed Bath & Beyond (BBBY). Kohl’s was up 7.4% pre-market.

GameStop (GME): GameStop shares rose 10.9% in premarket trading, following news that Keith Gill, who made his name on Reddit’s WallStreetBets forum, doubled his stake in the video game retailer to 100,000 shares.

Tapestry (TPR) – The luxury goods retailer rose 1.2% in premarket shares after Credit Suisse raised shares from “neutral” to “outperform.” Credit Suisse said the handbag category is poised for a strong rally as locks ease, and also said Tapestry’s investments in new growth channels over the past year are paying off.


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