Take a look at some of the major engines on the premarket:
BowX Acquisition (BOWX) – Special Purpose Acquisition Company will list shared office business WeWork in a deal worth $ 9 billion, including debt. Starwood Capital, Fidelity Management and others are involved in the deal as so-called “PIPE” investors. BowX was up 3.6% in the premarket.
Ford Motor (F): The automaker is halting production of its popular F-150 pickup over the weekend at a Michigan plant due to a global semiconductor shortage.
MSG Entertainment (MSGE) – The owner of the New York Knicks and Rangers, as well as Madison Square Garden and other venues, is buying MSG Networks (MSGN) in a stock swap deal. The transaction brings the two entities together after a separation was announced in 2018 and made official last year. MSG Networks fell 4.9% in premarket shares.
JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C), Wells Fargo (WFC): These and other banking stocks are under surveillance after the Federal Reserve announced plans to lift restrictions on bank dividends and bank buybacks. Actions. That will happen after the June stress tests, if banks show they can hold enough capital. JPMorgan gained 1.1% in premarket trading, with Bank of America 1.5%, Wells Fargo 1.3% and Citi 1.3%.
Annaly Capital Management (NLY) – Annaly has reached an agreement to sell her commercial real estate business to investment firm Slate Asset Management for $ 2.33 billion. The real estate finance company expects the deal to be completed by the end of the third quarter. Annaly earned 1% on the premarket.
Altria (MO) – Tobacco producer’s shares rose 1.3% in premarket trading after Jefferies raised them to “buy” from “hold.” The firm said Altria’s opportunities in so-called RRPs (reduced risk products) are underestimated.
Microsoft (MSFT) – Microsoft is now in advanced talks to buy the Discord messaging platform for $ 10 billion or more, according to The Wall Street Journal. Bloomberg had reported earlier this week that the two parties had spoken, but that no deal was imminent and that Discord was leaning toward an initial public offering.
Root Inc. (ROOT) – Root was up 3.9% in pre-market trading after a 4.9% increase on Thursday. The auto insurer is “misunderstood,” according to Citron Research founder Andrew Left, who calls it a “disruptive technology company.” Root has seen its share price cut in half since its initial public offering in October.
Uber (UBER), Lyft (LYFT) – A Massachusetts judge ruled that a challenge to the classification of drivers as independent contractors by Uber and Lyft can be filed. The private transportation companies had sought to have the case brought by the state attorney general dismissed. The judge did not rule on whether the drivers should be classified as independent contractors or employees entitled to benefits. Uber was up 1.1% in premarket trading.
Nio (NIO) – Nio will suspend production of electric vehicles at its Hefei, China plant due to a global shortage of semiconductors. The suspension will begin Monday and last for five days, prompting Nio to lower its first-quarter delivery forecast to 19,500 vehicles from the previous 20,000 to 20,500. Nio fell 5% in premarket stock.
Progress Software (PRGS): Progress Software reported quarterly earnings of 91 cents a share, 13 cents a share above estimates. Revenues also beat expectations. The enterprise applications software company also raised its outlook for the full year. Progress Software gained 2.6% in pre-market operations.
Zoom Video (ZM): Deutsche Bank began the company’s coverage of the video messaging platform with a “hold” rating, based primarily on the valuation after the shares soared in 2020. Deutsche Bank is bullish on the long run. term based on growth drivers, scale, and what it calls “best-in-class” products.