Take a look at some of the biggest moving agents in the premarket:
BowX Procurement (BOWX) – The special-purpose procurement company will take over the WeWork office from an office-sharing company in a $ 9 billion deal, including debt. Starwood Capital, Fidelity Management and others are involved in the agreement, the so-called “PIPE” investors. BowX rose 3.6% in the premarket.
Ford Motor (F) – The vehicle manufacturer will remain in idle production of its popular F-150 truck throughout the weekend at a factory in Michigan due to the global shortage of semiconductors.
MSG Entertainment (MSGE) – The owner of the New York Knicks and Rangers, as well as Madison Square Garden and other locations, is buying MSG Networks (MSGN) in a share exchange agreement. The transaction brings the two entities together after a split was announced in 2018 and became official last year. MSG Networks fell 4.9% in premarket share.
JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C), Wells Fargo (WFC) – These and other banking stocks are on the alert after the Federal Reserve announced plans to lift restrictions on bank dividends and share repurchases . This will take place after the June stress tests, if the banks show that they can maintain 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 entered into an agreement to sell its commercial real estate business to investment firm Slate Asset Management for $ 2.33 billion. The real estate financing company expects the transaction to be completed by the end of the third quarter. Annaly gained 1% in the premarket.
Altria (MO) – The tobacco maker’s stock gained 1.3% in premarket trading after Jefferies upgraded it to “buy” from “hold”. The company stated that Altria’s opportunities in so-called PR (low 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 reported earlier this week that the two sides had spoken, but that no agreement was imminent and that Discord was leaning towards an initial public offering.
Root Inc. (ROOT) – Root rose 3.9% in premarket trading after a 4.9% increase on Thursday. The car insurer is “misunderstood,” according to Citron Research founder Andrew Left, who calls it “a disruptive technology company.” Root saw its share price cut in half from the initial public offering in October.
Uber (UBER), Lyft (LYFT) – A Massachusetts judge has ruled that Uber and Lyft may classify drivers as independent contractors. Riding companies sought to dismiss the case brought by the state attorney general. The judge did not rule on whether drivers should be classified as independent contractors or employees who are entitled to benefits. Uber rose 1.1% in premarket trading.
Nio (NIO) – Nio will suspend production of electric vehicles at its plant in Hefei, China, due to a global shortage of semiconductors. The suspension will begin on Monday and last for five days, prompting Nio to reduce its first quarter delivery forecast to 19,500 vehicles, from 20,000 to 20,500. Nio fell 5% in premarket stock.
Progress Software (PRGS) – Progress Software reported quarterly earnings of 91 cents per share, 13 cents per share above estimates. Revenues also exceeded forecasts. The enterprise application software company also raised its year-round prospects. Progress Software gained 2.6% in premarket trading.
Zoom Video (ZM) – Deutsche Bank has started covering the company’s video messaging platform with a “hold” rating, based mainly on valuation after the shares rose in 2020. Deutsche Bank is long-term make up based on growth factors, scale and what he calls the “best in class” products.