Take a look at the companies that are making headlines even before the bell rings.
Boeing (BA). Boeing gained 1.2% in premarket following the announcement that it would invest in a SPAC merge planned by Richard Branson's satellite-launch company Virgin Orbit. Virgin Orbit will merge with NextGen Acquisition (XOS), a blank-check company whose shares jumped 6% after the announcement.
Coinbase (COIN). Coinbase's premarket trading rose 3.2%, as the cryptocurrency exchange's stock benefited from bitcoin reaching its highest point since May. MicroStrategy, a business analytics company that holds large amounts of bitcoin, saw its shares rise 3.9%.
Multiple reports indicate that Pfizer (PFE) and BioNTech (BNTX), the drug makers, are likely to get full FDA approval for their Covid-19 vaccination as soon as today. In late 2020, the vaccine received an emergency use authorization. Pfizer gained 3.9% and BioNTech grew 7.7% in premarket actions. Moderna (MRNA), which is currently applying for FDA approval for its Covid-19 vaccine, saw its shares rise 2.9%.
Trillium Therapeutics, (TRIL), Pfizer announced that it would purchase the remaining cancer treatment specialist in the deal valued at $2.26 billion. This is $18.50 per share cash. This compares to Trillium’s Friday close at $6.09 per shares. In September 2020, Pfizer had invested $25 Million in Trillium. Premarket trading saw Trillium shares almost triple in value.
General Motors (GM). General Motors has expanded the recall on its Chevy Bolt electric vehicle to include newer models. This move will add $1 billion to the automaker's overall cost. This recall will fix an issue that could increase the chance of battery fires. GM's premarket sales fell 2.1%
Uber (UBER), Lyft(LYFT), DoorDash [DASH] These stocks are under surveillance after a California judge ruled that the state's "gig worker" law was invalid. California voters approved a ballot measure in November that allowed these companies to treat employees as independent contractors. Companies that lobbied hard for the passage of this measure intend to appeal. Uber plunged 5.8% in premarket trade, Lyft falling 4.5%, and DoorDash losing 4.5%.
Didi Global (DIDI), China's ride-hailing service may have to give up shares that contain special rights to the Chinese government according to a Financial Times report. Premarket trading saw Didi rise 1.9%.
PayPal (PYPL). PayPal will enable UK customers to buy, hold, and sell cryptocurrency starting this week. This is its first rollout of cryptocurrency services in the United States. PayPal increased its premarket by 1%
Robinhood (HOOD), the company behind the popular trading app, was included to coverage at a few investment firms after its late July initial public offering. These include Goldman Sachs (neutral Rating), Mizuho(buy), JMP Securities (“outperform”), Barclays (equal Weight), Piper Sandler and Piper Sandler. Robinhood gained 2.7% in premarket.
JD.com (JD), The Chinese ecommerce company reported a better-than-expected profit, revenue and record number of users for its second quarter.
