Stocks Making the Biggest Moves in the Pre-Market: Estee Lauder, Meredith Corp., DraftKings & more
Check out some of the largest moving companies on the pre-market:
Estee Lauder (EL) – The cosmetics maker reported quarterly earnings of $ 1.62 per share, 30 cents per share above estimates. However, sales were slightly below forecast as sales of Estee Lauder’s high-end products were influenced by people who continue to work from home. Estee Lauder’s shares lost 3.5% in premarket trading.
Meredith Corp. (MDP) – Meredith was up 11.5% before entering the market after Bloomberg reported it was in advanced talks to sell its 17 local television networks to Gray Television (GTN) for an estimated $ 2.5 billion. People familiar with the matter say a deal could be announced as early as this week.
DraftKings (DKNG) – The sports betting firm has been upgraded from “Market Performance” at Cowen to “Outperform”, indicating a “robust” path to legalization for the industry and positive prospects for both growth and market share gains. The share rose 1.5% in premarket trading.
Verizon (VZ) – Verizon is close to selling media goods like AOL and Yahoo to Apollo Global Management (APO), according to multiple reports. The transaction is said to be valued at up to $ 5 billion and could be announced today.
Berkshire Hathaway (BRK.B) – Berkshire stock gained 1% in the pre-market and will hit a record high in today’s trading after its annual meeting over the weekend. CEO Warren Buffett said Berkshire’s profits are recovering from the effects of the pandemic and the company is extending its share buybacks by an additional $ 6.6 billion.
Moderna (MRNA) – The drugmaker’s shares rose 2.9% pre-market after reaching an agreement to provide 500 million doses of Covid-19 vaccine to low- and middle-income countries under a United Nations-backed program has been.
Canadian Pacific Railway (CP) – Canadian Pacific appealed a decision exempting rival Canadian National Railway (CNI) from stricter merger regulations due to its smaller size. The objection arises from an attempt by Canadian National to outbid the Canadian Pacific to buy the US rail operator Kansas City Southern (KSU).
Dell (DELL) – Dell announced the sale of its Boomi Cloud business to private equity firms TPG and Francisco Partners for $ 4 billion including debt.
Align Technology (ALGN) – The company behind Invisalign braces has announced a $ 100 million accelerated share buyback agreement with Goldman Sachs. The transaction will complete the $ 600 million buyback program announced by Align in May 2018.
Li Auto (LI), Nio (NIO), XPeng (XPEV) – China-based electric vehicle manufacturers announced their April shipments. Li Auto shipments increased 111% year over year, Nio increased 125% and XPeng 285%. Li Auto rose 2.3% in the pre-market while XPeng gained 1.2%.
Novartis (NVS) – The Swiss drugmaker’s Sandoz division began adding a biosimilar version of Regenerons (REGN) Eylea for the treatment of late-stage age-related macular degeneration. Novartis gained 1% in the pre-market.
Tilray (TLRY) – The Canada-based cannabis producer saw its shares rise 1% in premarket trading after announcing that it had completed its merger with rival Aphria.