Alphabet, Tesla, Gores Guggenheim and more
Take a look at some of the biggest movers in the premarket:
Alphabet (GOOGL) – Alphabet’s Google unit will cut the commissions it collects on third-party software sales in its Cloud Marketplace. A person who is familiar with this matter told CNBC that Google would now receive 3%, compared to 20% previously.
Gores Guggenheim (GGPI) – The special purpose acquisition company will take electric car maker Polestar public through a merger, at a valuation of $20 billion including debt. Polestar is managed by Volvo car manufacturer and Zhejianggeely Holding Company. Premarket trading saw Gores rise 2.4%
Acceleron Pharma (XLRN) – Acceleron is in talks to be acquired by an unidentified large pharmaceutical company for about $180 per share, according to people familiar with the matter who spoke to Bloomberg. Bristol-Myers Squibb (BMY), with an 11.5% stake, is one possible candidate.
Box (BOX) – Box was upgraded to “market outperform” from “market perform” at JMP Securities, which cited the cloud computing company’s execution among other factors. Premarket Box gained 2.2%.
Altice USA (ATUS) – The broadband and video company was downgraded to “neutral” from “outperform” at Credit Suisse, which notes the likely short-term negative impact from an aggressive fiber buildout strategy. Premarket activity saw Altice USA drop 1.8%.
Toyota Motor (TM) – The automaker’s shares rose 1.3% in the premarket after the company said it had completed a 25.8 million share buyback.
Best Buy (BBY) – The electronics retailer was named a “top idea” at Piper Sandler, which is enthusiastic about the upcoming rollout of Best Buy’s new “Best Buy Total Tech” membership program.
Gannett (GCI) – The USA Today publisher said it was seeking to refinance up to $550 million in senior secured debt. Gannett stated that the plan is subject to market conditions, and it cannot guarantee its ability to complete the refinancing.