Southwest Airlines, Robinhood, SoFi Technologies and more
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Check out these premarket movers:
Southwest Airlines (LUV) – The airline canceled more than 1,800 flightsOver the weekend, cancellations were attributed to bad weather and air traffic control problems. Staff shortages also contributed. Southwest denied that the high number of cancellations was caused by employee protests against the Covid-19 mandate. Southwest lost 2.8% during premarket trading.
Robinhood (HOOD) – The trading platform’s stock fell 2.1% in premarket action, following a Securities and Exchange Commission filing that detailed the risks of increased regulation of cryptocurrency trading as well as possible new rules surrounding payment for order flow.
SoFi Technologies (SOFI) – The fintech company’s stock rallied 3.1% in premarket action after Morgan Stanley initiated coverage with an “overweight” rating, calling it a “powerful revenue growth story” as it gains market share in the consumer finance space.
Apple (AAPL) – Apple asked a judge to delay changes to its App Store that would require it to allow developers to bypass Apple’s in-app payment system. These changes were made in response to Epic Games’ case. They are scheduled to take effect on December 9. Apple, however, is asking for a delay.
Merck (MRK) – The drugmaker and partner Ridgeback Biotherapeutics announced the submission of an Emergency Use Authorization application to the Food and Drug Administration for their oral Covid-19 treatment molnupiravirThis is. This follows earlier in the month’s positive results.
Starbucks (SBUX) – The coffee chain’s shares added 1% in the premarket after Deutsche Bank upgraded the stock to “buy” from “hold,” citing “incredible” U.S. momentum and the prospect of sustained unit growth in China.
Aspen Technology (AZPN) – The industrial software maker announced a deal to merge with two of Emerson Electric’sA deal of approximately $11 Billion was made to acquire (EMR-) software companies. Aspen Technology shareholders will receive $87 in cash, 0.42 shares and $160 in stock for every share of the cash-and-stock agreement. Aspen Technology’s stock had risen nearly 13% in the previous two sessions, since news of the talks between these companies was first reported.
Deere & Co. (DE) – Workers at the heavy equipment maker represented by the United Auto Workers Union rejected a tentative contract agreement. The union members want more raises and benefits that the six-year rejected deal. It is based on Deere’s strong profits.
Xpeng (XPEV) – The China-based electric vehicle maker said it has surpassed 100,000 cars produced, coming six years after the company launched. Premarket shares rose by 1.4%, with Chinese competitors registering 1.4%. Nio(NIO) gained 1.7%
ConocoPhillips (COP) – The energy producer’s shares were downgraded to “neutral” from “buy” at Goldman Sachs, which cited valuation for the move. Stock has grown 88% in this year, and gained another 1.2% premarket.
Cleveland-Cliffs (CLF) – The steel and iron producer’s shares gained 2.1% in premarket trading after it announced the acquisition of iron scrap processor Ferrous Processing and Trading for about $775 million.
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