GameStop, AMC, Beyond Meat and others
Take a look at the top companies that made headlines long before the bell rang.
GameStop (GME) – The videogame retailer – one of the so-called “meme” stocks – lost another 3.1% in the premarket following a nearly 14% tumble yesterday to its lowest close since March. GameStop’s stock had fallen last week following a larger quarterly loss.
AMC Entertainment (AMC) – The movie theater operator’s stock slid 6% in premarket trading, after extending a losing streak to 3 days with a more than 15% plummet Monday. Chief Executive Officer Adam Aron and CFO Sean Goodman both sold their entire AMC stock last week.
Beyond Meat (BYND) – The maker of plant-based meat substitutes saw its stock jump 4.8% in premarket action, putting it in a position to break a 3-day losing streak. Piper Sandler raised the stock from underweight to neutral. The company announced a national launch. McDonald’sThe MCD process could take less than three months.
Pfizer (PFE) – The drugmaker said a final study of its antiviral Covid-19 pill showed it to be 89% effective in preventing hospitalizations and deaths in high-risk patients, similar to what earlier studies had shown. Additionally, it stated that the drug was effective against the omicron version.
Tesla (TSLA) – Tesla shares slid 1.5% in premarket trading after CEO Elon Musk sold more of his holdings to cover tax bills generated by the exercising of stock options. Tesla shares have fallen more than 20% since its peak and the overall market value of Tesla is back below $1 trillion.
Weibo (WB) – Weibo slid 5.3% in the premarket after the China-based social networking company was fined 3 million yuan (about $471,000) by regulators, who said some of Weibo’s accounts and content violated various laws and regulations.
Alcoa (AA) – The aluminum producer’s shares rallied 4.2% in premarket trading following news that the stock will be added to the S&P Midcap 400 Index prior to the opening of trading next Monday. It will replace Hill-Rom HoldingsThis is the acquisition of Baxter International (BAX).
Dell Technologies (DELL) – The computer maker’s stock was downgraded to “in line” from “outperform” at Evercore, which notes Dell’s nearly 60% appreciation this year ahead of what it sees as a moderating personal computer market. The premarket saw Dell lose 1.7%.
Ralph Lauren (RL) – The apparel maker slid 3% in the premarket after a Goldman Sachs double downgrade to “sell” from “buy” on the thesis that brand momentum indicators are fading.