Zynga, Lululemon, Apria and more
Here are some top movers of the premarket.
Zynga (ZYNG) – The online game maker’s shares soared 48.2% in the premarket after it agreed to be acquired by video game maker Take-Two Interactive (TTWO) for $9.86 per share in cash and stockThis would indicate a $12.7 billion total deal value. Take-Two plunged 8.9%
Lululemon (LULU) – The athletic apparel maker said it now expects fourth-quarter earnings and revenue to come in at the low end of its projected rangesIt stated that it was suffering from a variety of adverse consequences due to the Covid-19 Omicron variant. Lululemon fell 6.5% in premarket activity.
Apria (APR) – The home health care services provider agreed to be acquired by health-care equipment and services company Owens & MinorOMI for approximately $1.45 Billion in cash. That’s $37.50 per share. Apria shares closed Friday night at $29.72 each, with its stock soaring 24.5% in premarket trades. Owens & Minor shares slumped 9.1%.
Tilray (TLRY) – Tilray gained 3.6% in premarket trading after reporting an unexpected quarterly profit. The stronger demand and sales of cannabis products led to an increase in revenue by 20% over the previous year. However, its revenues were lower than expected.
Beam Therapeutics (BEAM) – Beam shares jumped 5.3% in the premarket following the announcement of a new partnership with Pfizer (PFE). Pfizer will collaborate with Beam – which specializes in gene editing – to develop therapies for rare genetic diseases.
ViacomCBS (VIAC) – ViacomCBS rallied 3.2% in the premarket after Deutsche Bank upgraded the media company’s stock to “buy” from “hold,” based on upbeat prospects for its streaming business and the likelihood of continuing industry consolidation.
Sinclair Broadcast Group (SBGI) – Sinclair is close to finalizing a deal to carry NBA games on its planned new streaming app, according to a Bloomberg report quoting people familiar with the matter. It is possible that the deal will be made as early as next week. Sinclair gained 1.4% during premarket actions.
SolarEdge Technologies (SEDG) – SolarEdge was added to the “Conviction Buy” list at Goldman Sachs, which raised the price target for the solar equipment company’s stock to $448 per share from $420 a share. Goldman mentions the company’s potential to increase profit margins and improvements in battery storage. SolarEdge gained 2.4% in premarket.
Shockwave Medical (SWAV) – PenumbraAccording to Bloomberg, people who are familiar with the situation say that Penumbra is looking into a merger with its competitor medical device manufacturer. Penumbra, however, emailed Bloomberg to say that the company isn’t in talks with Shockwave about pursuing a business combination. Premarket trading saw Shockwave jump 6%
Dell Technologies (DELL) – Bernstein upgraded Dell to “outperform” from “market perform,” noting Dell’s approximately six-week backlog in its PC business as well as a relatively high mix of commercial versus consumer business. Premarket, Dell saw an increase of 2.4%.