Stock Groups

Twitter, Sirius XM, Nektar Therapeutics and more

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Check out these premarket movers:

Twitter (TWTR) – Twitter shares jumped 4.5% in the premarket after the company’s board of directors adopted a so-called poison pillPrevent Tesla(TLSA). Elon Musk, CEO of Tesla has increased his share in the company to 15%. This follows Musk’s last-week bid of $54.20 for Twitter shares.

Sirius XM (SIRI) – The satellite radio operator’s stock fell 2% in premarket trading after Morgan Stanley downgraded it to “underweight” from “equal-weight.” Morgan Stanley stated that auto market headwinds could negatively affect Sirius XM and noted the stock’s performance over the last year.

Nektar Therapeutics (NKTR) – The drugmaker’s shares cratered 24.4% in the premarket after it halted all trials involving its key cancer drug. Multiple studies have not shown that the experimental treatment produced the expected results.

Bank of America (BAC) – Bank of America reported quarterly profit of 80 cents per share, 5 cents a share above estimates. The strength of consumer lending helped to boost revenue, which also beat Street estimates. The premarket saw Bank of America share prices rise 1.1%

Bank of New York Mellon (BK) – The bank beat estimates by a penny a share, with quarterly earnings of 86 cents per share. The revenue was in line with analyst predictions. Higher interest rates helped to improve the results.

Synchrony Financial (SYF) – The financial services company reported quarterly profit of $1.77 per share, beating the consensus estimate of $1.54 a share. The revenue came in at above the estimates.  Synchrony’s board also approved an increase of $2.8 million to its stock buyback plan and a 5% dividend hike to 23 cents per shares.  Synchrony increased its premarket share by 1%

Southwest Gas (SWX) – The utility said its board had authorized the review of a full range or strategic alternatives, after receiving what it called an “indication of interest” well in excess of investor Carl Icahn’s $82.50 per share offer.

Didi Global (DIDI) – Didi shares posted an 18.3% premarket loss after the China-based ride-hailing firm reported a 12.7% drop in fourth-quarter revenue compared to a year earlier. Didi stated that a shareholder meeting will be held May 23rd to discuss delisting the New York Stock Exchange.

Wendy’s (WEN) – Wendy’s fell 1.8% in the premarket after BMO Capital downgraded the restaurant operator’s stock to “market perform” from “outperform.” BMO stated Wendy’s is not as well-positioned than other industry competitors for tighter consumer spending.

Progressive (PGR) – Progressive was downgraded to “underweight” from “neutral” at Piper Sandler, which thinks the insurance company is likely to miss consensus earnings estimates due to too much optimism surrounding rising auto insurance rates. In premarket trading, Progressive lost 1.6%.

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