Yamana Gold, Credit Suisse, Unilever and more
Take a look at the top companies that made headlines long before the bell rang.
Yamana Gold (AUY) – The Canadian gold producer agreed to be acquired by Gold FieldsGFI in an all-stock transaction valued at $6.7 trillion. Yamana Gold shareholders receive 0.6 Gold Field shares per share. Yamana Gold surged by 14.9%, while Gold Fields fell 11.8%.
Credit Suisse (CS) – Credit Suisse denied a Reuters report that it is mulling various options to raise capital after a series of losses. Two sources familiar with the situation told Reuters that the bank is still weighing its options. They could sell shares or close a business. Credit Suisse suffered a 3.8% loss in premarket activity.
Unilever (UL) – Unilever jumped 6.4% in premarket trading after the consumer products company named activist investor Nelson Peltz to its board. Trian Fund Management’s Peltz holds approximately 1.5% of Unilever.
Sanofi (SNY) – The drug maker’s shares slipped 3.7% in the premarket after the FDA put a trial related to its erectile dysfunction drug Cialis on hold. Sanofi said that Sanofi had stopped the trial to assess whether the medication could be converted to an “over-the-counter” version.
Nio (NIO) – Nio shares jumped 5.1% in the premarket after Morgan Stanley added the China-based electric vehicle maker’s stock to its “tactical idea” list. Morgan Stanley expects that shares will increase as Covid restrictions in Shanghai are relaxed and the company receives new subsidies for electric cars buyers.
Zoom Video Communications (ZM) – The videoconferencing company’s stock received a double upgrade at Daiwa Securities, which raised its rating to “outperform” from “underperform”. Daiwa stated that the recent tech pullback offers upside potential and makes growth for Zoom more feasible. Zoom increased 1.6% in premarket trades.
American Eagle Outfitters (AEO) – The apparel retailer’s stock slid another 5.7% in the premarket after a post-earnings tumble of 6.6% Friday. Morgan Stanley downgraded it to “underweight”, from “equalweight”, because they feel that the American Eagle management’s reduced guidance is still optimistic.
Sherwin-Williams (SHW) – The paint company’s shares slipped 2.3% in premarket trading after Credit Suisse initiated coverage with an “underperform” rating. The company stated that rising interest rates could have an impact on residential and commercial paint demand.