Take a look at some of the biggest movers in the premarket:
Virgin Galactic (SPCE) – The space transportation company’s stock dropped 3% in premarket trading, after Bank of America Securities double-downgraded the stock to “underperform” from “buy.” BofA notes the recent spike in the stock after the company received approval to carry passengers into space, and said the premium earned by Virgin Galactic’s leading position is already reflected in the stock price.
Bed Bath & Beyond (BBBY) – The housewares retailer reported quarterly profit of 5 cents per share, missing consensus estimates by 3 cents a share. Revenue came in above analysts’ forecasts. Bed Bath & Beyond predicted better-than-expected current-quarter comparable sales, and raised its full-year revenue outlook. The stock surged 7.9% in the premarket.
Xpeng (XPEV) – Xpeng will raise $1.8 billion in its Hong Kong initial public offering, according to people with direct knowledge of the matter who spoke to Reuters. The Chinese electric vehicle maker’s U.S. shares fell 2.3% in premarket trading.
MongoDB (MDB) – MongoDB said it would sell 2.5 million class A common shares, seeking to raise $889 million. The database platform provider plans to use the proceeds for general corporate purposes. MongoDB stock lost 4.5% in premarket trading.
Constellation Brands (STZ) – The spirits and beer maker reported quarterly profit of $2.33 per share, matching Wall Street forecasts. Revenue came in slightly above estimates.
General Mills (GIS) – The food producer beat analysts’ estimates by 6 cents a share, with quarterly earnings of 91 cents per share. Revenue was above estimates as well. Organic net sales fell by 6% from a year ago, however, a reflection of the surge in at-home demand as the pandemic was taking hold.
Twitter (TWTR) – Twitter appointed its vice president of global solutions Sarah Personette as chief customer officer. She replaces Matt Derella, who is leaving Twitter after nine years at the company.
Las Vegas Sands (LVS) – Las Vegas Sands rose 1.7% in the premarket following reports that border restrictions between Hong Kong and Macau will loosen in mid-July. Currently, any traveler from Hong Kong to Macau is required to quarantine for 14 days.
Seagate Technology (STX) – Seagate Technology was upgraded to “equal weight” from “underweight” at Barclays. The firm cites an improving market for the hard disk drive maker, particularly in mobile computing.
WideOpenWest (WOW) – The broadband provider’s shares rallied 4.4% in the premarket after it announced a deal to sell five of its service areas in two separate deals for a total of about $1.8 billion.
DR Horton (DHI) – The home builder was named a “top pick” by Goldman Sachs. Goldman notes that stocks in the sector are down about 15% from May highs and feels that DR Horton is best positioned to execute against industry headwinds.
