Oak Street Health, Frontline, Boeing and more

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Find out which companies are making headlines in pre-market trading.

Oak Street Health – Shares of Oak Street Health surged 36% after Bloomberg reported SVC is looking at buying a healthcare company for more than $10 billion. CVS shares fell about 0.5% on the news.

The first line – The shipping stock jumped more than 24% in pre-trade after Frontline announced it was ending its relationship with Euronav. Frontline CEO Lars Barstad said both companies will have “economies of scale.”

CureVac – Shares of CureVac surged 19% after the company announced plans for further patient trials of its Covid-19 and flu mRNA vaccines. The company also announced that Sanofi veteran Alexander Zehnder will become CEO in April.

Boeing – The aerospace giant fell more than 2% after Morgan Stanley downgraded Boeing to overweight, citing a lack of upside potential. “We see a balanced risk premium as most of the positive near- and medium-term catalysts for the stock have materialized,” Morgan Stanley said in a note.

Norwegian Cruise Line – Shares fell 3.3% after Morgan Stanley downgraded it from equal weight to underweight, raising concerns about how overcapacity could hurt pricing power. Meanwhile, the company underweight rival Royal Caribbean, which added 0.3% in the premarket period.

Coinbase – Shares of Coinbase were last traded flat after rising slightly before the market announced plans to cut 20% of its workforce. The move marks the second round of cuts as the company tries to cut costs after entering expansion mode in a bull market.

Sotera Health – Shares surged more than 58% in premarket trading after the company announced that its subsidiaries had agreed to settle more than 870 lawsuits related to exposure to the carcinogen ethylene oxide at the Willowbrook facility. Sotera agreed to pay $408 million and said the settlement was not an admission of a threat to broadcast security.

Bumblebee – Bumble rose more than 2% after KeyBanc upgraded the dating app stock to industry overweight, noting that “The competitive environment appears stable and economic pressures are easing.”

pure orbit — The company’s shares fell 19% after Virgin Orbit’s satellites launched from UK soil failed to reach their target orbit. “We’re proud of the many things we’ve accomplished in this mission, but we know we haven’t been able to provide our customers with the startup service they deserve,” said CEO Dan Hart.

– CNBC’s Samantha Subin, Alexander Harring, Jesse Pound and Michelle Fox contributed reporting

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