Check out some of the largest moving companies on the pre-market:
Discovery Communications (DISCA), Viacom (VIAC) – Both stocks are on our watch this morning after sizeable falls over the past week. A source with direct knowledge of the situation told CNBC that the sell-off was due to the forced liquidation of positions held by Archegos Capital Management. Discovery rose 4.4% in premarket retail, while Viacom rose 2.5%.
Goldman Sachs (GS), Credit Suisse (CS), Nomura (NMR) – Goldman advised shareholders that losses incurred from Archegos Capital Management’s conduct of business are likely to be negligible in the opinion of one familiar with the matter after Bloomberg. However, Credit Suisse faced a possible “highly significant and material” slump in its first quarter results after an unspecified fund “defaulted” on margin calls and other banks. Nomura said there was a potential loss of $ 2 billion. Goldman fell 3% in premarket trading, Credit Suisse fell 11.2% and Nomura fell 14.5%.
Fly Leasing (FLY) – Dublin-based aircraft leasing company agreed to be acquired by Carlyle Aviation Partners, a subsidiary of Carlyle Group (CG), for $ 17.05 per share, compared to Fly Leasing’s Friday close on Friday of $ 13.25. Fly leasing rose 26.6% before entering the market.
Boeing (BA) – Southwest Airlines (LUV) announced 100 firm orders for the Boeing 737 Max and took an option for 155 more jets. Southwest had considered alternatives to the 737 Max during the landing of the jet after two fatal crashes. Boeing rose 2.7% in the pre-market.
Cal-Maine Foods (CALM) – The country’s largest egg producer reported earnings of 28 cents per share in the third quarter, beating the consensus estimate of 8 cents per share. Sales fell short of Wall Street forecasts. Cal-Maine said it is benefiting from strong demand for shell eggs as consumers continue to eat more at home due to the pandemic. Cal-Maine was up 2.2% before entering the market.
Tencent Music (TME) – The China-based music streaming service announced a $ 1 billion share buyback, its largest ever, and its shares rose 7.2% in premarket trading.
Twitter (TWTR) – Twitter shares rose 2.1% in the pre-market after Truist had upgraded the shares from “hold” to “buy”. The company pointed to higher estimates of revenue growth as well as what it called “the most exciting product roadmap” it has ever seen from Twitter.
Bilibili (BILI) – The China-based online video company made its trading debut in Hong Kong following its secondary listing, closing 1% below its listing price. US stocks rose 3.6% before entering the market.
Visa (V) – Visa said it would allow the use of USD Coin – a cryptocurrency that is directly tied to the US dollar – to process transactions on its payment network.
Amazon.com (AMZN) – JPMorgan Chase added the stock as a “top pick” and said the company was among those poised to achieve strong sustainable growth at a reasonable valuation.
Premier Financial Bancorp (PFBI) – Ohio-based Peoples Bancorp (PEBO) will merge with West Virginia-based Premier in an all-stock deal valued at approximately $ 292 million. Peoples shares rose 2% in premarket trading, while Premier rose 1.4%.
CORRECTION: This article has been updated to correct the spelling of Archegos Capital Management.