Lordstown Motors, Canopy Growth, Shake Shack & more

Check out some of the largest moving companies on the pre-market:

Lordstown Motors (RIDE) – Lordstown fell 13.7% in premarket trading after the electric vehicle startup announced it would raise capital to fund the operation and that its production this year would be at best 50% of previous projections.

Canopy Growth (CGC) – The cannabis producer’s shares rose 2.4% in the pre-market after MKM Partners upgraded the shares from “neutral” to “buy”. According to MKM, sentiment about the stock is so low that the current risk / reward profile is very favorable.

Shake Shack (SHAK) – The restaurant chain’s stock rose 5.2% in premarket trading after Goldman Sachs upgraded it from neutral to buy. Goldman believes that a recent withdrawal is a buying opportunity given Shake Shack’s strong balance sheet and favorable long-term growth prospects. Additionally, Wedbush upgraded the stock from “neutral” to “outperform” citing similar reasons.

AutoZone (AZO) – The auto parts dealer reported quarterly earnings of $ 26.48 per share, beating the consensus estimate of $ 20.14 per share. Sales were also above estimates. Sales in comparable stores rose by 28.9% and were thus well above the FactSet consensus estimate of 17.1%. However, AutoZone’s gross margins declined in part due to an acceleration in the company’s retail business. AutoZone gained 1.1% in premarket trading.

Amazon (AMZN) – Amazon could announce a purchase agreement for MGM Studios as early as this week, according to a person familiar with the matter who spoke to CNBC. The projected price of up to $ 9 billion would be the largest acquisition by Amazon since purchasing Whole Foods in 2017 for $ 13.7 billion.

AstraZeneca (AZN) – AstraZeneca’s acquisition of US drug maker Alexion Pharmaceuticals (ALXN), valued at $ 39 billion, is under investigation by UK competition regulators looking to determine whether the deal will reduce competition in the UK and elsewhere .

United Airlines (UAL) – United said in a Securities and Exchange Commission filing that ticket yields accelerated in the second quarter ahead of previous projections. The top metric for revenue per available seat mile is down approximately 12% this quarter, compared to a previous estimate of a 20% decrease.

Live Nation Entertainment (LYV) – Joe Berchtold, President of Live Nation, told CNBC’s “Closing Bell” that concert venue bookings are rising again and that 2022 is expected to be a better year than 2019. Shares rose 1% .

IAC / Interactive (IAC) – IAC shares rose 5.3% in premarket trading before Vimeo was spun off to IAC shareholders today. Vimeo will trade approximately $ 10 billion worth of video tools on the Nasdaq today.

Petco (WOOF) – The pet products retailer announced a secondary stock offering of 22 million shares, with the selling shareholder giving subscribers the option to purchase an additional 3.3 million shares within 30 days. Petco will not receive any proceeds from the offer. The share fell 1.1% in the pre-market.

Alaska Air (ALK) – Alaska Air has improved its cash flow outlook for the current quarter and now expects positive cash flow of $ 550 million to $ 650 million compared to an earlier forecast of $ 450 million to $ 550 million. The airline is citing an improved demand for travel as well as a better-than-expected influx of affinity cards. Alaska Air shares fell 2.8% in premarket trading.

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