Take a look at some of the biggest movers in the premarket:
Sanderson Farms (SAFM) – The poultry producer agreed to be acquired by private food company Cargill and agricultural investment firm Continental Grain for about $ 4.5 billion, or $ 203 per share. The bar deal represents an 11.3% premium over Friday’s closing price for Sanderson Farms. The Sanderson share rose 8.3% before the IPO.
Tesla (TSLA) – Tesla was up 1.6% in its premarket after Jefferies upgraded its stock from Hold to Buy based on what it believes to be more efficient capital expenditure and an improved ability of automakers to manage profit margins Increase over time.
US Foods (USFD) – The foodservice distributor’s shares rose 6.5% in the premarket after surpassing Street’s forecasts for earnings and sales in the second quarter. US Foods earned 58 cents a share, 22 cents a share above estimates, helped by strong demand for its products and services as the industry recovers from the pandemic.
Tyson Foods (TSN) – The beef and poultry producer reported quarterly earnings of $ 2.70 per share, well above the consensus estimate of $ 1.62 per share. Sales were also above the analysts’ forecasts. The results were bolstered by strong consumer demand as well as the reopening of restaurants. Tyson shares rose 2.6% in pre-trading .ovid
Norwegian Cruise Line (NCLH) – A federal judge ruled the cruise line can ask passengers for proof of Covid-19 vaccination and temporarily blocked a law in Florida banning the practice.
Berkshire Hathaway (BRK.B) – Berkshire stocks rose 1.2% in pre-market trading after posting earnings up 7% in the second quarter. Berkshire’s results were supported by a recovery across all businesses, including rail and energy companies.
Veoneer (VNE) – The auto parts maker announced it will be in talks with Qualcomm (QCOM) on the chipmaker’s takeover bid, which exceeded an offer previously approved by Veoneer’s board of directors from automotive software maker Magna International (MGA). Qualcomm’s offer is valued at $ 4.6 billion, compared to the value of Magna’s deal of approximately $ 3.8 billion. Veoneer lost 3.3% in pre-trading.
Exact Sciences (EXAS) – The molecular diagnostics company has reached out to genetic testing company Invitae (NVTA) about a possible merger, according to people familiar with the matter who spoke to Bloomberg. People said the two sides are not in active conversation and that a seal would likely be an all-stock, low-premium transaction. Invitae gained 7.2% in the premarket while Exact Sciences fell 2%.
Dollar Tree (DLTR) – The discounter was downgraded from Buy to Hold at Deutsche Bank, expressing concerns about the impact of increased freight and labor costs on profit margins. Dollar Tree lost 1.5% in premarket promotions.
Exxon Mobil (XOM), Chevron (CVX) – These and other energy companies are under pressure as oil prices fall due to new measures against the China virus and a UN report on the effects of climate change. Exxon was down 1.3% in pre-trading while Chevron was down 1.6%.
Victoria’s Secret (VSCO) – JPMorgan Chase began coverage of the womenswear retailer with an “overweight” rating, highlighting its dominant position in lingerie and nightwear and expansion opportunities in swimwear. Victoria’s Secret gained 1.6% in the premarket.
NetEase (NTES) – The China-based online services company gained 2.3% in premarket trading after a report by Reuters said it was worth the planned IPO of its Hong Kong music streaming service Cloud Village Has moved $ 1 billion. People with direct knowledge of the matter said the delay was due to volatile trade among China’s major technology companies.