Take a look at some of the biggest movers in the premarket:
Virgin Galactic (SPCE) – The space company fell 3% in early trading after Bank of America Securities double downgraded its stock from “Buy” to “underperform”. Noting the stock’s recent surge after the company received approval to carry passengers into space, BofA said the reward earned from Virgin Galactic’s leadership position is already reflected in its share price.
Bed Bath & Beyond (BBBY) – The household goods retailer reported quarterly earnings of 5 cents per share and missed consensus estimates by 3 cents per share. The turnover exceeded the forecasts of the analysts. Bed Bath & Beyond forecast better than expected comparable sales in the current quarter and raised its sales forecast for the full year. The share gained 7.9% before the trading session.
Xpeng (XPEV) – Xpeng will raise $ 1.8 billion on its Hong Kong IPO, according to the people with direct knowledge of the matter who spoke to Reuters. The US stocks of the Chinese electric vehicle maker fell 2.3% in pre-trading.
MongoDB (MDB) – MongoDB announced it will sell 2.5 million Class A common shares to raise $ 889 million. The database platform provider intends to use the proceeds for general corporate purposes. MongoDB shares lost 4.5% in pre-trading hours.
Constellation Brands (STZ) – The liquor and beer maker reported quarterly earnings of $ 2.33 per share, in line with Wall Street forecasts. Sales were slightly above estimates.
General Mills (GIS) – The food maker beat analyst estimates by 6 cents per share, with quarterly earnings of 91 cents per share. Income was also above estimates. However, organic net sales were down 6% year over year, reflecting the surge in home demand in the wake of the pandemic.
Twitter (TWTR) – Twitter has named Sarah Personette, vice president of global solutions, as chief customer officer. She replaces Matt Derella, who is leaving Twitter after nine years with the company.
Las Vegas Sands (LVS) – Las Vegas Sands premarket rose 1.7% after border restrictions between Hong Kong and Macau were reportedly eased in mid-July. Currently, every traveler from Hong Kong to Macau must be quarantined for 14 days.
Seagate Technology (STX) – Seagate Technology has been upgraded from “underweight” to “equal weight” at Barclays. The company cites an improving market for the hard drive manufacturer, particularly in the mobile computing sector.
WideOpenWest (WOW) – The broadband company’s shares rose 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 approximately $ 1.8 billion.
DR Horton (DHI) – The house builder was named “Top Pick” by Goldman Sachs. Goldman notes that the sector’s stocks are down about 15% from their May highs and believes DR Horton is best positioned to trade against industry headwinds.