Market Insider

Stocks making the biggest moves in the premarket: Lennar, T-Mobile US, Amazon, Eli Lilly & more

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Lennar Executive Chairman Stuart Miller on second-quarter earnings, housing market and more

Take a look at some of the biggest movers in the premarket:

Lennar (LEN) – Lennar reported quarterly profit of $1.65 per share, beating the consensus estimate of $1.18 a share. The home builder's revenue also beat Street forecasts and Lennar forecast full-year home deliveries above current consensus, amid a rebound in home sales as the economy reopens.

iQIYI (IQ) – China's Tencent is seeking to become the largest shareholder in the video-streaming company, according to people familiar with the matter who spoke to Reuters. iQIYI is currently majority-owned by China search giant Baidu (BIDU).

T-Mobile US (TMUS) – Federal Communications Commission Chairman Ajit Pai is calling for an investigation of T-Mobile, after a network outage that impacted users across the U.S. for about 12 hours. Separately, SoftBank is considering a sale of its T-Mobile shares to raise cash and reduce its debt. Softbank holds about 25% of T-Mobile, while Germany's Deutsche Telekom owns about 44%.

Amazon.com (AMZN) – Amazon introduced technology known as "Distance Assistant," designed to provide workers with real-time feedback on social distancing. The technology is now live at several Amazon buildings, and the company plans to open-source the software.

Chesapeake Energy (CHK) – The energy producer is preparing to file for bankruptcy protection as soon as this week, according to people familiar with the matter who spoke to Reuters. The company is said to be in the final stages of negotiation for a $900 million loan to support operations while under Chapter 11 bankruptcy protection.

Eli Lilly (LLY) – The drugmaker said its experimental breast cancer treatment Verzenio met its main goal in a late-stage study.

Tesla (TSLA) – Proxy advisor ISS is recommending Tesla shareholders vote against the reelection of board chair Robyn Denholm at the automaker's annual meeting in July. ISS cited concerns over Denholm's leadership.

Apple (AAPL) – The European Union has opened antitrust probes into the company's App Store and Apple Pay service. The EU is looking into whether restrictions imposed by Apple violate its competition rules. In response, Apple said it follows the law in everything it does and embraces competition at every stage. Separately, Citi increased its price target for Apple stock to a Street high of $400 a share, based on several factors including the upcoming 5G launch and strong growth for wearable technology.

Royalty Pharma (RPRX) – Royalty Pharma's initial public offering was priced at $28 per share, the top end of the expected range, raising $2.18 billion. It's the second-largest pharma IPO on record, according to Dealogic, trailing only the 2013 IPO of Zoetis (ZTS).

Tanger Factory Outlets (SKT) – The shopping center operator said 72% of its occupied stores were open as of this past Sunday, and that weekly traffic has exceeded 90% of prior-year levels at stores that have been open for 30 days or more. Tanger also said it had amended its debt agreements in a move that will maximize its financial flexibility.

Walmart (WMT) – The retailer bought technology and intellectual property from CareZone, a developer of apps that help consumers manage their medications. Financial details were not disclosed, but a person familiar with the deal told CNBC that Walmart paid about $200 million.

WW (WW) – The Weight Watchers parent said it had 4.9 million subscribers as of June 6, up 7% from a year earlier. Digital subscribership is at an all-time high, getting a boost as more people stayed at home due to the Covid-19 pandemic.