Take a look at some of the biggest movers in the premarket:
Nikola (NKLA) – Nikola founder Trevor Milton is stepping down as executive chairman of the electric truck maker, amid allegations from short-seller Hindenburg Research that it had misled investors and automakers.
Royal Caribbean (RCL), Norwegian Cruise Line (NCLH) – A cruise industry panel has submitted its proposals for heightened health protocols to the Centers For Disease Control, as it seeks a full return to sailing. The proposals include testing of guests and crew members, the use of masks, and enhanced sanitation procedures.
Illumina (ILMN) – The maker of gene sequencing technology will buy privately held Grail – developer of a test for early detection of cancer – for $8 billion in cash and stock. Illumina founded Grail in 2016 and already owns a large stake, and the $8 billion includes consideration it will essentially pay itself as a Grail stakeholder.
Oracle (ORCL) – Oracle will take a 12.5% in the newly created TikTok Global, with Walmart (WMT) taking a 7.5% stake. TikTok Global will be a U.S. entity that will control most of the popular app's global operations.
Walmart (WMT) – Walmart is starting a private label clothing line, hoping to take market share from bankrupt retailers like J.C. Penney and others whose sales have fallen, like Kohl's (KSS) and Macy's (M).
HSBC (HSBC), Deutsche Bank (DB) – HSBC shares hit a 25-year low in overseas trading, following multiple reports that it and other banks had helped move illicit funds over a two-decade period despite red flags about the origin of those funds. Deutsche Bank appears to have facilitated more than half the $2 trillion in transactions reportedly flagged to the U.S. government, according to sources.
Royal Dutch Shell (RDS.A) – The energy producer is seeking to cut oil and gas production costs by up to 40%, according to a Reuters report. The cost-cutting review is expected to be completed this year.
Comcast (CMCSA) – Comcast's NBCUniversal has reached a deal with Roku (ROKU) that will add the company's Peacock streaming service and keep other NBC content on the Roku platform. NBCUniversal is the parent of CNBC.
Tapestry (TPR) – Tapestry was upgraded to "overweight" from "neutral" at Piper Sandler, which cited the luxury goods retailer's cost-saving initiatives as well as positive effects from a China economic recovery.
Tesla (TSLA) – Tesla CEO Elon Musk told employees the company has a chance to deliver a record number of vehicles during the third quarter, according to Electrek.
Tiffany (TIF) – European Union regulators will decide by Oct. 26 whether to clear LVMH's $16 billion deal to buy Tiffany. Despite its plan to back out of the deal, LVMH submitted the deal for regulatory approval to counter claims that it deliberately stalled antitrust proceedings.
Capri Holdings (CPRI) – Capri Holdings was upgraded to "overweight" from "equal-weight" at Morgan Stanley, which cites the Michael Kors parent's quicker than expected global sales recovery.
United Parcel Service (UPS) – UPS was upgraded to "outperform" from "neutral" at Credit Suisse, which raised its price target on the stock to a Street-high $192 per share. Credit Suisse points to pricing power for carriers like UPS, as well as an anticipated decrease in capital expenditures.
Snowflake (SNOW) – Summit Insights Group began coverage of the cloud data warehousing company with a "sell" rating, calling the stock the most expensive name in all of tech with limited differentiation from its rivals.