Take a look at some of the biggest movers in the premarket:
MicroStrategy (MSTR) – MicroStrategy shares tumbled 8.7% in premarket trading amid a slide in bitcoin prices following the expansion of China's crackdown on bitcoin mining. The business analytics company is among the biggest corporate investors in bitcoin, with several billion dollars in holdings on its books.
Coinbase (COIN) – The cryptocurrency platform's stock slid 3% in premarket action, also hit by the drop in cryptocurrencies amid the latest actions by the Chinese government.
Raven Industries (RAVN) – Raven agreed to be bought by fellow agricultural equipment maker CNH Industrial (CNHI) for $58 per share, or $2.1 billion, compared to Raven's Friday close of $38.62 per share. The stock soared 49.7% in premarket trading.
ZipRecruiter (ZIP) – The jobs website operator's shares rose 2.8% in the premarket after Goldman Sachs rated it "buy" in new coverage and Evercore began coverage with a rating of "outperform." The upbeat assessments cite ZipRecruiter's growth prospects and ability to disrupt the employment market.
HSBC (HSBC) – HSBC sold its French retail bank to private-equity firm Cerberus Capital for 1 euro, and expects to book a $3 billion loss after unloading the unprofitable operation.
Pershing Square Tontine Holdings (PSTH) – The SPAC controlled by billionaire investor Bill Ackman finalized a deal to buy a 10% stake in Universal Music from Vivendi. The deal values Universal Music – the world's largest music company – at about $40 billion. Shares gained 1.1% in the premarket.
GlaxoSmithKline (GSK) – Glaxo is set to cut its dividend, according to a report in the U.K.'s Daily Mail newspaper. The drugmaker will hold an investor event on Wednesday, and the paper said a cut of as much as 50% will be revealed at that meeting.
Tesla (TSLA) – Former Tesla executive Jerome Guillen sold about $274 million in Tesla shares since June 10, according to a Securities and Exchange Commission filing. Guillen left Tesla earlier this month after 11 years, most recently running the company's Tesla Heavy Trucking unit.
American Airlines (AAL) – American Airlines will cut planned flights for the first half of July by about 950 flights, or 1%, to relieve strains on its operations as it deals with the sharp rebound in travel demand.
Westlake Chemical (WLK) – Westlake will buy the North American building products business of Australia's Boral for $2.15 billion. Westlake said the acquisition will boost its presence in products like roofing and siding, and that it will be accretive to earnings during the first year.
Amazon.com (AMZN) – Amazon's two-day Prime Day event is underway, the first time the event has been held in June. A number of other major retailers – including Walmart (WMT), Target (TGT), Kohl's (KSS), Macy's (M) and Costco (COST) are holding competing sales events this week.
Boston Beer (SAM) – Guggenheim repeated its "buy" recommendation on the Sam Adams beer brewer, and elevated it to "top pick" status. Guggenheim notes a depressed valuation, easier retail comps beginning in June and underappreciated growth prospects for the Truly hard seltzer brand.