Stocks making the biggest moves in the premarket: Square, Moderna, First Solar and more
Take a look at some of the biggest movers in the premarket:
Square (SQ) – The digital payments company agreed to buy Australia's Afterpay for about $29 billion in stock, representing a roughly 30% premium for Afterpay shareholders. Square shares fell 4.8% in the premarket, but news of the deal boosted shares of U.S.-based payment company Affirm (AFRM) by 8.2%.
Zoom Video (ZM) – The video conferencing company agreed to pay $85 million to settle a lawsuit accusing it violated the privacy rights of users. It also agreed to beef up its security practices to prevent so-called "Zoombombing," where hackers disrupted Zoom meetings.
General Electric (GE) – GE has completed its previously announced one-for-eight reverse stock split and will begin trading on a post-split basis today.
Moderna (MRNA), Pfizer (PFE), BioNTech (BNTX) – Moderna and Pfizer both raised prices for their Covid-19 vaccines in their latest supply contracts, according to the Financial Times. Additionally, The Wall Street Journal reported that the Food and Drug Administration is under pressure to give both vaccines full approval and that this could happen within the next month for Pfizer and partner BioNTech. Moderna rose 2.5% in the premarket, Pfizer gained 1%, while BioNTech surged 5.1%.
Foot Locker (FL) – The athletic footwear and apparel retailer announced a deal to buy California-based shoe store chain WSS for $750 million and Japan-based streetwear brand Atmos for $360 million.
Uber Technologies (UBER) – Shares of Uber gained 1.1% in premarket trading after Gordon Haskett Research Advisors initiated coverage with a "buy" rating. Haskett called Uber a company that is continually engraining itself in the everyday lives of consumers through its ride-hailing and food delivery services.
Capri Holdings (CPRI) – Capri rose 1.2% in the premarket following an upgrade to "buy" from "neutral" at MKM Partners, which noted a string of better than expected quarters for the company behind brands like Michael Kors and Versace. MKM also cited an overall improvement in the luxury goods sector.
Discovery (DISCA) – Discovery is in informal talks about a potential bid for British state-owned broadcaster Channel 4, according to Britain's Telegraph newspaper.
Robinhood (HOOD) – More than 300,000 users of the stock trading app bought shares in Robinhood's initial public offering last week, according to The Wall Street Journal. That represents about 1.3% of the company's funded account base. Robinhood added 1.5% in premarket trading.
Parker-Hannifin (PH) – The maker of motion control technology and other industrial products is buying British rival Meggitt for about $8.8 billion in cash. Parker-Hannifin shares fell 2.2% in premarket action.
Li Auto (LI) – The China-based electric vehicle maker delivered 8,589 vehicles in July, an increase of 125% compared to July 2020. Li's U.S.-based shares surged 4.3% in the premarket.
First Solar (FSLR) – The solar power systems maker's shares gained 2.9% in premarket trading after Susquehanna Financial upgraded the stock to "positive" from "neutral," based on upbeat management comments on solar module demand and pricing.