Stocks making the biggest moves in the premarket: Spirit Airlines, Carvana, Warby Parker and more
Take a look at some of the biggest movers in the premarket:
Spirit Airlines (SAVE) – Spirit Airlines surged 19.3% in premarket trading after JetBlue (JBLU) launched a $30 per share tender offer for its rival airline. Spirit had rejected a prior bid by JetBlue, preferring to keep a previously struck deal to merge with Frontier Airlines parent Frontier Group (ULCC). Frontier shares jumped 5.5% while JetBlue was down 0.6%.
Carvana (CVNA) – Carvana shares rallied 13.3% in premarket action after the used car retailer forecast significant core earnings for 2023. In a Securities and Exchange Commission filing, Carvana also detailed its plans to cut costs.
Warby Parker (WRBY) – The eyewear retailer's stock slipped 3.8% in the premarket after the company reported an unexpected quarterly loss as well as revenue that came in slightly below forecasts. Warby Parker reiterated its prior full-year outlook.
Twitter (TWTR) – Twitter fell 2% in the premarket, amid speculation about whether Elon Musk will complete his takeover deal for the social media platform. Musk tweeted over the weekend that Twitter's lawyers told him he had violated a non-disclosure agreement by revealing sample sizes used by Twitter when it analyzes spam accounts.
Netflix (NFLX) – Netflix added 1.8% in premarket trading after Wedbush upgraded the stock to "outperform" from "neutral." The firm said the staggered release of shows like "Ozark" and "Stranger Things" will help reduce churn and that it believes Netflix is once again positioned to grow.
Rivian (RIVN) – Ford Motor (F) sold another 7 million shares of the electric vehicle maker, according to an SEC filing. That follows the sale of 8 million shares last week, with the two sales leaving Ford with a 9.7% stake. Rivian lost 1.1% in premarket trading.
SoFi (SOFI) – The fintech firm's shares rallied 4.2% in the premarket after Piper Sandler upgraded it to "overweight" from "neutral." The firm said SoFi will benefit from rapid growth in deposits, the expiration of the student loan moratorium and revenue growth in financial services.
ManTech International (MANT) – Carlyle Group (CG) is close to finalizing a roughly $4 billion buyout of defense contractor ManTech, according to people familiar with the matter who spoke to Bloomberg. A deal could be announced as soon as this week.
Trade Desk (TTD) – The programmatic advertising company's stock added 3.3% in premarket trading after Stifel Financial upgraded it to "buy" from "hold" and increased its price target to $80 per share from $50 a share. Stifel said The Trade Desk will benefit from the addition of ad-supported versions of Netflix and Disney+.