Stocks making the biggest moves in the premarket: Walt Disney, Carvana, Coinbase and more
Take a look at some of the biggest movers in the premarket:
Walt Disney (DIS) – Walt Disney rallied 8.8% in premarket trading after the weekend announcement that former Chairman and CEO Bob Iger is returning as chief executive, replacing Bob Chapek. The executive suite change follows a slide in Disney's stock price and weaker-than-expected profits.
Carvana (CVNA) – Carvana fell 3.9% in the premarket after The Wall Street Journal quoted analysts as saying the online used car retailer could run out of cash within a year. Carvana announced Friday that it was laying off about 1,500 workers.
Coinbase (COIN) – Coinbase slid 6.8% in premarket trading, with the cryptocurrency exchange's shares falling in the wake of rival FTX's bankruptcy. A Bank of America analyst said Coinbase is not another FTX, but faces headwinds amid overall skepticism about the cryptocurrency market.
J.M. Smucker (SJM) – The food producer's stock jumped 3.3% in the premarket after beating Wall Street's top and bottom line estimates for its latest quarter. The company behind brands like Smucker's, Folgers, Jif and Milk-bone also raised its full-year forecast.
China stocks – Shares of China-based companies are under pressure after three Covid-related deaths were reported in Beijing over the weekend, the first reported since May. The overall number of Covid cases in China is on the rise as well. Alibaba (BABA) fell 3.4% in premarket trading, JD.com (JD) dropped 5.3%, Baidu (BIDU) lost 2.7% and Pinduoduo (PDD) slid 2.8%.
Imago BioSciences (IMGO) – The cancer drug developer agreed to be bought by Merck (MRK) in a deal valued at $1.35 billion, or $36 per share in cash. Imago soared 105% in the premarket.
Williams-Sonoma (WSM) – The housewares retailer's stock fell 1.9% in premarket trading after Barclays downgraded it to "equal weight" from "overweight," pointing to the negative impact of a weakening housing market.
MongoDB (MDB) – The database platform provider's stock was downgraded to "equal-weight" from "overweight" at Morgan Stanley. The firm said it is upbeat about MongoDB's long-term prospects but predicts the company will be impacted in the near term by a cautious corporate spending environment. MongoDB fell 4.3% in the premarket.