Stocks making the biggest moves premarket: Deutsche Bank, Coinbase, Block, Marathon Oil and more
Check out the companies making headlines in premarket trading.
Deutsche Bank — The German lender's shares tumbled 13% following a spike in credit default swaps — a form of insurance for a company's bondholders against its default — raising concerns again over the health of the European banking industry.
Banks — Shares of U.S. banks fell as investors worried about the global banking system. First Republic Bank fell 3%, while Western Alliance, Zions Bancorporation and Fifth Third all lost more than 2%. Large banks weren't immune from traders' skittishness. JPMorgan Chase and Bank of America were down 2% as well.
Block — The payment company slid 1.9%, a day after losing nearly 15% when short seller Hindenburg Research alleged that Block facilitates fraud. On Friday, Block was downgraded to hold by Atlantic Equities on the lack of clarity on its Cash App after Hindenburg's short position.
Coinbase — Investors put more pressure onto shares of the cryptocurrency exchange early Friday. The stock ticked down 2.3% in premarket trading, a day after the company disclosed it received a Wells notice from the Securities and Exchange Commission. The disclosure pushed the stock down more than 14% on Thursday. Year to date, the stock is still up 87% this year.
Energy stocks — Energy names fell in in the premarket as oil prices slid, with investors worried about potential oversupply. Marathon Oil and Devon Energy fell about 3%. Halliburton, Occidental Petroleum, Diamondback Energy and Exxon Mobil each lost about 2%.
Incyte — The pharmaceutical company saw its shares fall more than 3% after it issued a regulatory update on its ruxolitinib extended-release tablets. The FDA has said it can't approve the company's application in its present form.
Scholastic — Shares of the children's book publisher fell 13% after the company reported a decline in revenue for its fiscal third quarter from the previous year and lowered its financial guidance for the full year. Scholastic now projects about 4% revenue growth for the year, compared to its previous outlook of between 8% and 10%.
— CNBC's Michelle Fox and Brian Evans contributed reporting.