Stocks making the biggest moves in the premarket: Sonos, MicroStrategy, Seagate Technology and more
Take a look at some of the biggest movers in the premarket:
Sonos (SONO) – Sonos shares surged 10.6% in the premarket after an International Trade Commission judge ruled that Alphabet's (GOOGL) Google unit had infringed on some of the high-end speaker company's audio technology patents. The ruling could eventually lead to an import ban for some Pixel smartphones and Nest audio speakers.
BHP (BHP) – The world's biggest mining company said it is in talks to sell its petroleum business to Australian oil and natural gas producer Woodside Petroleum, with BHP also considering other options for the unit. Its shares fell 1.8% premarket.
T-Mobile US (TMUS) – The wireless carrier said it is investigating claims in an online forum of a data breach that involves the personal data of over 100 million users. The post itself doesn't mention T-Mobile but Vice Media quotes the purported hacker as saying the data came from T-Mobile servers.
Chipotle Mexican Grill (CMG) – Raymond James lowered its rating on the restaurant chain's shares to "outperform" from "strong buy." The firm said the ratings cut is based entirely on valuation after a 37% jump in the stock over the past six weeks.
Hyatt Hotels (H) – Hyatt is buying resort operator Apple Leisure Group from private-equity firms KKR (KKR) and KSL Capital Partners for $2.7 billion. Apple Leisure is the operator of the Secrets, Dreams and Breathless Resorts & Spa chains.
Coinbase (COIN) – The cryptocurrency exchange operator's shares rose 1.6% in the premarket as the recent crypto rally rolls on. The rally is also helping shares of business analytics company MicroStrategy (MSTR), which has billions in bitcoin holdings on its balance sheets. MicroStrategy added 2.2% in premarket trading.
The Honest Company (HNST) – The maker of personal care products was upgraded to "buy" from "neutral" at Guggenheim Securities, citing valuation after a more than 28% tumble for the stock on Friday. That followed a quarterly report for the company that showed a wider-than-expected loss.
Tencent Music Entertainment (TME) – The music streaming service plans to halt its planned $5 billion initial public offering amid the ongoing regulatory crackdown by the Chinese government, according to Japan's Nikkei news service. Tencent shares slid 1.3% in premarket action.
Seagate Technology (STX) – The hard disk drive maker's shares added 1.3% in premarket trading after UBS upgraded the stock to "buy" from "neutral," citing positive cyclical and structural dynamics in the industry.
Oatly (OTLY) – The oat milk producer reported a quarterly loss of 11 cents per share, one cent a share wider than expected. Revenue came in slightly below Wall Street forecasts. Oatly said it was able to overcome both Covid and manufacturing-related headwinds during the quarter, and that it is successfully executing its planned expansion of manufacturing capacity. Oatly shares rose 1% in the premarket.