Stocks making the biggest moves premarket: Coinbase, Tesla, Citrix PayPal and more
Check out the companies making headlines before the bell.
Coinbase — Shares of Coinbase fell 3.2% in early morning trading after the cryptocurrency exchange revealed it received a notice of possible enforcement action from the Securities and Exchange Commission. The notice is related to Coinbase's interest-earning product called Coinbase Lend, the company said in a blog post.
Tesla — Tesla shares moved 0.7% higher in the premarket after Chinese car sales numbers showed the electric vehicle maker's sales jumping in August from the month prior. Local sales of vehicles made in China jumped to 12,885 cars in August versus 8,621 cars in July, according to the China Passenger Car Association.
Citrix — Citrix shares jumped 5.2% in early morning trading after The Wall Street Journal reported activist hedge fund Elliott Management has a more than $1 billion stake in the software company. The fund wants Citrix to work to boost its valuation, according to the report.
PayPal — PayPal shares added 1% in premarket trading after the digital payments platform said it would acquire Japanese buy-now-pay-later company Paidy in a deal worth $2.7 billion. The move comes after Square announced in August it would buy Australian BNPL firm Afterpay, and after Amazon announced a partnership with BNPL company Affirm.
Nio — Shares of Nio dropped nearly 3% in early morning trading after the Chinese electric vehicle company announced a $2 billion stock offering. The company said it would use the proceeds to "further strengthen its balance sheet, as well as for general corporate purposes.
Coupa Software — Shares of Coupa Software added 5% after better-than-expected quarterly financial results. Coupa reported earnings of 26 cents per share on revenue of 179.2 million. Wall Street expected a loss of 6 cents per share on revenue of $163 million, according to Refinitiv.
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