Stocks making the biggest moves premarket: Moderna, CarMax, Whirlpool and more
Check out the companies making headlines before the bell Tuesday.
CarMax — Shares of the vehicle retailer soared 7% on the back of better-than-expected quarterly earnings. CarMax earned 44 cents per share, beating a Refinitiv forecast of 24 cents per share.
Newmont — The stock lost 2.9% in early morning trading on news that Newmont raised its price proposal in its offer to acquire Australia's Newcrest Mining for $19.5 billion, which is 16% higher than Newmont's initial bid. If the deal goes through, it would further secure Newmont's position as the world's biggest gold producer.
Upstart — Upstart fell about 2% after JPMorgan initiated coverage of the lending stock with an underweight rating, citing a worsening environment for loans.
Whirlpool — Shares gained more than 2% after Goldman Sachs upgraded Whirlpool to buy from neutral. The bank said the appliance stock is cheap and can rally more than 20%.
Moderna — The biotech giant slid 4.9% after the company said it's delaying its flu vaccine due to a lack of enrolled cases in a late-stage trial. The news comes after a company spokesperson told CNBC on Monday that Moderna hopes to release a slew of new vaccines that target cancer, heart disease as well as other yet-to-be confirmed conditions by 2030.
LendingClub — The lending platform gained 4.8% after JPMorgan initiated coverage of the stock as overweight. The bank said the LendingClub's recent selloff was likely too harsh as investors grew nervous about financial institutions and the potential for a recession.
Bumble — Shares of the matchmaking company gained 1% after Baird initiated coverage of Bumble and gave it an outperform rating, noting the stock has lagged the S&P 500 this year and is now trading at a "relatively inexpensive" valuation. The firm assigned a $23 price target on Bumble, suggesting the stock stands to gain more than 23%.
Array Technologies — Shares of the solar technology company gained 2% after Wolfe Research initiated coverage of Array with an outperform rating. Wolfe said in a note to clients that Array should benefit from the expansion of utility-scale solar energy production.
WW International — Shares popped more than 28% after Goldman Sachs said the weight loss company could triple in value. "WW's subscriber base and earnings power has been shrinking, but we believe a catalyst for a turnaround has emerged with its new obesity drug on-ramp solution," Goldman said.
— CNBC's Brian Evans, Alex Harring, Sarah Min, Samantha Subin and Jesse Pound contributed reporting.