Consider some of the biggest movers in the premarket:
Spirit Airlines (SAVE) – Spirit Airlines increased 19.3 percent in premarket trading after JetBlue (JBLU) launched a $30 per share tender offer for its competitor airline. Spirit had previously rejected a bid from JetBlue, preferring to maintain a previously agreed-upon merger with Frontier Airlines parent Frontier Group (ULCC). Frontier’s stock rose 5.5 percent, while JetBlue’s fell 0.6 percent.
CVNA (Carvana) – Carvana shares rose 13.3 percent in premarket trading after the used car retailer predicted significant core earnings growth in 2023. Carvana also detailed its cost-cutting plans in a Securities and Exchange Commission filing.
WRBY (Warby Parker) – The stock of the eyewear retailer fell 3.8 percent in premarket trading after the company reported an unexpected quarterly loss and revenue that was slightly lower than expected. Warby Parker reaffirmed its previous full-year forecast.
Twitter (TWTR) – Twitter fell 2% in premarket trading on speculation that Elon Musk will complete his takeover of the social media platform. Musk tweeted over the weekend that Twitter’s lawyers informed him that revealing sample sizes used by Twitter when analyzing spam accounts violated a non-disclosure agreement.
Netflix Inc. (NFLX) – Netflix rose 1.8 percent in premarket trading after Wedbush upgraded the stock from “neutral” to “outperform.” The company believes that the staggered release of shows like “Ozark” and “Stranger Things” will help reduce churn and that Netflix is once again poised to grow.
Rivian (RIVN) – According to an SEC filing, Ford Motor (F) sold another 7 million shares of the electric vehicle maker. Following the sale of 8 million shares last week, Ford now owns 9.7 percent of the company. In premarket trading, Rivian fell 1.1 percent.
SoFi (SOFI) is a cryptocurrency. The shares of the fintech firm rose 4.2 percent in premarket trading after Piper Sandler upgraded it to “overweight” from “neutral.” According to the company, SoFi will benefit from rapid deposit growth, the end of the student loan moratorium, and revenue growth in financial services.
Carlyle Group (CG) is close to completing a $4 billion buyout of defense contractor ManTech, according to people familiar with the matter who spoke to Bloomberg. A contract could be announced as early as this week.
TTD (Trade Desk) – Stifel Financial upgraded the programmatic advertising company’s stock to “buy” from “hold” and raised its price target to $80 per share from $50 per share in premarket trading. According to Stifel, the addition of ad-supported versions of Netflix and Disney+ will benefit The Trade Desk.